Cendant Corporation

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International Guild of Hospitality & Restaurant Managers

Cendant Corporation (CD)

Cendant Corporation is a provider of travel and real estate services. The Company's businesses provide a wide range of consumer and business services that are intended to complement one another and create cross-marketing opportunities both within and among the Company's five business segments, which comprise Real Estate Services, Hospitality, Vehicle Services, Travel Distribution and Financial Services.

Real Estate Services

The Real Estate Services segment franchises the real estate brokerage businesses of the Century 21, Coldwell Banker, Coldwell Banker Commercial and ERA brands. The services provide homebuyers with mortgages through Cendant Mortgage Corporation, and assist in employee relocations through Cendant Mobility Services Corporation.

In April 2002, the Company acquired NRT Incorporated, a residential real estate brokerage firm, and NRT acquired Clearwater, Florida-based Arvida Realty Services, a residential real estate brokerage in Florida . In May 2002, the Company acquired 90.1% of the outstanding shares of Trendwest Resorts, Inc., a time-share resort developer and operator. In June 2002, NRT acquired The Sunshine Group, Ltd. and its related companies.

Hospitality

The Hospitality segment operates the Days Inn, Ramada, Super 8 Motel, Howard Johnson, Wingate Inn, Knights Inn, Travelodge, Villager Lodge, Village Premier, Hearthside by Villager and AmeriHost Inn. The Company's lodging franchise systems facilitate the sale and exchange of vacation ownership intervals through Resort Condominiums International, LLC, Fairfield Resorts, Inc. and Equivest Finance, Inc. and markets vacation rental properties in Europe through Holiday Cottages and Cuendet.

In June 2002, the Company acquired time-share resort developer and operator Trendwest Resorts Inc. Trendwest develops and markets time shares on the West Coast and in British Columbia , Mexico , Hawaii , Australia and Fiji .

The Company's primary national lodging brand competitors are the Holiday Inn and Best Western brands and Choice Hotels, which franchises seven brands, including the Comfort Inn, Quality Inn and Econo Lodge brands. The Company's Days Inn, Travelodge and Super 8 brands principally compete with Comfort Inn, Red Roof Inn and Econo Lodge in the economy sector. The chief competitors of the Company's Ramada, Howard Johnson, Wingate Inn and AmeriHost Inn brands are Holiday Inn and Hampton Inn in the middle market sector. The Company's Knights Inn and Travelodge brands compete with Motel 6 properties. RCI's competitors include Interval International Inc., formerly the Company's wholly owned subsidiary, as well as vacation club products and internal exchange programs offered by the Walt Disney Co., Marriott, Starwood, Hilton and Hyatt. RCI also competes with regional and local time share exchange companies and developers.

Vehicle Services

Cendant's Vehicle Services segment operates and franchises Avis, the Company's car rental business; provides fleet management and fuel card services to corporate clients and government agencies through PHH Arval and Wright Express, and operates parking facilities in the United Kingdom through its National Car Parks subsidiary.

The Company's principal competitor in this segment is The Hertz Corporation, however, the Company also competes with Budget Rent A Car Corporation, National Car Rental System, Inc., Alamo Rent-A-Car, LLC, Dollar Rent A Car System, Inc. and Thrifty Rent-A-Car System, Inc., as well as GE Capital Fleet Services, Wheels Inc. Automotive Resources International and CitiCapital.

Travel Distribution

The Travel Distribution segment provides global distribution and computer reservation services to airlines, hotels, car rental companies and other travel suppliers, and provides the Company's travel agent customers with the ability to electronically access airline schedule and fare information, book reservations and issue tickets through Galileo International. It also provides travel services through the Company's Cendant Travel and Cheap Tickets travel agency businesses, and reservations processing, connectivity and information management services through WizCom. In August 2002, the Company acquired acquired Lodging.com, an online hotel reservation travel site that generated approximately 115,000 hotel reservations per month, predominantly through its network of Websites, as well as through its call center at 888-LODGING. In September 2002, Galileo International acquired acquired its distribution partner in Ireland, TIMAS Limited, from Aer Lingus Limited. TIMAS was the exclusive distributor of Galileo services and products in Ireland including network services.

The Company's competitors in this segment include Sabre, Amadeus and Worldspan, as well as regional reservation systems, including Abacus, Axess, Infini and Topas; other travel infrastructure companies, such as Pegasus Systems and Datalex, and firms that operate in the virtual travel services sector, such as Expedia, Travelocity and Orbitz, among others. In providing electronic distribution services to hotel customers, WizCom competes with third-party connectivity providers, such as Pegasus Solutions. Other competitors include Hotel Data Systems, Synix and Micros Systems.

Financial Services

The Financial Services segment provides enhancement packages to financial institutions through FISI Madison LLC, and insurance-based products to consumers through Benefit Consultants, Inc. Long Term Preferred Care, Inc. provides loyalty solutions to businesses through Cims Ltd., operates and franchises tax preparation services through Jackson Hewitt Inc. and provides a variety of membership programs offering discounted products and services to consumers through the Company's relationship with Trilegiant Corporation.

Competitors primarily include large national insurance companies such as General Electric Financial Assurance Company.

Disclaimer:
The data included within the Financial section is solely for information and does not construe a recommendation and/or endorsement by IGHRM or its members to invest funds with any of the companies listed. You are strongly advised to obtain professional advice with qualified individuals or corporations for any investments of funds.

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