EXHIBIT 99.9





                        RESORT PROPERTY MANAGEMENT, INC.

                        FINANCIAL STATEMENTS
                        AS OF SEPTEMBER 30, 1997 AND MAY 26, 1998
                        TOGETHER WITH REPORT OF INDEPENDENT
                           PUBLIC ACCOUNTANTS












<PAGE>



                    REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

To Resort Property Management, Inc.:

We have audited the  accompanying  balance sheet of Resort Property  Management,
Inc. (a Utah  corporation)  as of September  30, 1997 and May 26, 1998,  and the
related statements of operations,  changes in stockholders' equity (deficit) and
cash flows for the year ended September 30, 1997 and for the period from October
1, 1997 through May 26, 1998. These financial  statements are the responsibility
of the  Company's  management.  Our  responsibility  is to express an opinion on
these financial statements based on our audits.

We  conducted  our  audits  in  accordance  with  generally   accepted  auditing
standards. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material  respects,  the financial  position of Resort Property  Management,
Inc.,  as of  September  30,  1997  and May 26,  1998,  and the  results  of its
operations and its cash flows for the year ended  September 30, 1997 and for the
period from October 1, 1997 through May 26, 1998, in conformity  with  generally
accepted accounting principles.

ARTHUR ANDERSEN LLP

Houston, Texas
July 15, 1998


<PAGE>





                        RESORT PROPERTY MANAGEMENT, INC.

                                 BALANCE SHEETS
                        (In thousands, except share data)

<TABLE>
<CAPTION>
<S>                                                <C>                  <C>
                                                       September 30,         May 26,
                                                           1997               1998
                                                         ---------         ----------
            ASSETS
            -------

   CURRENT ASSETS:
      Cash and cash equivalents                          $ 186               $    9
      Accounts receivable                                    -                   11
      Due from property owners                              60                   44
      Receivable from stockholders                          10                  102
      Prepaid expenses and other current assets             22                    6
                                                         ------               -----
                 Total current assets                      278                  172

   NOTE RECEIVABLE                                          54                   -

   PROPERTY AND EQUIPMENT, net                             203                  287

                                                          ------              -----
                Total assets                             $ 535                 $459
                                                          ======              =====

       LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
       ----------------------------------------------

   CURRENT LIABILITIES:
      Current portion of long-term debt                   $171               $   33
      Customers deposits and deferred revenue              233                   66
      Payable to property owners                            36                  -
      Accounts payable and accrued liabilities              32                  190
                                                          -----              ------
                 Total current liabilities                 472                  289

   DEFERRED TAXES                                            3                   -

   LONG-TERM DEBT, net of current portion                  310                  116
                                                           -----              ------
                 Total liabilities                         785                  405

   COMMITMENTS AND CONTINGENCIES

   STOCKHOLDERS' EQUITY (DEFICIT):
      Common stock, no par; 100,000 shares
          authorized; 51,000 shares outstanding             26                   26
      Retained earnings (deficit)                         (276)                  28
                                                         ------               ------
                 Total stockholders' equity (deficit)     (250)                  54
                                                         ------               ------
                 Total liabilities and stockholders'
                   equity (deficit)                      $ 535                 $459
                                                         =======              =======

</TABLE>

The accompanying notes are an integral part of these financial statements.


<PAGE>



                        RESORT PROPERTY MANAGEMENT, INC.

                            STATEMENTS OF OPERATIONS
                                 (In thousands)

                                                                      October 1,
                                                                        1997
                                                                       Through
                                                September 30,          May 26,
                                                    1997                1998
                                                -------------       ----------
REVENUES:

  Property rental fees                            $1,930               $1,728

  Service fees                                       365                  325
                                                  -------              ------
       Total revenues                              2,295                2,053

OPERATING EXPENSES                                 1,560                1,227

GENERAL AND ADMINISTRATIVE EXPENSES                  627                  494
                                                  -------              ------

  Income from operations                             108                  332

OTHER INCOME:

  Interest income, net                                 7                   18
  Gain on sale of land                               210                   -
                                                 --------              -------
  Income before taxes                                325                  350


PROVISION FOR INCOME TAX                              75                   57
                                                ---------             --------

NET INCOME                                         $ 250                $ 293
                                                   =====                =====


     The accompanying notes are an integral part of these financial statements.


<PAGE>


                        RESORT PROPERTY MANAGEMENT, INC.

             STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
                        (In thousands, except share data)


<TABLE>
<CAPTION>
<S>                                    <C>           <C>       <C>         <C> 
                                                                
                                          Common Stock         Retained
                                        -----------------      Earnings
                                        Shares     Amount      (Deficit)     Total
                                        ------     ------      ---------     -----
                                        
  BALANCE, September 30, 1996             51         $26         $(526)       $(500)
    Net income                             -           -           250          250
                                         ----        ----        ------        ------
  BALANCE, September 30, 1997             51          26          (276)        (250)
    Net income                             -           -           293          293
    Contribution                           -           -            11           11
                                         ----        ----        ------        ------
  BALANCE, May 26, 1998                   51         $26         $  28        $  54
                                         ====        ====        ======        =======

</TABLE>

The accompanying notes are an integral part of these financial statements.


<PAGE>


                        RESORT PROPERTY MANAGEMENT, INC.

                            STATEMENTS OF CASH FLOWS
                                 (In thousands)

                                                                      October 1,
                                                                         1997
                                                                        Through
                                                   September 30,         May 26,
                                                       1997               1998
                                                   -------------      ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income                                         $ 250             $ 293
   Adjustments to reconcile net income
     to net cash provided by operating
     activities-
       Depreciation                                      36                29
       Gain on sale of land                            (210)                -
   Changes in operating assets and
     liabilities-
       Accounts receivable                               -                (11)
       Due from property owners, net                     (8)              (20)
       Prepaid expenses and other
         current assets                                  (3)               16
       Customer deposits and deferred revenue           (50)             (167)
       Deferred tax liability                             3                (3)
       Accounts payable and accrued liabilities          28               158
                                                      ------             ------
   Net cash provided by operating activities             46               295
                                                      -------            ------
CASH FLOWS FROM INVESTING ACTIVITIES:
   Note receivable                                      (54)               54
   Purchase of property and equipment                  (179)             (113)
   Proceeds from  sale of office equipment,
     vehicles and land                                  335                -
                                                       ------            ------
   Net cash provided by (used in) investing
     activities                                         102               (59)
                                                       ------            ------
CASH FLOWS FROM FINANCING ACTIVITIES:
   Proceeds from long-term debt                         493                 -
   Payments on long-term debt                          (451)             (332)
   Proceeds/payment on receivables from stockholders    (10)              (81)
                                                       ------            ------
   Net cash provided by (used in) financing
   activities                                           32               (413)
                                                       ------            ------
NET INCREASE IN CASH AND CASH EQUIVALENTS               180              (177)

CASH AND CASH

EQUIVALENT, beginning of period                           6               186
                                                       ------           ------
CASH AND CASH EQUIVALENTS, end of period                186                 9
                                                       ------           ------
SUPPLEMENTAL DISCLOSURE OF CASH FLOW:
   Cash paid for interest                            $   25            $    2
                                                      ======            ======

SUPPLEMENTAL DISCLOSURE OF NON-CASH
   FINANCING ACTIVITIES:
     Accrued contributions from stockholders         $   -             $   11
                                                      ======            ======

     The accompanying notes are an integral part of these financial statements.


<PAGE>



                        RESORT PROPERTY MANAGEMENT, INC.

                          NOTES TO FINANCIAL STATEMENTS

1. BUSINESS AND ORGANIZATION:

Resort Property Management,  Inc. (the "Company"), a Utah corporation,  provides
property  rentals and management  services for properties owned by third parties
and located within the Park City, Utah region. The Company manages approximately
330 total rental units. The Company provides its management services to property
owners pursuant to management contracts, which are generally one year in length.
The majority of such contracts  contain  automatic  renewal  provisions but also
allow  property  owners to  terminate  the contract at any time.  The  Company's
operations  are  seasonal,  with a peak during the second  quarter of the fiscal
year.

On May 26, 1998, ResortQuest International, Inc. ("ResortQuest") consummated its
initial public offering and acquired all of the outstanding stock of the Company
in exchange for cash and shares of ResortQuest common stock (the "Combination").
In connection  with the  Combination,  the owner and certain key employees  have
agreed to reductions in salary and benefits which would have reduced general and
administrative  expenses by approximately  $186,000 for the year ended September
30, 1997 and $42,000 for the period from  October 1, 1997  through May 26, 1998.
In addition,  certain  stockholders retain  non-operating  assets and assumed or
retired  certain  liabilities  that were excluded from the  Combination  and the
purchase  price  for the  Company  was  adjusted  for  certain  working  capital
adjustments of approximately $11,000.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

        Revenue Recognition

The Company  records  property  rental fees on the accrual basis of  accounting,
ratably  over the term of guest  stays,  as earned.  During  peak  periods,  the
Company  requires a deposit equal to 100% of the rental fee 30 days prior to the
expected  arrival date.  These deposits are  non-refundable  and are recorded as
customer  deposits and deferred revenue in the accompanying  combined  financial
statements  until the guest stay  commences.  The  Company  records  revenue for
cancellations as they occur.

Service fees are recorded  for a variety of services and are  recognized  as the
service is provided, including housekeeping, phone service and rentals.

        Operating Expenses

Operating expenses include travel agent commissions,  salaries,  communications,
advertising,  credit  card fees and other costs  associated  with  managing  and
renting the properties.


<PAGE>



        Cash and Cash Equivalents

For the purposes of the balance sheets and statements of cash flows, the Company
considers all investments with original maturities of three months or less to be
cash equivalents.

        Property and Equipment

Property and equipment are stated at cost,  and  depreciation  is computed using
the straight-line method over the estimated useful lives of the assets.

Expenditures  for repairs and  maintenance are charged to expense when incurred.
Expenditures for major renewals and  betterments,  which extend the useful lives
of existing  equipment,  are  capitalized  and  depreciated.  Upon retirement or
disposition  of  property  and  equipment,  the  cost  and  related  accumulated
depreciation  are removed from the accounts  and any  resulting  gain or loss is
recognized in the statement of operations.

        Income Taxes

The Company  accounts  for income  taxes under the  provisions  of  Statement of
Financial Accounting Standards No. 109, "Accounting for Income Taxes" ("SFAS No.
109").  Under SFAS No. 109, the current  provision  for income taxes  represents
actual or estimated  amounts payable or refundable on tax returns filed or to be
filed for each year.  Deferred tax assets and  liabilities  are recorded for the
estimated future tax effects of: (a) temporary differences between the tax bases
of assets and  liabilities  and  amounts  reported in the  consolidated  balance
sheets, and (b) operating loss and tax credit carryforwards.  The overall change
in deferred tax assets and  liabilities for the period measures the deferred tax
expense for the period.  Effects of changes in enacted tax laws on deferred  tax
assets and liabilities are reflected as adjustments to tax expense in the period
of  enactment.  The  measurement  of  deferred  tax  assets  may be reduced by a
valuation  allowance  based on judgemental  assessment of available  evidence if
deemed more likely than not that some or all of the deferred tax assets will not
be realized.

        Use of Estimates

The preparation of financial  statements in conformity  with generally  accepted
accounting   principles  requires  the  use  of  estimates  and  assumptions  by
management in determining  the reported  amounts of assets and  liabilities  and
disclosures  of contingent  assets and  liabilities at the date of the financial
statements  and the  reported  amounts  of  revenues  and  expenses  during  the
reporting period. Actual results could differ from those estimates.

        Concentration of Risk

The Company's  operations are  exclusively  in the Park City,  Utah area and are
subject to significant changes in weather conditions.


                                      -2-




<PAGE>



3. DETAIL OF CERTAIN BALANCE SHEET ACCOUNTS:

Property and equipment consisted of the following (in thousands):

                                 Estimated
                                Useful Lives         September 30,       May 26,
                                  In Years                1997             1998
                                ------------         ------------       --------
Leasehold improvements              12                  $   21           $   23
Office equipment and other           5                     236              251
Vehicles                             5                     128              224
                                                          -----           -----
                                                           385              498
Less - Accumulated depreciation                           (182)            (211)
                                                         -------          -----

Property and equipment, net                             $  203            $ 287
                                                         ========         ======

Maturities of long-term debt were as follows (in thousands):
   
                                                     September 30,       May 26,
                                                        1997              1998
                                                     ------------       --------
                         1998                           $171             $  33
                         1999                             17                17
                         2000                             19                19
                         2001                             21                21
                         Thereafter                      253                59
                                                        -----              -----
                                                        $481              $149
                                                        ====              ====

In addition to the debt  disclosed  above,  the Company has a revolving  line of
credit with a bank. The line of credit has an interest rate of 10.25%, a maximum
limit of $250,000,  expires in October 2016, and is secured by personal property
of the Company's  owners. As of September 30, 1997, the line of credit was fully
drawn,  and  is  included  in  long-term  debt  in  the  accompanying  financial
statements. As of May 26, 1998, the line of credit had a zero balance.

In connection  with the  combination,  all  outstanding  debt of the Company was
retired.


                                      -3-


<PAGE>



        4. INCOME TAXES:

The provision for income taxes consists of the following (in thousands):

                                                                Period From
                                          Year Ended          October 1, 1997
                                     September 30, 1997    Through May 26, 1998
                                     ------------------    --------------------


           Current                          $  6                      $57
           Deferred                           69                       -
                                             ----                     ----
                                           $  75                      $57
                                           =====                      ===

The provision for income taxes differs from the amount  computed by applying the
U.S. Federal income tax statutory rate of 34% for the following reasons:
   
 

<TABLE>
<CAPTION>
<S>                                    <C>                   <C>   

                                                                 Period From
                                              Year Ended          October 1, 1997
                                         September 30, 1997    Through May 26, 1998
                                         ------------------    --------------------

     U.S. corporate income tax provision
           at statutory rate                    $111                  $115
     Tax effect of temporary differences          -                    (65)
     State tax expense                            -                      7
     Utilization of NOL carryforwards           (36)                    -
                                               ------                  -----
                                               $ 75                   $ 57
                                               ====                   ====
</TABLE>

5. COMMITMENTS AND CONTINGENCIES:

        Litigation

The Company is involved in various legal actions  arising in the ordinary course
of business.  Management does not believe that the outcome of such legal actions
will have a material  adverse  effect on the  Company's  financial  position  or
results of operations.

        Insurance

The Company carries a broad range of insurance  coverage,  including general and
business  auto  liability,  commercial  property,  workers'  compensation  and a
general umbrella policy. The



                                      -4-

<PAGE>



Company has not incurred  significant  claims or losses on any of its  insurance
policies during the periods presented in the accompanying financial statements.

        6. RELATED PARTIES:

The Company paid rental  payments to the owners and related  parties in exchange
for use of the housekeeping  facility in the amount of approximately $18,000 and
$32,000 for the year ended  September  30, 1997,  and the period from October 1,
1997 through May 26, 1998, respectively.

The Company plans to enter a lease agreement with the owners in June 1998 for an
initial  term of 10 years and two  options to extend the lease for 5  additional
years.  The lease  agreement  to be finalized  prior to the  Offering  will have
estimated  annual  payments of  $100,000,  and annual  increases of the Consumer
Price Index.

        Leases

The  Company  has  entered  into  various  leases for  housekeeping  and laundry
facilities,  and for their  corporate  office.  The  following  is a schedule of
future minimum rental  payments which are required under  operating  leases that
have lease terms in excess of one year at September 30, 1997 and May 26, 1998:

                             September 30,           May 26,
                                 1997                  1998
                             -------------         ------------
                                 
              1998                $61,793            $17,668
              1999                 21,408             14,255
              2000                 14,517              4,200
              2001                 15,246                -
                                 ----------          ---------
                                 $112,964            $36,123
                                  =======             ======


   
                                   -5-