ResortQuest
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ResortQuest International, Inc. is a vacation rental property management company headquartered in Nashville, TN and owned by the Gaylord Entertainment Company. ResortQuest is the largest vacation rental management company in the United States, managing nearly 17,000 vacation rental properties in 39 beach, ski, golf and tennis resort destinations across 8 continental states, 4 Hawaiian islands and British Columbia, Canada.
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[edit] History
ResortQuest was formed in 1998 with the goal of creating the first nationally branded vacation rental management company in the United States. Twelve smaller companies, along with a company that produced vacation rental and property management software, initially merged to form ResortQuest International, Inc. These companies included: Abbott Resorts, Brindley & Brindley Realty, Inc. and B&B on the Beach, Inc.; Coastal Resorts Management, Inc. and Coastal Resorts Realty, L.L.C.; Collection of Fine Properties, Inc.; Hotel Corporation of the Pacific, Inc.; Houston and O’Leary Company; Howey Acquisition, Inc. and Priscilla Murphy Realty, Inc.; Maui Condo & Home Realty, Inc.; The Maury People, Inc.; Resort Property Management, Inc.; Telluride Resort Accommodations, Inc.; Trupp-Hodnett Enterprises, Inc. and THE Management Company; Whistler Chalets Limited; and First Resort Software, Inc. The company’s initial public offering closed on May 26, 1998, and headquarters were established in Memphis, TN.
In addition to the nearly 11,000 vacation rental units brought under ResortQuest's management through the consolidation of the 12 founding companies, ResortQuest broadened its reach throughout the next three years with numerous acquisitions of smaller, "mom-n-pop" vacation rental companies.
In 2003, the company moved its headquarters from Memphis, TN to Destin, FL, where one of its largest operating companies was located. However, only two months after the move was completed, ResortQuest was acquired by Gaylord Entertainment. After the completion of the acquisition in November 2003, ResortQuest's headquarters were moved again, this time to Nashville, TN, where Gaylord Entertainment's corporate offices are located. Under Gaylord, ResortQuest began streamlining its vacation rental portfolio, releasing under-performing locations.
[edit] Current Status
Today, ResortQuest employs more than 4,000 people in its corporate and local offices and handles approximately $7 billion in managed properties. The company manages nearly 17,000 vacation rental properties in 39 North American resort destinations, including:
- British Columbia, Canada: Whistler
- Colorado: Aspen/Snowmass, Breckenridge/Keystone, Steamboat Springs, Telluride
- Delaware: Bethany Beach
- Idaho: Sun Valley
- Northwest Florida: Beaches of South Walton, Destin, Fort Walton Beach, Panama City Beach, Perdido Key
- Southwest Florida: Anna Maria Island, Bonita Springs, Bradenton, Captiva Island, Charlotte Harbor, Fort Myers, Fort Myers Beach, Lido Key, Longboat Key, Naples, Sanibel Island, Sarasota, Siesta Key, Venice
- Georgia: St. Simons Island
- Hawaii: Maui, Kauai, Oahu, Big Island of Hawaii
- North Carolina: Outer Banks
- South Carolina: Hilton Head Island, Isle of Palms & Wild Dunes, Kiawah Island, Seabrook Island
- Utah: Park City
[edit] ResortQuest's Business Model
While the corporate offices are situated in Nashville, ResortQuest maintains local offices in each of its vacation destinations. The local employees that staff these offices are charged with handling all property management for homeowners and all services for rental guests, including taking reservations, facilitating guest check-in/out, property maintenance, housekeeping and even handling bill payments for some homeowners. Rental guests and homeowners never interact; ResortQuest handles the entire transaction between parties and all services for both sides. In exchange for these services, ResortQuest receives a management fee from the property homeowner, as well as a portion of the revenue generated from the rental of the property.
[edit] Property Rating System
ResortQuest developed a standardized system of ratings for the vacation rentals that it manages. ResortQuest representatives visit each rental property individually and rate the accommodations based on its amenities, including furnishings, appliances, décor, fixtures and extra features. Based on these amenities, each vacation rental is assigned a rating:
- EVP (Exclusive Vacation Property): An elite designation reserved for only the most luxurious and unique vacation rental properties in ResortQuest's portfolio.
- Platinum: Superior accommodations featuring upscale furnishings and appointments.
- Gold: Upscale accommodations featuring excellent amenities, furnishings and décor.
- Silver: Tastefully decorated accommodations with quality furnishings.
- Bronze: Clean, comfortable and well-maintained accommodations with fewer frills.
[edit] Resort Real Estate Sales
In addition to managing a vacation rental property in the homeowner's stead, ResortQuest offers real estate services to prospective second-home owners and current vacation rental owners seeking additional properties or upgrades. ResortQuest's Real Estate branch records close sales in excess of $2 billion annually, employs approximately 400 agents, and is a member of the National Association of Realtors. ResortQuest does not offer timeshares.
