Hotel Online  Special Report

Fairfield Resorts, Inc. Developing a 744-unit
Timeshare Resort at the Bonnet Creek
Resort Development in Orlando

ORLANDO, Fla., June 27, 2002 - Fairfield Resorts, Inc., the largest vacation ownership company in the world, today announced that it has reached a definitive agreement with Bonnet Creek Venture, Ltd. to purchase 46 acres at the Bonnet Creek Resort development in Orlando, Fla.  Fairfield Resorts plans to construct a 744-unit timeshare resort at the location beginning in early 2003.  The transaction is expected to close October 1, 2002.

Fairfield Resorts will be the first to build at the 480-acre master-planned Bonnet Creek site, located just west of Interstate 4 and accessible via Buena Vista Drive.  The company retains a future purchase option for a second 12-acre parcel that can accommodate an additional 350 units.  

At completion, Fairfield Orlando at Bonnet Creek will draw up to 55,000 vacationing families to Orlando every year.  "Vacationing in Orlando is an American tradition, and growing our presence here is a top priority," said Franz S. Hanning, president and CEO, Fairfield Resorts.  "Bonnet Creek is the area's premier location for resort development, and we're excited at the prospect of putting our guests closer than ever to the attractions that have made Orlando the family vacation capital of the world."

Fairfield Resorts transferred its corporate headquarters to Orlando from Little Rock in 1998, and currently has four area resorts, including Fairfield Orlando at Cypress Palms, Fairfield Orlando at Star Island, the Orlando International Resort Club, and Fairfield Daytona Beach at Ocean Walk Resort.  More than 50,000 families stayed at a Fairfield Resorts property in the Orlando area last year alone, and an additional 100,000 families purchased Fairfield vacation packages with Orlando-area destinations.  

"Owning timeshare can provide access to resorts anywhere in the world, yet Orlando remains a top destination among Fairfield owners," Hanning continued.  "We believe in Orlando, and as long as families enjoy vacationing, Fairfield Resorts will continue to expand its presence in this region."

Fairfield Orlando at Bonnet Creek is the latest in a succession of newly announced resorts and continued expansion for the company.  Over the last 24 months, Fairfield Resorts has constructed and opened new resorts in Las Vegas, Nev., Daytona Beach, Fla., and Williamsburg, Va., while also acquiring properties in Anaheim, Calif., and Durango, Colo.  In addition, the company continues its integration of Equivest Finance, Inc., a resort developer with 29 properties, acquired earlier this year by Fairfield Resorts' parent company, Cendant Corporation. 

About Fairfield Resorts
Fairfield Resorts, Inc., with more than 452,000 vacation-owning households, 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 64 nationwide resorts.  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 is a subsidiary of Cendant Corporation (NYSE: CD), a diversified global provider of business and consumer services primarily within real estate and travel. 



Adam Schwartz
Fairfield Resorts, Inc.
(407) 370-5200 ext. 2128

Also See Fairfield Resorts Receives Approval for 544 unit Timeshare Resort in North Myrtle Beach, South Carolina / Feb 2002 

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