Cendant Corporation to Spin Off Wyndham

Hospitality industry giant Cendant will create Wyndham Worldwide, a new business entity

Cendant Corporation is expected to spin off Wyndham Worldwide during the third quarter of 2006, making Wyndham Worldwide the largest hospitability company in the world to offer a range of lodging products and services. The spin off will establish Wyndham Worldwide an independent, publicly traded company, with the following branded products: Wyndham®, Ramada®, Super 8®, Wingate Inn® and Days Inn®; the vacation exchange and rental businesses of RCI®, Novasol® and Landal GreenParks®, and the timeshare businesses, Fairfield® Resorts (FairShare Plus®) and Trendwest® Resorts (WorldMark®)

The company has mentioned no plans for merging the two timeshare giants, Fairfield and TrendWest. As Stephen P. Holmes, Cendant vice chairman explains, “Even as we adopt a new corporate brand to represent the sum of our hospitality businesses, we recognize the tremendous value and equity of each of our brands. Our commitment to our total brand portfolio remains just as strong, and we will continue to grow and enhance the presence of our brands within their respective market segments.”