Aston, the third-largest operator of accommodations in Hawai‘i, runs more than 30 hotels and condominium resorts in the state, with more than 4,500 rooms and suites in Waikiki, Maui, Kaua‘i and the Big Island.

Gaylord has agreed to pay 0.275 of a share for each ResortQuest share, valuing the stock at $5.53. That’s an 8.4 percent premium over ResortQuest’s closing price yesterday.

Gaylord said in a statement that it also plans to assume about $71 million in debt from ResortQuest, which holds $3 million in unrestricted cash. Subtracting that cash portion, the transaction has a total value of about $177 million.

The companies will seek approval from shareholders and regulators and expect the transaction to close early next year.

Acquiring ResortQuest allows Nashville-based Gaylord to add about 20,000 vacation rental properties to its chain of hotels, which focus on offering meeting places for business customers. ResortQuest, based in Memphis, Tenn., has a 4 percent market share in the $10 billion vacation rental homes and condominiums business in the country, Gaylord said.

“What we’ve been trying to do is to look at ways to accelerate growth in a noncapital intensive way for our business,” Gaylord Chief Executive Officer Colin Reed said.

Jim Olin, CEO of ResortQuest, said in a letter to employees that he expects “some attrition at the corporate level.” He said benefits to current employees will “remain substantially the same.”

To condominium owners at facilities managed by ResortQuest, Olin said, operations should continue without interruption.

Andre Tatibouet, the former owner of Aston Hotels & Resorts, sold the group to ResortQuest in 1998 for about $30 million.

While ResortQuest specializes in managing vacation rental properties for private owners, the Aston Hotels & Resorts brand in Hawai‘i also is known for its hotels, including the recently renovated Aston Waikiki Beach Hotel.

Also today, ResortQuest reported it had net income for the second quarter of $1.3 million, or 7 cents per share, compared with $2.2 million, or 12 cents, a year ago.