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Press Release: Fairfield Resorts
August 15, 2005
ORLANDO, FL -- Fairfield Resorts, Inc., the largest vacation ownership company in the world with more than 500,000
owners, announced August 12 it has acquired Shawnee Development, Inc., a privately held company located in the
Pocono Mountain region of Pennsylvania, which develops, markets and sells vacation ownership interests.
Through the acquisition, Fairfield Resorts, Inc. will acquire approximately 28,000 existing timeshare owners, 600
timeshare/condo units under active management contracts, 14 units of available timeshare inventory, fully entitled
land for 41 timeshare units, and approximately 200 acres adjacent to the Shawnee Mountain ski area tentatively
entitled for future timeshare development.
“This gives Fairfield Resorts an immediate presence in a highly-desirable and growing resort destination in the
Poconos,” said Franz S. Hanning, president and CEO, Fairfield Resorts. “We’ve been eager to add a resort in this
region for some time, and with this acquisition we’ll also have an opportunity to expand - which we expect will
bring thousands of additional Fairfield owners and their families to the area every year.”
Shawnee Development, Inc. is a 2,400-square mile area within the Pocono Mountain Region known for its mountain
peaks, valleys, rivers, lakes, waterfalls and trails. Area attractions include an array of winter sports including
downhill and cross-country skiing, snowboarding and snowmobiling. It is also a popular vacation destination during
the summer months.
About Fairfield Resorts
Fairfield Resorts, Inc., with more than 500,000 owners, is the largest vacation ownership company in the world.
Fairfield Resorts specializes in the development, marketing and sales of innovative travel and leisure products,
including vacation ownership intervals at the company’s more than 70 resorts nationwide. Fairfield Resorts was
one of the first U.S. developers to move from traditional fixed-week timeshare ownership to a points-based exchange
program with the launch of FairShare Plus in 1991. Fairfield Resorts, headquartered in Orlando, is a subsidiary
of Cendant Corporation and part of Cendant Timeshare Resort Group. Cendant (NYSE: CD), a diversified global provider
of business and consumer services primarily within real estate and travel. Other Cendant brands include Orbitz,
Cheap Tickets, AVIS, Days Inn, Ramada, Century 21, Coldwell Banker and RCI. For more information, visit www.fairfieldresorts.com
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Media contact: Jim Cohn (407) 370-5321 Jim.cohn@cendant-trg.com