Interhome expands in USA with ResortQuest deal
Interhome of Switzerland - Europe's fastest-growing holiday homes group - is launching major expansion in the United States. It has concluded a cooperation agreement with ResortQuest, the leading US company specializing in vacation property rental. The deal will create the largest vacation rental management network in the world.
Under the two-way tie-up, Florida-based ResortQuest will market to American holidaymakers Interhome's 30,000 rental properties in 20 European countries. Interhome will market to its European customers ResortQuest's 16,000 vacation rental units in the USA. The agreement guarantees exclusivity to both partners.
The agreement will run initially for three years and take effect from 31 July 2008, from which date the booking systems of both companies will be interlinked. Full integration will be completed by the end of July 2009. Both companies will continue to operate under their respective brand names. Interhome's operations in Fort Lauderdale (Florida) will be transferred to the Resort Quest headquarters in Fort Walton Beach (Florida).
Simon Lehmann, CEO Interhome Group, says: «This cooperation agreement is another major milestone on our way to becoming market leader in Europe by 2010. Interhome and ResortQuest are an ideal match. We share a like-minded philosophy and this is reflected in our respective portfolios - superior quality properties, available year-round in a wide range of holiday destinations. Unlike our main competitors we also offer added value through our extensive networks of local service offices with on-site staff.»
ResortQuest CEO Park Brady said the new alliance with Interhome represented «extraordinary» opportunities for anyone involved in vacation rentals. He added: «This deal will broaden the global presence of both partners, result in greater choice for our guests and increase international business for our homeowners.»
Zurich-based Interhome - launched in Switzerland more than 40 years ago - can claim some half a million clients annually. In addition to properties in 20 European countries, Interhome already handles some 200 units in the USA (Florida) where it has been active for the past 17 years.
ResortQuest - which this year celebrates its 10th anniversary - provides a one-stop rental resource in North America's premier resort destinations, including beach, ski and golf locations. Its portfolio of nearly 16,000 properties totals some 50,000 rooms and generates annual revenue of US$ 400 million.
Interhome specializes in the letting of selected holiday homes, apartments and chalets. The company offers more than 30,000 top quality properties in 21 countries. In 2007 the group rented properties to nearly half a million guests and achieved turnover of CHF 209 million (US$ 204 million, +7,7%). Interhome publishes annual catalogues in 11 languages, totalling some 1.5 million copies. Easy and efficient booking is assured by an international reservations network, informative multi-lingual websites and the most modern communications technology. Interhome has more than 40 years' experience in the letting of holiday accommodation and provides the highest standards of service and quality. The company is based in Zurich/Glattbrugg and is an independent 100% subsidiary of Hotelplan one of the leading travel groups in Europe. Hotelplan is itself a 100% subsidiary of the Migros Cooperative, which is the largest supermarket retailing chain in Switzerland.