The value and terms of the contract weren't disclosed. The contract has two three-year extension options.

The estimated $39 million Celadon construction job overlooks 283 lineal feet of beachfront on the Gulf of Mexico near the Alabama border. Two-bedroom and three-bedroom condos are priced from $182,900 to $370,000.

ResortQuest handles reservations and marketing to and from 50 resort destinations in the United States and Canada. The company's average booking fee wasn't disclosed.

The newest contract comes after the New York Stock Exchange-traded firm reported sluggish first-quarter financials for the period ended March 31. Net income of $2.9 million or 15 cents per diluted share was under the $4.3 million or 23 cents per diluted share in the prior year. Revenue of $40.5 million was 11% below the $45.4 million in first quarter 2001.

The firm's portfolio totals 3,000 units; ResortQuest is shooting for 4,000 over the next three years. In the past 30 days, the company has signed management contracts with the 153-unit, 21-story, estimated $50 million Portofino condominium community on Santa Rosa Island, FL; the 543-unit, 31-story, estimated $11 million Tidewater Beach condos in Panama City; and Maesbury Homes Inc.'s Bahama Bay Resort on 98 acres overlooking Lake Davenport, 10 miles west of Walt Disney World.

ResortQuest chairman/CEO David L. Levine says his company's track record is fueling the new contracts. "These additions to our portfolio have been accomplished with a very limited investment on our part," he says in a prepared statement.