Terms of the deal were not disclosed. But in a prepared statement, the companies say the JV, Resort Trust Mortgage LLC, will allow ResortQuest, with a management portfolio of 20,000 properties, to leverage its existing real estate business. At the same time, the deal will give Wells Fargo entrée to the timeshare industry.
"This is a key venture for us, especially at a time when the popularity of vacation homes continues to rise," says Wells Fargo executive Kim Castiglioni.
ResortQuest president and chief executive officer Jim Olin also sees a new revenue window opening for his firm. "The agreement will allow for ResortQuest to expand its real estate potential vertically, while keeping the operating risks at a minimum," Olin says.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
