Under the agreement, ResortQuest will provide real estate sales, property management and vacation rental management to the Golf Casitas at Troon North community. The $23 million Mirage project in the prestigious Troon North development will include homes ranging in size from almost 1,600 square feet to 2,400 square feet. Prices will range from $275,000 to $375,000.

The joint venture continues the trend of ResortQuest strategy of expanding within its existing markets. ResortQuest currently manages more than 250 homes, condos and villas in Arizona, through its local company ResortQuest Arizona.

�We are pleased to be associated with a highly-respected company such as Mirage that has a long-standing reputation of building first-class products,� said James S. Olin, president and CEO of ResortQuest. �This development will offer a key expansion in the growing Arizona market and will offer our guests a new standard of luxury.''

For Mirage, the partnership brings extensive marketing power to the development, both for real estate sales and vacation rental management.

�Our company, which has built 1,800 new homes in Arizona since the early 1980s, takes great pride in our association with one of the leading companies in the industry,� said Gary A. Martinson, principal and CEO of Mirage Homes. �Our partnership with ResortQuest offers us the expertise to drive sales. We expect this project to draw investors and guests from across the country.''

Amenities for the community will include a swimming pool and exercise room. Luxury features of the homes will include built-in entertainment centers, designer light fixtures, gourmet kitchens, and luxurious master bathrooms that include double vanity sinks. All homes will be pre-wired for security systems, along with fire sprinklers and smoke detectors throughout.

ResortQuest is the first brand name and online booking service in vacation rentals, property management and resort real estate sales. Launched in May of 1998, the Memphis, TN-based company has revolutionized the vacation rental industry by providing:

• A one-stop resource for quality vacation home and condominium rentals in premier beach, mountain and desert resorts across North America.
• Simplified reservations through ResortQuest.com or a toll-free number (800-GO-RELAX).
• Stringent product and service standards at every location.
• The industry's first accommodations rating system.
• Real estate sales and management services in many of the world's most sought-after resort locations, as well as one-stop financing and World-Class Alliance Partner benefits.

Arizona-based Mirage Homes is a family-owned operation that traces its roots to North Dakota, where Gary Martinson learned about construction from his father, a carpenter. Gary Martinson has over 30 years of experience in real estate development.

Mirage specializes in quality resort condominiums and other residential properties. Since 1980, Mirage has also undertaken various other real estate opportunities including office developments, a retail center, a luxury rental community, a health and fitness club, unimproved land investments and turnkey development and construction services for third party clients.

�We anticipate a continuing strong market as we remain committed to our strategic objectives, which are designing and delivering the ultimate in Arizona resort lifestyle to each of our buyers,� Martinson said.

Sales of the Golf Casitas at Troon North will start this winter. Build out is set for Spring 2004.

About ResortQuest International
Memphis-based ResortQuest International (NYSE:RZT), the first brand name and �real-time� online booking service (www.resortquest.com) in vacation condominium and home rentals and sales, provides a one-stop resource for 52 premier resort destinations in the U.S. and Canada. ResortQuest is the world's leading vacation rental property management company, based on a portfolio of approximately 20,000 vacation rental properties with a combined real estate value estimated in excess of $7.0 billion.

All of ResortQuest's accommodations include spacious, well-appointed condos or homes with a full kitchen. ResortQuest also maintains a portfolio of hotel properties in Florida and Hawaii. To make reservations or view all special offers, visit ResortQuest.com or call 800-GO-RELAX.

Contact:
Yesawich, Pepperdine, Brown & Russell Public Relations
Orlando
Will Wellons, 407/838-1794
Will_Wellons@ypbr.com