ORLANDO-ResortQuest International of Memphis, TN, which bills itself as the world's largest vacation rental property management company, is adding 498 condominium units in Central Florida to its portfolio of 20,000 global units with an aggregate value of $7 billion, according to the company's prepared statement.
The signing of locally based Maesbury Homes Inc.'s Bahama Bay Resort on 98 acres overlooking Lake Davenport, 10 miles west of Walt Disney World, gives the four-year-old Tennessee company an opportunity to garner a small slice of market share it has been seeking in the competitive condo management category.
At the same time as ResortQuest was announcing its new contract, Germany-based Hapimag, the world's oldest timeshare company (1963) was completing plans to open its $53 million, 18-building, 97-unit condo community May 11 at Lake Berkley in Kissimmee, FL, also near Walt Disney World.
The complex, developed by Alexander Nette, has four to six two-story townhouses and a clubhouse, according to Hapimag's Web site.
In metro Orlando, the Bahama Bay contract expands ResortQuest's Central Florida inventory to 900 vacation rentals. The value and terms of the management/marketing contract with Maesbury wasn't disclosed.
“The Bahama Bay Resort will double the size of our Orlando presence and give us critical luxury condos near the attractions,” ResortQuest chairman/president/CEO David L. Levine says in his company's statement. “Our vacation home rentals in Orlando have been popular, but the Bahama Bay development will give us a new dimension.”
The first 116-unit phase of the gated resort with a 17,000-sf clubhouse is under construction. The units are priced from $163,000 for 1,176 sf of living area (two bedrooms/two baths) to $187,000 for 1,739 sf (three bedrooms/two baths).
ResortQuest common closed at $7.12 per share Wednesday on the New York Stock Exchange, down 18 cents from $7.30 on April 2. Volume was 89,700.
The company has 19.2 million shares outstanding and a market capitalization of $137 million. The stock has a price/earnings ratio of 89. Its 52-week high-low was $13.30 and $2.50 per share.
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