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Bayleys real estate has acquired a shareholding in Locations Realty Ltd and its sister residential rental agency Queenstown Accommodation Centre and Goodstays Queenstown.
Locations Realty - operating as Locations Real Estate - has headquarters in Queenstown, with franchised offices in Wanaka, Cromwell, Invercargill and Riverton, employing about 45 people.
Its director Greg Ross, who had been involved with Locations for 21 years, said he was sad to sell his shareholding, but ''heartened'' the new partnership with Bayleys would continue the growth of the brand.
Mr Ross would remain with Locations and no restructuring of personnel was envisaged, with managing partner Stacy Coburn retaining his shareholding and continuing to head operations and activities.
Bayleys managing director Mike Bayley said the shareholding in Locations would enable the two brands to work together in the Southern Lakes, Central Otago and Southland regions.
Bayleys has offices in Queenstown and Wanaka, employing about 35 salespeople and administration staff.
QAC and Goodstays Queenstown is the largest property management group in the resort, employing 10 property managers and support staff.