ResortQuest Acquires Whistler Lodging Company; Gaylord Vacation Proper

    Business Editors/Travel & Hospitality Writers

    NASHVILLE, Tenn.--(BUSINESS WIRE)--Feb. 1, 2005--ResortQuest, North America's leading marketer and manager of vacation rental properties and brokerage services, has acquired Whistler Lodging Company, Ltd. from O'Neill Hotels and Resorts, Ltd. The acquisition brings ResortQuest's total inventory in Whistler B.C. to 1,100 units, more than doubling the company's offerings in this market.
    "The Whistler Lodging Company is a great addition to the ResortQuest network of vacation properties," said Colin V. Reed, president and chief executive officer of Gaylord Entertainment. "ResortQuest continues to expand our distribution and extend our dominant brand in the vacation rental market."
    "Expanding our presence in the premier ski destination of Whistler, British Columbia is strategically important for our business. Not only is Whistler one of the top five ski markets in North America, it is also host of the mountain events for the 2010 Winter Olympics," Mark Fioravanti, president of ResortQuest said. "The high quality of these properties will enhance our value to both our guests and our homeowners."
    John O'Neill, President of Whistler Lodging Company Ltd, is also pleased by this development. "We are proud of what we have accomplished with Whistler Lodging and feel that the company will be a perfect fit with ResortQuest and their stated goal of being the leader in their field in North America," O'Neill says. "In addition, this deal benefits us by enabling us to focus on our core business of hotel management as we concentrate on our hotel properties in British Columbia, including The Residence Inn by Marriott Whistler, The Westin Resort & Spa Whistler, The Westin Grand Vancouver and The Inn at Westminster Quay in New Westminster. In making this change, it is good to know our Whistler Lodging Company homeowners and employees are in good hands with ResortQuest."
    This is the second major ResortQuest acquisition in 2005. Last month, the company acquired six businesses from East West Resorts, adding nearly 2,000 vacation rental units in the key ski areas of Aspen and Breckenridge, Colo. as well as in the beach destinations of Hilton Head and Charleston, S.C.
    With the addition of Whistler Lodging's over 600 units, ResortQuest Whistler now offers a choice of over 1,100 selected fine condominiums, townhomes and exclusive villas ranging in size from studios to five bedrooms. Located in the spectacular Coast Mountains of British Columbia, ResortQuest Whistler has been providing vacationers with quality accommodations for over 16 years. Rising one vertical mile from the European-style alpine village, Whistler offers skiers and snowboarders of all abilities endless enjoyment. Whistler was recently voted top ski resort by SKIING Magazine. MEN'S JOURNAL and OUTSIDE TRAVELER magazines bestowed similar honors and many others have listed the region among their top five.
    A year-round destination resort, less than a two-hour drive from Vancouver, Whistler is more than just world-class skiing and snowboarding. The resort's stunning mountain setting provides visitors with a wide array of both winter and summer activities. Excellent and varied dining, shopping and nightlife options are available in the cosmopolitan Village of Whistler.

    About ResortQuest

    ResortQuest, the leading vacation property management company in North America, provides a one-stop resource in more than 50 premier resort destinations (www.resortquest.com). ResortQuest is the largest marketer and management company of vacation condominiums and home rentals in the U.S. and Canada, based on a portfolio of over 20,000 vacation rental properties with a combined real estate value estimated in excess of $7.0 billion. ResortQuest employs approximately 5,000 people and is owned and operated by Gaylord Entertainment Co. (NYSE: GET), one of the largest and fastest growing companies in the hospitality and entertainment industries, based in Nashville, Tenn., that also owns and operates Gaylord Hotels and the Grand Ole Opry. For more information, visit www.resortquest.com or www.gaylordentertainment.com.

    About O'Neill Hotels & Resorts Ltd.

    Founded in 1994, and continuously owned by Rob and John O'Neill, O'Neill Hotels & Resorts Ltd. currently manages four hotels in British Columbia. These properties are: The Residence Inn by Marriott Whistler, The Westin Resort & Spa Whistler, The Westin Grand Vancouver and The Inn at Westminster Quay in New Westminster. The Westin Resort & Spa Whistler is a 2005 Conde Nast Gold list award winner.
    O'Neill Hotels & Resorts Ltd. and its principals were co-founders of Canadian Hotel Income Properties Real Estate Investment Trust (CHIP REIT) in 1997, and have been leaders in the Canadian hospitality industry since 1972 though their co-founding and involvement of their family owned business, Coast Hotels & Resorts Ltd.

    This press release contains statements as to Gaylord's beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with economic conditions affecting the hospitality and vacation property rental businesses generally, the expected performance of the acquired businesses, business levels at Gaylord's hotels and ResortQuest's properties, risks associated with ResortQuest's business, our ability to successfully integrate acquisitions, and the ability to consummate financing for new developments. Other factors that could cause operating and financial results to differ are described in the filings made from time to time by Gaylord with the Securities and Exchange Commission. Gaylord does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.

--30--JC/ny*

CONTACT: ResortQuest Beth Aleridge, 615-316-6828 beth.aleridge@gaylordentertainment.com or TBC Public Relations Mark Walsh, 646-366-1470 mwalsh@tbc.us or O'Neill Hotels and Resorts John O'Neill, 604-633-2850 joneill@oneillhotels

KEYWORD: TENNESSEE INTERNATIONAL CANADA INDUSTRY KEYWORD: TRAVEL REAL ESTATE BUILDING/CONSTRUCTION MERGERS/ACQ SOURCE: ResortQuest

Copyright Business Wire 2005