Fairfield Resorts to Consolidate its Little Rock Headquarters-Based Functions

Company Will Complete Consolidation into Cendant's Existing

Infrastructure and Close its Little Rock Headquarters Within the

Next 12 - 15 Months



Apr 11, 2001, 01:00 ET from Fairfield Resorts

    LITTLE ROCK, Ark., April 11 /PRNewswire/ -- Fairfield Resorts, a newly
 acquired subsidiary of Cendant Corporation (NYSE:   CD), today announced that it
 will consolidate its Little Rock, Arkansas-based headquarters functions into
 Fairfield's and Cendant's existing infrastructure and close the Little Rock
 headquarters facility within the next 12 to 15 months. Approximately
 370 employees will be impacted by the closure.
     A number of employees will be offered opportunities at Fairfield's
 operation in Orlando, Florida, Cendant's Parsippany, NJ location, or other
 Cendant operations near Little Rock.  For those employees whose jobs are
 eliminated, or who do not elect to relocate, Fairfield is committed to
 providing severance packages along with job placement and career counseling
 services.
     "The synergies that will be realized through consolidation are
 considerable," said Franz Hanning, CEO of Fairfield Resorts. "We recognize the
 valuable contribution of our Little Rock staff and will endeavor to make this
 transition as easy as possible."
 
     Fairfield Resorts, with more than 339,000 vacation-owning households, is
 one of the largest vacation ownership companies in the United States,
 marketing and managing resort properties at 34 locations in 12 states and the
 Bahamas. Fairfield operates over 32 dedicated sales centers and manages over
 110 timeshare and whole ownership resort associations.
 
     Cendant Corporation is a diversified global provider of business and
 consumer services primarily within the real estate and travel sectors. The
 Company's fee-for-service businesses include hotel, real estate and tax
 preparation franchising; rental cars, fleet leasing and fuel cards; mortgage
 origination and employee relocation; customer loyalty programs; vacation
 exchange and rental services and vacation interval sales.  Other businesses
 include the UK's largest private car park operator and electronic reservations
 processing for the travel industry. With headquarters in New York City, the
 Company has approximately 60,000 employees and operates in over 100 countries.
     More information about Cendant, its companies, brands and current SEC
 filings may be obtained by calling 877-4INFO-CD (877-446-3623) or by visiting
 the Company's Web site at http://www.Cendant.com.
 
 

SOURCE Fairfield Resorts
    LITTLE ROCK, Ark., April 11 /PRNewswire/ -- Fairfield Resorts, a newly
 acquired subsidiary of Cendant Corporation (NYSE:   CD), today announced that it
 will consolidate its Little Rock, Arkansas-based headquarters functions into
 Fairfield's and Cendant's existing infrastructure and close the Little Rock
 headquarters facility within the next 12 to 15 months. Approximately
 370 employees will be impacted by the closure.
     A number of employees will be offered opportunities at Fairfield's
 operation in Orlando, Florida, Cendant's Parsippany, NJ location, or other
 Cendant operations near Little Rock.  For those employees whose jobs are
 eliminated, or who do not elect to relocate, Fairfield is committed to
 providing severance packages along with job placement and career counseling
 services.
     "The synergies that will be realized through consolidation are
 considerable," said Franz Hanning, CEO of Fairfield Resorts. "We recognize the
 valuable contribution of our Little Rock staff and will endeavor to make this
 transition as easy as possible."
 
     Fairfield Resorts, with more than 339,000 vacation-owning households, is
 one of the largest vacation ownership companies in the United States,
 marketing and managing resort properties at 34 locations in 12 states and the
 Bahamas. Fairfield operates over 32 dedicated sales centers and manages over
 110 timeshare and whole ownership resort associations.
 
     Cendant Corporation is a diversified global provider of business and
 consumer services primarily within the real estate and travel sectors. The
 Company's fee-for-service businesses include hotel, real estate and tax
 preparation franchising; rental cars, fleet leasing and fuel cards; mortgage
 origination and employee relocation; customer loyalty programs; vacation
 exchange and rental services and vacation interval sales.  Other businesses
 include the UK's largest private car park operator and electronic reservations
 processing for the travel industry. With headquarters in New York City, the
 Company has approximately 60,000 employees and operates in over 100 countries.
     More information about Cendant, its companies, brands and current SEC
 filings may be obtained by calling 877-4INFO-CD (877-446-3623) or by visiting
 the Company's Web site at http://www.Cendant.com.
 
 SOURCE  Fairfield Resorts