Aston parent adds rentals

Advertiser Staff and News Services

ResortQuest International Inc., the parent company of Aston Hotels & Resorts Hawaii Inc., has purchased two more vacation rental properties on the Mainland, it said today.

The management company said it acquired R&R Resort Rental Properties Inc. in Outer Banks, N.C., and Steamboat Premier Properties Ltd. in Steamboat Springs, Colo., in all-cash deals. Values of the deals were not disclosed.

The acquisitions bring ResortQuest's portfolio of vacation rentals to nearly 20,000 units in 46 resort destinations in the United States and Canada.

Established in 1987, R&R Resort Rental Properties provides property management services for more than 400 vacation rental properties in the northern Outer Banks. With the acquisition, ResortQuest operates three resorts in the region with more than 1,200 units.

"From a timing standpoint, the completion of this purchase on April 1, 2001, prior to R&R's high season from mid-June through late August, means that it will be immediately accretive to 2001 earnings," said David Levine, ResortQuest chairman, president and chief executive.

Levine said he expects R&R to contribute 3 to 4 cents per share to the company's earnings for the remainder of 2001.

Steamboat Premier Properties Ltd., founded in 1984, is a privately held Colorado corporation that manages 225 rental units and nine owner associations in the area. Levine said the company expects Steamboat Premeir to contribute at least 1 cent to 2002 earnings.