CENDANT TIMESHARE RESORT GROUP BECOMES WYNDHAM VACATION OWNERSHIP, INC.
ORLANDO, Fla (May 10, 2006) –
Cendant Timeshare Resort Group, Inc., the parent company of Fairfield Resorts and Trendwest Resorts, today announced it has changed its name to Wyndham Vacation Ownership, Inc. The change occurs in anticipation of Cendant's planned spin-off later this year of its Hospitality Services division, which includes Cendant's industry leading timeshare resorts business. Upon the completion of the planned spin-off, Cendant's Hospitality Division will become Wyndham Worldwide.
Wyndham Vacation Ownership, through its subsidiaries, will continue to market and sell vacation ownership interests under its Fairfield and Trendwest brands, which currently account for more than 140 resort properties throughout the United States, Canada, Mexico, the Caribbean and the South Pacific and more than 750,000 owner families worldwide.
"Wyndham Vacation Ownership will clearly identify our business as a division of Wyndham Worldwide and as a sister company of Wyndham Hotel Group," said Franz S. Hanning, president & CEO, Wyndham Vacation Ownership, Inc. "Including Fairfield and Trendwest under the Wyndham Vacation Ownership umbrella will enhance our visibility in the marketplace while preserving the considerable equity of our current consumer-facing brands."
Additionally, Wyndham Vacation Ownership's consumer finance division, currently named Cendant Timeshare Resort Group -- Consumer Finance, Inc., is scheduled to be renamed Wyndham Consumer Finance, Inc. in approximately one month.
About Wyndham Vacation Ownership, Inc.
Wyndham Vacation Ownership, Inc. is the world's leading developer of diversified and flexible vacation ownership products with more than 750,000 owner families worldwide. Wyndham Vacation Ownership markets points-based vacation ownership under two primary consumer brands - Fairfield and Trendwest - which together comprise more than 140 resort properties and over 18,000 fully furnished, condominium-style units throughout the United States, Canada, Mexico, the Caribbean and the South Pacific. Wyndham Vacation Ownership is headquartered in Orlando, Florida, and is supported by more than 14,000 employees globally.
About Cendant Hospitality Services Division
The Hospitality Services Division of Cendant Corporation (NYSE: CD) will become Wyndham Worldwide upon the completion of its anticipated spin-off during the third quarter of 2006. The company will provide its customers with a full range of products and services in three primary segments within the hospitality industry including hotel lodging, vacation rental and exchange, and vacation ownership resorts. The company will be one of the world's largest provider in each of these segments, encompassing more than 6,300 franchised or managed hotels with over 530,000 hotel rooms worldwide; serving more than three million members of the RCI exchange network with access to over 4,000 resorts worldwide; more than 55,000 vacation rental and exchange properties located in over 100 countries; and over 140 timeshare resorts serving more than 750,000 timeshare owners throughout North America, the Caribbean and the South Pacific. Cendant Hospitality Services Division is headquartered in Parsippany, N.J., and is supported by more than 25,000 employees around the world.