Press Release: Cendant Corporation
April 6, 2001
PARSIPPANY, NJ -- Resort Condominiums International, LLC (RCI), and Fairfield Communities, Inc., yesterday announced
that Fairfield will affiliate its FairShare Plus exchange program to RCI Points, adding 30 new resort locations
to the RCI Points program for RCI Points members, and offering access to RCI Points inventory and products to members
of FairShare Plus.
The move to enhance FairShare Plus by upgrading its external exchange program from RCI Weeks to RCI Points represents
added value for FairShare Plus members, who will have access to increased resort inventory, greater flexibility
and more travel options. RCI Points can be exchanged for varying types of timeshare intervals and units as well
as airfare, rental cars, cruises, golf outings, hotel stays, European country cottages, and other travel products.
The RCI Points enhancement to FairShare Plus will take effect in the second quarter of 2001, and will become the
standard exchange program for all new FairShare Plus members at RCI-affiliated resorts; details on how current
FairShare Plus members can upgrade the external component of their exchange system from RCI Weeks to RCI Points
will be announced at that time.
``The decision by Fairfield to join RCI Points further demonstrates the momentum which this exciting new product
is gathering within the vacation ownership industry,'' said Ken May, president and CEO, RCI. ``Their prestigious
resorts will be immediately popular with our RCI Points members, and we are confident that members of FairShare
Plus will be delighted with the flexibility and options available through RCI Points.''
``Fairfield has been the leader in points-based exchange, and we have been looking forward to joining RCI Points
for some time now,'' said Franz Hanning, president and CEO, Fairfield Communities. ``We have always been a believer
in the potential of points and are pleased to be able to expand our points offering to a global range of resorts
and travel products through RCI.''
Fairfield has been affiliated with RCI for more than 25 years. Of Fairfield's 30 resorts affiliated to RCI, 23
have achieved RCI Gold Crown status signifying the highest quality based on visitor comment cards, resort amenities
and other criteria, and four have achieved RCI Resort of International Distinction status, ranking them among the
world's finest resorts.
Fairfield Communities, with more than 324,000 vacation-owning households, is one of the largest vacation ownership
companies in the United States, marketing and managing resort properties at 34 locations in 12 states and the Bahamas.
Fairfield operates over 32 dedicated sales centers and manages over 110 timeshare and whole ownership resort associations.
Fairfield is a subsidiary of Cendant Corporation.
RCI (RCI.com) is the world's leading global provider of products and services to the timeshare industry, with more
than 3,700 affiliated resorts in 100 countries. In pursuit of its mission to be the market maker in global travel
and leisure, RCI offers the world's leading timeshare exchange services through RCI Points, the first worldwide
points-based exchange system, and RCI Weeks, RCI's traditional week-for-week exchange system. In 2000, more than
2 million exchanges were booked through RCI, sending an estimated 7.5 million people on vacation. RCI provides
integrated timeshare solutions in addition to exchange including consulting, travel agency, technological support,
lead-generation strategies and operations. RCI is a subsidiary of Cendant Corporation.
Cendant Corporation (NYSE: CD) is a diversified global provider of business and consumer services primarily within
the real estate and travel sectors. The Company's core competencies include building franchise systems and providing
outsourcing services. Cendant is among the world's leading franchisers of real estate brokerage offices, hotels,
rental car agencies, and tax preparation services. Cendant is also a provider of outsourcing solutions to its business
partners including mortgage origination, employee relocation, customer loyalty programs, vacation exchange services
and vacation interval sales. Other businesses include the UK's largest private car park operator and electronic
reservations processing for the travel industry. With headquarters in New York City, the Company has approximately
60,000 employees and operates in over 100 countries.
More information about Cendant, its companies, brands and current SEC filings may be obtained by calling 877-4INFO-CD
(877-446-3623) or by visiting the Company's Web site at http://www.Cendant.com.
SOURCE: Cendant Corporation