| PARSIPPANY, N.J., July 23, 1998 - Cendant Corporation (NYSE:
CD), the world's largest hotel
franchising company, announced the signing of two international master franchise agreements. The agreements bring Cendant hotels into 11 European countries and call for the development of at least 50 hotels within the next five years. The agreements are as follows:
 mid-priced
lodging in many regions," said Eric E. Pfeffer, President of the International
Hotel Restaurant Association and President and COO of Cendant's Hotel Division.
"I am excited that Cendant will be following the expansion trend and providing
consumers with quality, mid-market products."
"As can be seen by Cendant's acquisitions earlier this year, one of our major focuses is international expansion," said John Russell, Chairman and CEO of Cendant's Hotel Division. "The 11 countries represented in these agreements will further increase Cendant's worldwide distribution channel benefiting all Cendant companies." "Our development abroad is one of the keys to the future success of
our hotel brands," said Bill Hanley, Vice President of International Hotel
Development. "Earlier this year, Days Inns and Howard Johnson signed an
agreement to develop their brands in the UK. Today's announcement is the
next phase of our European hotel development plan."
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