Rocky Mountain News: Business

Rocky Mountain News: Business

ResortQuest expands in ski towns

Management firm adds Breckenridge, Aspen properties

By Joanne Kelley, Rocky Mountain News
January 4, 2005

The nation's biggest vacation property management company Monday announced its expanded presence in Colorado with the purchase of businesses in Aspen and Breckenridge from East West Resorts.

ResortQuest International, a division of the fast-growing Gaylord Entertainment Co., said it bought the businesses from the Edwards-based affiliate of East West Partners. The $22.3 million deal also included the acquisition of vacation property management businesses serving South Carolina beach markets.

Nashville-based ResortQuest, which has a presence in almost every major Colorado market, manages about 20,000 vacation properties in 52 North American destinations.

The new units eventually will be marketed under the ResortQuest name.

"This transaction is consistent with our growth plans in that it further expands our businesses in the premier ski and beach destinations," said ResortQuest President Mark Fioravanti. "We are investing a significant amount of money into our brand."

ResortQuest already managed properties in both ski resort towns. It now has about double the number of properties it had in Aspen, with a total of 476 vacation rentals, after acquiring the management contracts of Aspen Lodging Co. and the Inn at Aspen.

ResortQuest also acquired East West Resorts Breckenridge and now has 405 rentals there, up from 132 previously.

The company will gain about 160 employees in the deal, a spokeswoman said.

The company bought the Colorado property management businesses as "part of a portfolio" and did not disclose separate prices for the Colorado entities, Fioravanti said.

East West Resorts said it retained all of its Beaver Creek, Vail and Big Sky, Mont., management contracts, as well as contracts to manage Grand Lodge in Crested Butte and the Iron Horse Resort in Winter Park.

East West also is starting new operations in Lake Tahoe, Calif., and in Deer Valley, Utah.

"We're focusing on areas where East West Partners does development," said John Evans, chief operating officer of East West Resorts.