The contract grows ResortQuest's management portfolio to 750 condo units along Florida's northwest Emerald Coast. The value of the portfolio wasn't disclosed.
Abbott Resorts, the Pensacola-based affiliate of ResortQuest, will manage Portofino for owner/developer Allan Levin.
The contract comes as ResortQuest reports sluggish first-quarter financial results 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.
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