Hotel Online Press Releases 
Sale of Interval International Charts New Course
for Future of Vacation-Ownership Industry
Top Name Partners Offer Industry Unparalleled Service Opportunities

MIAMI, FL. - Dec. 17, 1997 -   Interval International has been acquired by an investment group formed by
Willis Stein Partners L.P., a Chicago-based investment partnership, and a consortium comprised of leading
international hospitality and travel companies, announced Craig M. Nash, Interval's president and CEO. This is
the first business venture within the timeshare industry to combine global hospitality and travel resources
through a business-management group.

The new entity includes an Interval management group led by Nash.  Willis Stein will remain the largest investor and controlling shareholder.  Other investors with a minority, non-controlling interest include Carlson Companies, Inc.; Hyatt Vacation Ownership, Inc.; and Marriott Ownership Resorts Inc., a subsidiary of Marriott International, Inc.

"Interval International's focus on client service and quality has allowed us to attract a unique group of global
industry leaders to join the consortium. The unprecedented commitment of our partners will open doors for
Interval, and in turn for our clients throughout the world," says Nash.

"We have seen a tremendous outpouring of support and excitement from independent developers and large name
brands alike," he says. "Our customers realize that this new ownership structure offers great opportunities for
new quality products and services. The enthusiasm for the new Interval is extremely gratifying and motivates us
to bring the premier quality vacation- exchange network to a new level. This is great news for the industry as a

The retention of Interval's current management team will ensure that its excellent service to the industry will
continue. At the same time, the commitment of Marriott and Hyatt, both leading hospitality companies and
timeshare developers, affirms the on-going participation of their resorts in the Interval exchange network. The
high-quality inventory both companies infuse into Interval's system is expected to continue to attract other top-
quality developers around the world.

In addition, Carlson Companies, a global leader in travel agency, hospitality, and marketing services, will provide
new benefits and services to Interval's clients worldwide and establish an extraordinary base upon which Interval
can grow and prosper.

"As the premier vacation-ownership exchange company, Interval has built a solid tradition of introducing
innovative products and quality services," says Nash. "Now, through the unequaled resources of our new
ownership, we will be able to offer an even broader range of services and products, which will benefit both our
developer clients and consumer members."

Interval is a membership organization serving about 850,000 timeshare owners worldwide. Interval has focused its
efforts on affiliating high- quality resorts in the vacation-ownership industry, and its network features more than
1,500 resorts, including leading brand names and independents around the world. Since 1976, Interval has led the
timeshare-exchange business in quality, innovation, and technological advancements. Interval maintains its world
headquarters in Miami, Fla., and has 30 other offices around the world.

Willis Stein is a leading private-equity investment firm specializing in negotiated investments in profitable,
well-managed and growing companies. The firm supports excellent management teams in acquiring and building
companies in the media, financial-service, telecommunications, health-care and manufacturing industries. Its
primary objective is to create value within a diversified portfolio of companies, resulting in attractive returns.

Carlson Companies is on of the largest privately owned travel, hospitality and marketing-services companies in
the United States. Revenue under Carlson brands worldwide are projected to surpass $20 billion in 1997. In
addition to Carlson Wagonlit Travel, the company's brands include Regent International Hotels, Radisson Hotels
Worldwide, Country Inns Suites by Carlson, T.G.I. Friday's and Carlson Marketing Group.

Hyatt Corporation, one of the nation's largest hotel operators, has more than 100 full-service luxury hotels and
resorts in North America and the Caribbean and operates more than 70 hotels and resorts in 35 countries. Hyatt
caters to business travelers, convention-goers and upscale destination- oriented vacationers.

Marriott Ownership Resorts (d/b/a Marriott Vacation Club International (MVCI) is a wholly-owned subsidiary of
Marriott International, Inc. (NYSE: MAR). MVCI is a leader in quality vacation-ownership resorts, which includes 35 properties in 16 locations around the world with over 100,000 owners.

The sale of Interval International follows the merger of its former parent company, CUC International (NYSE: CU), with HFS Inc. (NYSE: HFS), now known as Cendant Corp. (CD).

Jan Wyatt of Interval International, Inc., 305-666-1861, ext. 7066
Beth Johnson of Willis Stein Partners L.P., 312-422-2400
Sam Macalus of Carlson Companies, Inc., 612-449-2477
John Burlingame of Hyatt Vacation Ownership, Inc., 312-750-8417
Gordon Lambourne of Marriott International, Inc., 301-380-1362

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