Updated at 3:36 p.m., Thursday, April 19, 2007
ResortQuest Hawaii to get new owner
Advertiser Staff
Miami-based Interval Acquisition Corp. has agreed to buy the parent of ResortQuest Hawaii LLC, which operates 29 hotels across the state.ResortQuest Hawaii, a unit of RQI Holdings Ltd., runs 10 hotels on O'ahu, nine on Maui, seven on Kaua'i, and three on the Big Island. RQI Holdings is a wholly-owned subsidiary of Nashville-based Gaylord Entertainment Co.
"We are pleased with the value generated by ResortQuest Hawaii, which is a testament to the hard work our team has put into this business," said Colin Reed, chairman and chief executive officer of Gaylord Entertainment.
As part of the transaction, Gaylord Entertainment will retain its 18.1 percent equity interest in the joint venture of ResortQuest Kauai Beach, and its 19.9 percent ownership stake in the Aston Waikiki Beach Hotel.
The deal is expected to close in the second or third quarter of 2007.
