After a $56 million business transaction - all in cash - Wyndham Worldwide will acquire ResortQuest, one of the U.S.'s top providers in full-service vacation rentals. According to a statement released today, September 22, the acquisition will position Wyndham Worldwide as one of the world's leading vacation rental businesses, with access to over 85,000 properties across almost 100 countries.
"Since 2000, we have successfully acquired at least 30 European rental brands, creating what today represents the leading serviced rentals business in Europe, with 2009 revenues of $460 million," says Stephen P. Holmes, chairman and CEO of Wyndham Worldwide, in a statement. "The acquisition of ResortQuest gives us a unique opportunity to build a sizable growth platform in the U.S. rentals market, a $10 billion industry that currently lacks a significant player."
ResortQuest has properties in top U.S. ski, beach and golf destinations including Park City, Colorado; the Carolinas; and the Florida Gulf Coast.
Visit www.wyndhamworldwide.com.
