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The Resort Timeshare Industry in the United States: 1997
Resort Condominiums International, Inc. (RCI) releases much-awaited study of some 300 resorts with active marketing and sales programs

INDIANAPOLIS--(BUSINESS WIRE)--June 3, 1997--Resort Condominiums International, Inc. (RCI) released the
results today of a new U.S. performance study conducted by its research arm, RCI Consulting, Inc. (RCIC). The
Resort Timeshare Industry in the United States: 1997 details trends and characteristics of 294 resort timeshare
developments that are currently operating marketing and sales programs. The 294 resorts represent roughly 28
percent of the total universe of 1,055 U.S. timeshare resorts.

It has been four years since a similar study was released. Industry analysts, the investment community and resort  developers view the 1997 report as a much-needed business resource.

``The new RCI study represents an important and comprehensive tool for understanding the current state and
strength of the U.S. timeshare industry,'' says Michael Mueller, head of lodging and timeshare research at
Montgomery Securities (San Francisco, Calif.). ``It provides investors with valuable insights into the breadth of
the market and the financial characteristics of U.S. resort operators.''

Among the study's key findings:

According to Dr. Richard L. Ragatz, executive vice president of RCIC, the 294 active resorts profiled in the study
exclude resorts that contain fewer than five timeshare units, resorts that sell intervals of more than one week and
resorts that convey fewer than 20 years of ownership/membership. Nearly 70 percent of the resorts surveyed are
affiliated with RCI, while the remaining survey participants are affiliated with other timeshare exchange
companies.

``The purpose of the study was to profile current activity of the mainstream timeshare industry in the United
States,'' Ragatz explains. ``Emphasis was placed on industry magnitude, supply characteristics and sales
performance.''

Ragatz is considered to be the world's foremost authority on timeshare research. His studies are frequently
referenced in the business and consumer media.

RCI, a wholly owned subsidiary of HFS Incorporated (NYSE:HFS), is a single-source provider of marketing, sales
and aftermarket support services to timeshare resorts. The company's primary business is transacting vacation
exchanges -- the trade of timeshare accommodations for like accommodations at other resort locations. With more  than 3,100 contracted resorts in 85 countries, including the emerging markets of India and Southeast Asia, RCI  serves seven of every 10 timeshare developments worldwide. More than 2.2 million timeshare owners from 191  countries are RCI members. Eight of every 10 vacation exchanges are confirmed through RCI each year. In 1996,  RCI confirmed nearly 1.7 million timeshare exchanges, sending more than 6 million people on vacation.

NOTE: The RCI-sponsored study is the first in-depth review of U.S. timeshare resorts in active sales since 1993.
For a copy of the complete study or to arrange an interview with Dr. Richard L. Ragatz of RCI Consulting, contact
Rae Hostetler, RCI industry relations specialist, at (317) 334-8162.

Contact: RCI Consulting Rae Hostetler, 317/334-8162


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