Leucadia's comments regarding ResortQuest in the annual report below:
ResortQuest
ResortQuest was acquired during 2007 for $11.9 million in cash. The company is headquartered in
Fort Walton Beach, Florida on the Panhandle and manages vacation rentals for the owners of 7,766
units. We provide marketing services for their units, housekeeping, routine maintenance and other
services. We also manage the front desk of many of the buildings where our owners? properties are
located and provide check in and concierge services in some of these buildings as well. Our
managed units are principally located in Florida and on the East Coast, and at various ski resorts
including Aspen, Vail and Telluride. Our managed inventory varies from modest to luxurious and
includes both condos and homes.
When we purchased ResortQuest the company was disheveled and almost bedridden. To repair the
damage we brought back as CEO, Park Brady, one of the original founders of the company. Since
our acquisition we have invested heavily in keeping and attracting owners, in expanding our internet
presence and reducing unnecessary corporate expenses.
Since acquisition the company has lost $6.5 million, but seems back on track to a successful
turnaround. The task at hand is to satisfy our owners and guests and to regain units lost to
competitors during the course of the previous ownership. We think the current oversupply of condos
in Florida will provide us with opportunities to increase our managed inventory of desirable units
in attractive locations.
Looking for a delightful vacation spot? Go to www.resortquest.com and look around. Zalman Jacobs
and Luis Medeiros found this small diamond.
anyone have actaul experiences to report?
ResortQuest
ResortQuest was acquired during 2007 for $11.9 million in cash. The company is headquartered in
Fort Walton Beach, Florida on the Panhandle and manages vacation rentals for the owners of 7,766
units. We provide marketing services for their units, housekeeping, routine maintenance and other
services. We also manage the front desk of many of the buildings where our owners? properties are
located and provide check in and concierge services in some of these buildings as well. Our
managed units are principally located in Florida and on the East Coast, and at various ski resorts
including Aspen, Vail and Telluride. Our managed inventory varies from modest to luxurious and
includes both condos and homes.
When we purchased ResortQuest the company was disheveled and almost bedridden. To repair the
damage we brought back as CEO, Park Brady, one of the original founders of the company. Since
our acquisition we have invested heavily in keeping and attracting owners, in expanding our internet
presence and reducing unnecessary corporate expenses.
Since acquisition the company has lost $6.5 million, but seems back on track to a successful
turnaround. The task at hand is to satisfy our owners and guests and to regain units lost to
competitors during the course of the previous ownership. We think the current oversupply of condos
in Florida will provide us with opportunities to increase our managed inventory of desirable units
in attractive locations.
Looking for a delightful vacation spot? Go to www.resortquest.com and look around. Zalman Jacobs
and Luis Medeiros found this small diamond.
anyone have actaul experiences to report?