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Outrigger Completes Sale of OHANA Reef Towers
to Fairfield Resorts; 
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Property to be Redeveloped as Fairfield’s First Waikiki Resort in
Conjunction with Outrigger’s Waikiki Beach Walk Development

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HONOLULU, OAHU, HAWAII – January 31, 2005 - Outrigger Enterprises, Inc. has completed the sale of its OHANA Reef Towers hotel at 227 Lewers Street to Orlando-based Fairfield Resorts, Inc.

The two-tower complex closed on January 6, 2005, and the sale of the rooms portion of the hotel was completed on January 19, 2005. The complex will now be redeveloped as part of Outrigger’s planned $460 million Waikiki Beach Walk project. The street level retail portion of the building was retained by Outrigger and will be redeveloped as part of the project’s entertainment retail complex. Terms of the sale were not disclosed.

Following a comprehensive $54 million renovation, the property will reopen as “Fairfield Hawaii at Waikiki Beach Walk” in the fall of 2006. During the construction phase, which is set to begin February 1st, Fairfield Resorts will completely renovate and convert the 480-room hotel into a 195-unit vacation ownership resort comprised of 95 one-bedroom units, 83 two-bedroom units and 17 two-, three- and four-bedroom luxuriously appointed Presidential suites. All condominium-style units will feature fully equipped kitchens, washer/dryers, audio/video entertainment systems, whirlpool baths and more. Resort amenities will include an outdoor pool, recreation and meeting rooms, exercise facility, kids club and computer library.

“After many years of planning, the much anticipated Waikiki Beach Walk project has officially gotten underway with the turning over of the keys of the OHANA Reef Towers to Fairfield Resorts,” said David Carey, president and chief executive officer of Outrigger Enterprises. “This is a momentous and exciting time for us, and we’re delighted to have Fairfield Resorts join us in Waikiki Beach Walk as a partner in our redevelopment of the Lewers Street area.”

“We’re very excited to get this project underway and to be working with Outrigger to help make Waikiki Beach Walk the premier entertainment venue and resort location in Waikiki,” said Franz S. Hanning, president and CEO of Fairfield Resorts. “Fairfield’s alliance with Outrigger has been a tremendously successful venture since its inception in 2002, and we look forward to becoming an integral part of the success of Outrigger’s Waikiki Beach Walk development.”

Fairfield Hawaii at Waikiki Beach Walk will be Fairfield’s first resort in Waikiki. The Waikiki Beach Walk project will be a distinctly Hawaiian landmark featuring a unique combination of shops, restaurants, entertainment venues, vacation ownership and hotel accommodations located on 7.7 acres along Lewers Street, Beach Walk, Kalia Road and Saratoga Road.

Outrigger Hotels & Resorts will provide on-site resort management services at the new Fairfield Hawaii at Waikiki Beach Walk, while Fairfield will handle all sales and marketing functions. This arrangement marks a continuation of the collaborative effort between Fairfield and Outrigger under a strategic alliance entered into in 2002. Outrigger currently manages Fairfield’s Kona Hawaiian Resort, Mauna Loa Village and Royal Sea Cliff resorts on the island of Hawai.

About Outrigger Enterprises

Outrigger Enterprises, Inc., is the largest lodging company in Hawaii and one of the fastest growing lodging companies in the Pacific. Outrigger Hotels & Resorts, a division of Outrigger Enterprises, Inc., operates two hotel brands – Outrigger Hotels & Resorts and OHANA Hotels & Resorts. The company currently operates or has under development more than 50 hotels and resorts throughout the Pacific region, representing over 12,000 hotel rooms and condominium units in Hawaii, Micronesia, Australia and the South Pacific. Outrigger's affiliate, Outrigger Lodging Services, operates nearly two-dozen hotels and resorts throughout the U.S. Mainland. http://www.outrigger.com and http://www.ohanahotels.com

About Fairfield Resorts

Fairfield Resorts, Inc., with more than 450,000 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 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 (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. http://www.fairfieldresorts.com

Contact:

Nancy Daniels, PR Manager
Outrigger Hotels & Resorts
Phone: 808-921-6839
Email: nancy.daniels@outrigger.com

 Jim Cohn, Media Relations Manager
Fairfield Resorts, Inc.
Phone: 407-370-5321
Email: jim.cohn@fairfieldresorts.com

Also See: The 445-room Outrigger East Hotel Dropping Outrigger Flag and Rebranded as a Moderately Priced OHANA Brand / November 2001
Outrigger's $460 million Waikiki Beach Walk Project Adds Joint Venture with Developer Richard Gushman for Restaurants and Shops within Development Area / May 2004
Outrigger Enterprises, Inc., Signs Agreement to Sell the 545-room Waikoloa Beach Marriott and 521-room Wailea Marriott Resorts to Affiliates of Blackstone Real Estate Advisors / July 2004
Outrigger Enters Timeshare Industry With Fairfield Resorts Alliance / July 2002


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