Ramada International

PARSIPPANY, N.J., The sale of Ramada International Hotels & Resorts by Marriott International Inc. to Cendant Corporation's Hotel Group has been completed, the companies announced today.

Both companies said the financial impact of the transaction was not material.

Ramada International is primarily a franchised brand of 204 open hotels representing 27,728 rooms under the Ramada® Plaza, Ramada Hotels, Ramada Resorts and Ramada Encore brands in the United Kingdom, continental Europe including Scandinavia, the Middle East, Africa, the Asia-Pacific region, Australia, Mexico and Central America.

Steven A. Rudnitsky, Cendant Hotel Group chairman and chief executive officer, said, "This transaction substantially advances our strategic plan to expand aggressively outside the United States while we focus on the growth and improved performance of our domestic system."

The transaction completes the acquisition of all Ramada worldwide trademark rights by Cendant Hotel Group Inc., which earlier this year acquired the trademark rights for the Ramada brand in the United States, where it franchises 809 Ramada properties representing 93,037 rooms. The transaction also conveys Ramada trademark rights in Canada, where Cendant franchises 72 properties representing 7,640 rooms.

In connection with the acquisition, Cendant Hotel Group announced the appointment of Reas M. Kondraschow as senior vice president and managing director, international, responsible for development of the Ramada International, Days Inn®, Howard Johnson® and Super 8® and Wingate® brands outside of the United States, Canada, Caribbean and Mexico.

Kondraschow formerly served Marriott International as senior vice president and managing director of Ramada International Hotels & Resorts in Bethesda, Md., a position he held since April 1998. In that role, he was responsible for managing the business, including operations, finance, development, marketing, sales, reservations, design and construction. Kondraschow also held positions of increasing responsibility at Holiday Inn USA, Bass Hotels and Resorts and Burger King Corp.

With approximately 90,000 employees, New York City-based Cendant Corporation (NYSE: CD - News) is primarily a provider of travel and residential real estate services to businesses and consumers in more than 100 countries. Cendant's Hotel Group, based in Parsippany, N.J., is the world's largest lodging franchisor with 6,331 hotels representing 507,603 rooms on five continents under the Super 8®, Days Inn®, Ramada®, Travelodge®, Howard Johnson®, Knights Inn®, Wingate Inn® and AmeriHost Inn® brands. Cendant's franchised hotels sell nearly one out of every five economy and midpriced room-nights in the United States, and Cendant franchises 10.4 percent of the entire U.S. hotel room supply, according to Smith Travel Research and Cendant financial data. All hotels are individually owned and operated under franchise agreements with Cendant subsidiaries.

Marriott International, Inc. (NYSE: MAR - News) is a leading worldwide hospitality company with more than 2,600 lodging properties under 17 brands in the United States and 64 other countries and territories. Marriott International operates and franchises hotels under the Marriott®, JW Marriott®, The Ritz-Carlton®, Renaissance®, Residence Inn®, Courtyard®, TownePlace Suites®, Fairfield Inn® and SpringHill Suites® brand names; develops and operates vacation ownership resorts under the Marriott Vacation Club International®, Horizons®, The Ritz-Carlton Club® and Marriott Grand Residence Club® brands; operates Marriott Executive Apartments®; provides furnished corporate housing through its Marriott ExecuStay® division; and operates conference centers. Marriott is also in the synthetic fuel business. The company is headquartered in Washington, D.C., and has approximately 128,000 employees. It is ranked as the lodging industry's most admired company and one of the best places to work for by Fortune® magazine. In fiscal year 2003, Marriott International reported sales from continuing operations of $9 billion. For more information or reservations, visit .

Rich Roberts
Vice President, Communications
(973) 753-6590
Wyndham