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.
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