Members have access to this prestigious collection of fully serviced accommodations in world-class locations at a fraction of the cost of purchasing and maintaining a single resort home. Residences will be located in upper-tier beach, golf, and ski destinations, as well as the world's great cities, including New York, London and Paris.

LRW is a strategic alliance of The Leading Hotels of the World, Ltd., the prestigious luxury hospitality organization representing the world's finest hotels and resorts worldwide; Cendant Corporation, a global leader in travel and real estate (ranked 107 on the Fortune 500); and HDMD, LLC a new company formed by the principals of Destination Club Partners, LLC (DCP), pioneers of the first residence club in the United States: the Deer Valley Club at Deer Valley Resort in Park City, Utah.

In making the announcement today Paul M. McManus, President and CEO of The Leading Hotels of the World, Ltd., said, "While most of today's destination clubs boast of varying levels of service and product, not one has entered the industry with The Leading Residences of the World's imposing credentials: a pedigree dating back nearly eight decades; the financial resources of a Fortune 200 company; and a global network of prestigious properties, destinations, amenities and travel partners."

Steve Dering, Chief Marketing Officer for Dallas-based The Leading Residences of the World, added, "With DCP's proven track record in the design, marketing and sale of residence clubs, LRW brings a wealth of experience to the high-end luxury leisure real estate market and an unmatched level of value and protection to members, which will add substantially to the success to this exciting new alliance."

Members who join LRW have unlimited access to luxury accommodations (subject to the clubs reservation policy and procedures). Members pay a one- time deposit of $325,000 and annual dues of about $15,000. Members receive a refund of 80% of their membership deposit upon resignation, once the club acquires four new members, or after a year has passed, whichever comes first. LRW's membership deposit refund is backed by an insurance policy underwritten by an A.M. Best 'A'- rated insurance company, one of the club's many innovative consumer protections.

At launch, LRW will offer a portfolio of more than 20 residences, expected to grow to 40 by year's end. These include:

• Cabo San Lucas, Mexico:  two four-bedroom oceanfront homes.
• Canouan Island:  A private three-bedroom suite located at the five-star Raffles Resort in the Grenadines.
• Christie Club:  four three-and four-bedroom residences at the base of Steamboat Springs.
• El Corazon de Santa Fe:  A spacious, two-bedroom home minutes from Santa Fe's Plaza.
• Gleneagles:  a private home on the site adjacent to a golf course at this legendary resort in the Scottish Highlands
• Hotel Hana at Hana Ranch:  a three-bedroom hideaway overlooking the crashing waves of Hana Bay, Maui
• Hotel Lancaster:  spacious suites at the acclaimed hotel located off the Champs Elysees, Paris
• Kiawah Island:  an award-winning Cape-Cod style mansion near five championship golf courses
• The Milestone, London:  a two-bedroom residence in the heart of London offering magnificent views of Kensington Palace and Hyde Park.
• Montalembert:  a sophisticated two-bedroom Paris suite with spectacular Eiffel tower views.
• The New York Palace Hotel:  a two-bedroom apartment with full kitchen in the Manhattan Landmark Hotel.
• The Peaks:  a ski-in, ski-out three-bedroom luxury log-cabin at the foot of the Mountain Village ski area in Telluride.
• Royal Riviera:  a two-bedroom residence with private terrace overlooking the Mediterranean in Saint-Jean-Cap-Ferrat, France.

The Alliance:

Cendant Corporation
Cendant Corporation is primarily a provider of travel and residential real estate services. With approximately 80,000 employees, New York City-based Cendant provides these services to businesses and consumers in over 100 countries. More information about Cendant, its companies, brands and current SEC filings may be obtained by visiting the Company's Web site at http://www.cendant.com.

HDMD, LLC
HDMD, will manage the club to ensure that each residence reflects the quality and service for which The Leading Hotels of the World, Ltd. are renowned. HDMD was formed by the principals of Destination Club Partners (http://www.destinationclub.com), who is responsible for more than $350 million in fractional resorts and private residence club sales worldwide. DCP was selected by Millennium Partners to create The Phillips Club, the country's first urban residence club located next to Lincoln Center in Manhattan. HDMD is the operator of The Leading Residences of the World.

The Leading Hotels of the World, Ltd.
The Leading Hotels of the World, Ltd. is the prestigious luxury hospitality organization representing 430 of the world's finest hotels and resorts and is the operator of http://www.lhw.com, the online source for your luxury lifestyle. For reservations and information, visit http://www.lhw.com. High-resolution images are available for downloading through the Press Room at http://www.lhw.com.
For more information on the properties of The Leading Residences of the World, please visit http://www.lrwclub.com.
 

The Leading Residences of the World
http://www.lrwclub.com