World's Largest Hotel Loyalty Program Launched by Cendant.

Business Editors

PARSIPPANY, N.J.--(BUSINESS WIRE)--March 5, 2004

The travel rewards playing field has been leveled by Cendant Corporation's new loyalty program, TripRewards(R), which allows leisure travelers to earn points or airline miles quickly, just like frequent business travelers.

Boasting nine chains, 6,000 hotels, 49 point-earning partners and more than 140 point-redeeming options, TripRewards is the world's largest loyalty program, based on the number of participating hotels.

The program's "open earn" structure allows members faster access to point earning by staying in Cendant-franchised hotels, renting Avis(R) and Budget(R) rental cars, purchasing tax services from Jackson Hewitt(R) and purchasing everyday products and services from earning partners.

Likewise, TripRewards members can redeem their points for either hotel stays - with no blackout dates - or partner rewards including airline tickets, resort vacations, electronics, home appliances, sporting goods, movie and theme park tickets and gift certificates from 46 retailers and restaurants.

TripRewards members may elect to earn either TripRewards points, airline miles or rail points for their hotel stays. A hassle-free online system allows members to check points and redeem for rewards 24 hours a day.

"Our valued guests purchase 94 million room nights annually at Cendant-franchised hotels," said Steven A. Rudnitsky, Cendant's Hotel Group chairman and chief executive officer. "TripRewards offers a unique opportunity to introduce our brands to new travelers and show existing customers that we appreciate and value their business."

The program specifically targets leisure travelers, who typically do not travel frequently and cannot gain enough points in other programs to redeem rewards.

"TripRewards gives leisure travelers the same opportunity as frequent business travelers to earn points or airline miles quickly and enjoy world-class benefits," Rudnitsky said.

TripRewards features rewards not offered by competitive programs, including stays in the Holiday Network(SM) selection of vacation units throughout North America and in other parts of the world. Cendant's Holiday Network boasts one of the world's largest collections of rental accommodations including studios, condominiums and private homes.

Peter Strebel, Hotel Group senior vice president of sales and marketing, said the program's slogan, "It's fun to get more," emphasizes TripReward's "expansive and competitive" awards matrix and the "broad range of opportunities to earn and redeem TripRewards points by conveying the rush of getting more."

In addition to the 1.7 million original TripRewards members who have been converted from existing Cendant lodging loyalty programs, Cendant's two vacation ownership brands, Fairfield(R) Resorts and Trendwest(R) Resorts, will begin introducing time-share owners to the program later this year. Cendant is the largest vacation ownership company in the world with more than 700,000 owner families and more than 110 resorts among its two brands.

Consumers can enroll at triprewards.com or by visiting their local Super 8(R), Days Inn(R), Ramada(R), Travelodge(R), Howard Johnson(R), Knights Inn(R), Villager, Wingate Inn(R) or AmeriHost Inn(R) hotel or by calling toll-free, (800) FOR-TRIP -- (800) 367-8747.

Cendant Corporation's Hotel Group, based in Parsippany, N.J., is the world's largest lodging franchisor with 6,397 open hotels representing 518,143 rooms on five continents under the Super 8(R), Days Inn(R), Ramada(R), Travelodge(R), Howard Johnson(R), Knights Inn(R), Villager, Wingate Inn(R) and AmeriHost Inn(R) brands. Cendant franchises 11 percent of the entire U.S. hotel room supply, according to independent research and Cendant financial data. All hotels are individually owned and operated under franchise agreements with Cendant subsidiaries.

EDITORS: For more information about Cendant Corporation and trends associated with its businesses, go to www.Cendant.com and click on Media Center. The site includes an archive of news releases, biographies of the company's senior leaders, backgrounders and financial reports.