ResortQuest, Wells Fargo Subsidiary Form JV

DESTIN, FL-ResortQuest International, which is relocating its corporate and accounting staffs to North Florida, has formed a joint venture with Des Moines, IA-based Wells Fargo Home Mortgage Inc., a subsidiary of 151-year-old Wells Fargo & Co. of San Francisco.

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.