Sotheby's International Realty Expands in Utah

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Jan 06, 2022, 14:20 ET

NEW YORK, Jan. 6, 2022 /PRNewswire/ -- Sotheby's International Realty today announced that its independently owned and operated affiliate, Summit Sotheby's International Realty in Utah, has acquired local firm, Byrd & Co., which has achieved more than $325 million in sales revenue since its inception. The company will now operate as Summit Sotheby's International Realty.

The merger expands the firm's service areas to include the city of Moab and the surrounding communities of Eastern Utah. The company's footprint builds upon its existing locations in Park City, Salt Lake City, Draper, and St. George, and now consists of a total of 14 offices and more than 250 independent sales associates.

"Known for its dramatic red rocks, world-renowned national parks, and an unmatched outdoor lifestyle, Moab has emerged as a desirable location," said Philip White, president and CEO of Sotheby's International Realty. "Buyers continue to seek primary and vacation properties in locations that are near nature and align with their lifestyles. Over the past 13 years, Thomas and his team have achieved notable success and this strategic acquisition further positions Summit Sotheby's International Realty to continue to provide unparalleled service to clients seeking a home in Utah."

"We could not be more excited to bring the iconic Sotheby's International Realty® brand to Moab," said Thomas Wright, president of Summit Sotheby's International Realty. "Having the opportunity to work with clients in this special corner of Utah is a privilege and responsibility – one that we do not take lightly. All of us at Summit Sotheby's International Realty look forward to being a vital partner of the Moab community, its visitors, and residents for years to come."

As part of the merger, the company will open an additional office and several independent sales associates will join the team, uniting Byrd & Co.'s respected local standing with the Summit Sotheby's International Realty firm's award-winning real estate services. The firm's new location will be located at 59 E Center Street in the heart of Moab's vibrant and artistic downtown.

The Sotheby's International Realty network currently has nearly 25,000 affiliated independent sales associates located in more than 1,000 offices in 77 countries and territories worldwide. In 2020, the brand achieved a record global sales volume of $150 billion USD. Summit Sotheby's International Realty listings are marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the firm's brokers and clients will benefit from an association with the Sotheby's auction house and worldwide Sotheby's International Realty marketing programs. Each office is independently owned and operated.

Sotheby's International Realty

Sotheby's International Realty was founded in 1976 as a real estate service for discerning clients of Sotheby's auction house. Today, the company's global footprint spans more than 1,000 offices located in 77 countries and territories worldwide, including 47 company-owned brokerage offices in key metropolitan and resort markets. In February 2004, Realogy entered a long-term strategic alliance with Sotheby's, the operator of the auction house. The agreement provided for the licensing of the Sotheby's International Realty name and the development of a franchise system. The franchise system is comprised of an affiliate network, where each office is independently owned and operated. Sotheby's International Realty supports its affiliates and agents with a host of operational, marketing, recruiting, educational and business development resources. Affiliates and agents also benefit from an association with the venerable Sotheby's auction house, established in 1744. For more information, visit www.sothebysrealty.com.

The affiliate network is operated by Sotheby's International Realty Affiliates LLC, and the company owned brokerages are operated by Sotheby's International Realty, Inc. Both entities are subsidiaries of Realogy Holdings Corp. (NYSE: RLGY) a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. Both Sotheby's International Realty Affiliates LLC and Sotheby's International Realty, Inc. fully support the principles of the Fair Housing Act and the Equal Opportunity Act.

Media Contact:
Melissa Couch
Senior Manager, Public Relations & Communications
Sotheby's International Realty
[email protected]

SOURCE Sotheby's International Realty