Wyndham Spins Off From Cendant

Parsippany, N.J. -- Wyndham Worldwide today completed its spin-off from Cendant Corp., immediately becoming one of the world's largest lodging companies.

"Wyndham Worldwide has a deep and broad market presence, a long operating history, and an extremely experienced management team," said Stephen P. Holmes, Wyndham's chairman and chief executive.

Wyndham Worldwide, which employs about 28,800 people globally, consists of the following business units:

--Wyndham Hotel Group, which franchises more than 6,300 hotels, totaling 525,000 guestrooms, worldwide under 10 brand names, including Wyndham, Ramada, Howard Johnson, and Travelodge.

--RCI Global Vacation Network, the world's largest vacation exchange network, offering more than three million members access to about 55,000 vacation properties located in more than 100 countries.

--Wyndham Vacation Ownership, which develops and markets vacation ownership interests through its network of more than 140 resorts serving some 750,000 owners throughout North America, the Caribbean, and the South Pacific.

Headquartered here, Wyndham is listed in Standard & Poor's S&P 500 index of large companies traded on the New York Stock Exchange. Wyndham trades under the symbol, WYN. The company's website is located at www.wyndhamworldwide.com.

Cendant, which also today spun off its real estate franchising business under the name, Realogy, will retain the company's rental car business, changing its name to Avis Budget Group following a shareholder meeting at the end of this month.

Headquartered in New York, Cendant previously agreed to sell its travel distribution business, Travelport, to The Blackstone Group. The $4.3-billion deal is expected to close this month. Blackstone co-owns VNU Business Media, which owns and operates Mimegasite.