Upon completion of the spin-off, Wyndham Worldwide will be an independent, publicly traded, pure-play company focused on the development and performance of its nine hotel lodging chains including the Wyndham®, Ramada®, Super 8®, Wingate Inn® and Days Inn® brands; its vacation exchange and rental businesses including RCI®, Novasol® and Landal GreenParks®, and its timeshare resorts business including Fairfield® Resorts and Trendwest® Resorts.

Stephen P. Holmes, Cendant vice chairman and the new company�s chairman and chief executive officer, said Wyndham Worldwide �represents the elevation of a signature brand with high consumer appeal to serve as our new corporate identity.�

�As the leading provider of hotel, vacation exchange and rental, and timeshare accommodations across six continents, we will leverage a name that provides us with a familiar corporate identity that unquestionably conveys who we are and what we provide to millions of consumers worldwide,� he said.

Noting that the Wyndham hotel brand is widely known �for its distinctly personalized approach to hospitality,� Holmes said, �We believe Wyndham Worldwide translates perfectly as the bold new identity for a company that provides consumers with the widest choice in global travel accommodations for virtually any occasion, price point and experience.�  

Wyndham Worldwide will be one of the world�s largest hospitality companies and preeminent providers of hospitality products and services, encompassing more than 6,300 franchised or managed hotels with over 530,000 hotel rooms worldwide; serving more than three million members of the RCI exchange network with access to over 4,000 resorts worldwide; more than 55,000 vacation exchange and rental properties located in more than 100 countries, and over 140 timeshare resorts serving more than 750,000 timeshare owners throughout North America, the Caribbean and the South Pacific.  

�Even as we adopt a new corporate brand to represent the sum of our hospitality businesses, we recognize the tremendous value and equity of each of our brands,� Holmes said. �Our commitment to our total brand portfolio remains just as strong, and we will continue to grow and enhance the presence of our brands within their respective market segments.� 

To further leverage RCI's unique brand equity in the timeshare exchange businesses, and in recognition of the recent integration of RCI with our European vacation rental businesses, the combined vacation exchange and rental businesses will be renamed the RCI Global Vacation Network.  The new name will reinforce the groups� established global business network of partnerships and distribution channels enabling the individual brands to flourish in existing and new markets.

Since the Cendant name will be retired, the company�s timeshare development subsidiary, Cendant Timeshare Resort Group, Inc., will change its identity to Wyndham Vacation Ownership, Inc.  It will continue to operate under its two highly-regarded resort development brands, Fairfield Resorts and Trendwest Resorts, as well their respective timeshare programs, FairShare Plus® and WorldMark®.

Concurrently, Cendant Hotel Group, the unit that manages the company�s franchised and managed hotel lodging business, will change its name to Wyndham Hotel Group, and the company�s namesake hotel brand will become Wyndham Hotels & Resorts.

�Wyndham will provide an integrated brand identity to bridge our businesses as we pursue new growth strategies, including mixed-use hotel and timeshare development,� Holmes said.  �As an upscale brand, Wyndham provides both our hotel and timeshare development businesses with a common platform from which to pursue further growth in higher-end segments.�

�These and other integrated strategies will not only help further extend our brands globally, but will also dramatically redefine Wyndham as a worldwide leader in all facets of lodging hospitality,� Holmes concluded.  

Forward-Looking Statements
Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words "believes", "expects", "anticipates", "intends", "projects", "estimates", "plans", "may increase", "may fluctuate" and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical facts. Any statements that refer to expectations or other characterizations of future events, circumstances or results are forward-looking statements. The Company cannot provide any assurances that the separation or any of the proposed transactions related thereto will be completed, nor can it give assurances as to the terms on which such transactions will be consummated. The separation transactions are subject to certain conditions precedent, including final approval by the Board of Directors of Cendant. 

Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this press release include, but are not limited to: risks inherent in the contemplated separation and related transactions, including risks related to borrowings and costs related to the proposed transactions; increased demands on Cendant's management teams as a result of the proposed transactions; changes in business, political and economic conditions in the U.S. and in other countries in which Cendant and its companies currently do business; changes in governmental regulations and policies and actions of regulatory bodies; changes in operating performance; and access to capital markets and changes in credit ratings, including those that may result from the proposed transactions. Other unknown or unpredictable factors also could have material adverse effects on Cendant's and its companies' performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this press release may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release. Important assumptions and other important factors that could cause actual results to differ materially from those in the forward looking statements are specified in Cendant's 10-K for the year ended December 31, 2005, including under headings such as "Forward-Looking Statements", "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Except for the Company's ongoing obligations to disclose material information under the federal securities laws, the Company undertakes no obligation to release any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless required by law.

About Cendant Hospitality Services Division
The Hospitality Services Division of Cendant Corporation (NYSE: CD) will become Wyndham Worldwide upon the completion of its anticipated spin-off during the third quarter of 2006.  The company will provide its customers with a full range of products and services in three primary segments within the hospitality industry including hotel lodging, vacation rental and exchange, and timeshare resorts.  The company will be one of the world�s largest provider in each of these segments, encompassing more than 6,300 franchised or managed hotels with over 530,000 hotel rooms worldwide; serving more than three million members of the RCI exchange network with access to over 4,000 resorts worldwide; more than 55,000 vacation rental and exchange properties located in over 100 countries; and over 140 timeshare resorts serving more than 750,000 timeshare owners throughout North America, the Caribbean and the South Pacific.  Cendant Hospitality Services Division is headquartered in Parsippany, N.J., and is supported by more than 25,000 employees around the world. 

Cendant Hotel Group
Rich Roberts
(973) 496-0750
[email protected]