The move is being made to save the Tennessee company about $1 million in annual operating costs and also to be near its largest operating company, Destin-based Abbott Resorts and its national reservations center. Abbott generates $75 million in gross lodging revenues and is the area's largest private employer.
ResortQuest says its portfolio of 20,000 properties has an estimated value of $7 billion. One third of the firm's portfolio is in Florida.
"This is a strategic move to bring our key executives closer to the properties we manage, and we expect it to increase efficiency and create synergies for the company," says ResortQuest president/CEO Jim Olin.
In Central Florida, ResortQuest's newest contract is with the $70 million, 98-acre Bahama Bay Resort, scheduled to open this month in Davenport, FL, 15 miles west of Walt Disney World and 60 miles south of Downtown Orlando. The first phase comprises 116 units of the planned 1,000-unit project overlooking Lake Davenport.
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