MEMPHIS, Tenn.--(BUSINESS WIRE)--Dec. 10, 2002--ResortQuest International (NYSE:RZT), one of the world's largest vacation rental property management companies, has signed a new management agreement on a $60 million development project with Sunrise Beach Associates LLC continuing its expansion along Florida's Emerald Coast.
ResortQuest International has been named the exclusive on-site manager and vacation rental marketer for the new 213-unit upscale Sunrise Beach condominium project on the Gulf of Mexico in Panama City.
We're proud to have this new management agreement to continue our expansion on the Emerald Coast. These new high-end units will give vacationers great new opportunities to stay in comfort in Panama City, said ResortQuest International President and CEO James S. Olin. Northwest Florida is a tremendous growth market for us and we will continue to pursue high-quality projects.''
Sunrise Beach will feature spacious one, two and three-bedroom units priced from $214,900 to $386,900, all facing the Gulf of Mexico. Sunrise Beach has approximately 346 feet of beachfront property and will include such amenities as a gulf front exercise room, covered parking, two gulf side swimming pools, two spas, and meeting space. Construction will begin this spring with completion slated for mid 2005.
Sunrise Beach Condominiums is the latest in a string of property and vacation rental management assignments for ResortQuest. Earlier this year, Celadon Beach Development also signed a management deal with ResortQuest for the 193-unit Celadon Beach Project in Panama City.
ResortQuest is a valued partner, said Frank Rushing with Sunrise Beach Associates LLC. ResortQuest and its local operating company, Abbott Resorts, are the leaders on the Emerald Coast in professional vacation condo and home sales and rental management. Their services are a real plus for the homeowners and investors. We are proud to extend our relationship.
ResortQuest currently manages more than 3,000 vacation condos, homes and villas along the Emerald Coast. ResortQuest's inventory is expected to grow to more than 4,500 units along the beaches of Northwest Florida in the next three years.
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