CENDANT OPENS 6000th FRANCHISED HOTEL

Source: Cendant Corporation

March 14, 1999
Further strengthening its position as the world's largest franchisor of hotels, Cendant Corporation has announced the opening of its 6,000th franchised hotel and established new industry records for the number of franchised hotels in operation as well as unit growth. The 6000th hotel -- the Travelodge Hotel Dixon Road (Toronto Airport) -- is located at 925 Dixon Road, Etobicoke, Ontario.

Travelodge, along with Cendant's other hotel brands, which include Ramada®, Howard Johnson®, Days Inn®, Super 8®, Villager Lodge®, Knights Inn® and Wingate Inn®, are strong performers in the mid-market and economy lodging segments. In fact, one out of every eight hotel rooms occupied each night in the U.S. is in a Cendant-affiliated hotel.

Chairman, President and CEO, Henry R. Silverman stated: "I am delighted by this milestone and certainly gratified by the growth we've experienced over the years. The fundamental reasons for Cendant's widely recognized success in franchising are our focus on delivering value to our franchisees and helping maximize our customers profits."

"Lodging is the foundation of Cendant Corporation's heritage," said Eric Pfeffer, Chairman and CEO of the Cendant Hotel Division. "Since our inception, our property portfolio has grown six-fold, and today, with our 6,000th opening, we continue to set records for growth."

One of Cendant's predecessors, HFS Incorporated, began franchising hotels in 1990 and closed that year with 944 Howard Johnson and Ramada hotels. Over the next six years, Cendant acquired five other hotel brands: Days Inn® (1992), Super 8® (1993), Villager Lodge® (1994), Knights Inn® (1995) and the North American rights for Travelodge® (1996). Cendant also introduced a new franchised hotel brand in 1995, Wingate Inn®, an all-new construction hotel.

In addition to expanding within the United States, Cendant-affiliated hotels are open in 15 other countries with master license agreements signed in an additional 79 countries. Cendant's first European hotel opened in Malta in 1998, and additional hotels are expected to open in the UK and Italy this year.

Headquartered in New York, NY, the Company has more than 35,000 employees and operates in over 100 countries.