Cendant Signs Two Master Franchise Agreements For UK; Agreements Call for 14 Days Inns and Howard Johnson Hotels Within 7 Years.

PARSIPPANY, N.J.--(BUSINESS WIRE)--April 7, 1998--Continuing the international expansion of its hotel brands, Cendant Corporation (NYSE:CD) announced the signing of master franchise agreements for the United Kingdom. The agreements license two of its hotel brands -- Days Inn(R) and Howard Johnson(R) -- to Premier Hotels Plc., which will develop 14 branded hotels in the United Kingdom over the next seven years.

"Two of our hotel brands will have the opportunity to operate in a major European market. That's exciting," said John Russell, Chairman and CEO of Cendant's Hotel Division. "The UK transactions signal our intentions to aggressively expand our presence in Europe."

"We look forward to working with the staff and customers of both Days Inns and Howard Johnson," said John Warwick, Managing Director of Premier Hotel Plc. "Each brand offers unique qualities. The European markets are in such dire need of mid-priced hotels that cater to business as well as leisure travelers that we expect demand for these products to propel our development schedule."

"After signing the recent Howard Johnson master license agreement for Malta, a major European country was the next target. Jeffrey Williams, our Managing Director of Global Hotel Services, found an ideal hotel partner for the UK," said Eric E. Pfeffer, President and COO of Cendant's Hotel Division. "We welcome John Warwick and the Premier Hotels team to the Cendant Hotel Division family and wish them continued success."

"Given their talent and experience, Mr. Warwick and his team are capable of developing and promoting both brand names within the UK," said Mr. Williams.

Outside the United States, Cendant has a combined total of nearly 300 Days Inn, Howard Johnson, Travelodge(R) and Super 8(R) hotels. There are nearly 90 Days Inns hotels operating in Canada, China, India, Mexico, the Philippines, and South Africa. Howard Johnson has 55 international hotels in Canada, Colombia, Israel, Lebanon, Malta, Mexico, United Arab Emirates, and Venezuela.

Cendant Corporation is a global provider of consumer and business services. The Company operates in three principal segments: Membership, Travel and Real Estate. In Travel Services, the Company is the leading franchisor of hotels and rental car agencies worldwide, the premier provider of vacation exchange services and the second largest fleet management company. To access more information about Cendant Corporation or its brands, visit our internet site at www.cendant.com.

CONTACT: Andrew Miller

ph (U.S.): 1-973-496-7067

fx (U.S.): 1-973-496-5736

e-mail: [e-mail]