Under the terms of the agreement, JM Limited will use McAfee Manufacturing to build 30 new Howard Johnson, Days Inn and Ramada properties by June 30, 2003. It is expected that the first five properties, planned as Howard Johnson hotels, will be operational in the Wichita, Kansas area by June of 1999. Further terms of the development schedule were not disclosed.

"I am very excited about the alliance forged between Cendant Corporation and JM Limited," said Charles McAfee, JM Limited's vice president and the founder of McAfee Manufacturing. "The timing and intent of Cendant's diversity initiative fit well with the development goals of my company. We are pleased by the relationships we've developed with Cendant's senior management and delighted to be part of a project that will create a future pool of hotel managers and owners."

For the construction of his hotels, McAfee, an architect, will use the modular building concept created and perfected for the residential construction projects of his McAfee Manufacturing business. McAfee, along with partners Gene and Val Jackson, developed the manfacturing and construction business with a vision of providing "a second chance" for former welfare recipients, substance abusers and ex-convicts through job training. He sees his development of the 30 Cendant-branded hotels as an extension of his commitment to give something positive back to the communities in which he does business.

Charles McAfee opened the doors of McAfee Manufacturing Company, Inc. in April 1994 in Wichita, KS to begin designing, manufacturing and marketing high quality, award-winning, affordable, factory-built, modular homes nationwide and abroad. In addition to providing affordable housing, McAfee Manufacturing is committed to creating jobs and on-the-job training for construction careers in disadvantaged communities. McAfee Manufacturing is determined to uplift the appearance and economic power of the communities that employ McAfee modular homes and the accompanying manufacturing services.

Cendant Corporation's Hotel Division announced its diversity initiative in November 1997 as a way to create greater access by minorities to opportunities within its the lodging brands. The initiative has has five major thrusts: franchise development, supplier development, career development and mentorship, philanthropic giving, and a commitment to targeted marketing. To date, more than 40 agreements with minority licensees have been executed and there are more than 30 additional deals in development.

Cendant (NYSE: CD) is the world's premier provider of consumer and business services. Cendant operates in three principal segments: Alliance Marketing, Travel and Real Estate Services. Headquartered in Parsippany, NJ, the company has more than 40,000 employees, operates in over 100 countries and makes approximately 100 million customer contacts annually.