Century 21 system and Disney Vacation Club announce resort referral agreement.

PARSIPPANY, N.J.--(BUSINESS WIRE)--March 14, 1996--Century 21 Real Estate Corp., a subsidiary of HFS Inc. (NYSE: HFS), the world's largest franchisor of hotels and residential real estate brokerage offices, and Disney Vacation Development Inc., the subsidiary of The Walt Disney Company that operates Disney Vacation Club, announced today an independent broker referral agreement in which the CENTURY 21 franchise system of real estate offices will refer prospective purchasers to Disney Vacation Club resorts.

The agreement with Disney Vacation Development Inc., whose innovative real-estate based Disney Vacation Club product is positioned at the forefront of the vacation industry, is the most recent action by the new Century 21 Real Estate Corp., the world's No. 1 real estate franchise company, to revolutionize the real estate industry since HFS acquired the CENTURY 21 franchise system last August.

In a joint announcement, Robert W. Pittman, chief executive officer and managing partner of Century 21 Real Estate Corp., and Kenneth May, senior vice president and general manager of Disney Vacation Development Inc., both hailed the agreement as a significant business opportunity for select CENTURY 21 brokers and sales associates.

According to the agreement, select CENTURY 21 brokers and sales associates will refer prospective Disney Vacation Club purchasers to Disney Vacation Development Inc. to handle the sales presentation and close the transaction. Century 21 Real Estate Corp., the brokers and sales associates will receive referral fees for each closed transaction.

A phased roll-out is under way, with the main program scheduled to begin following the CENTURY 21 Convention in Orlando in mid-March. The first CENTURY 21 offices selected to refer prospective purchasers will be located in geographic areas where there is a strong demand for the product.

With more than 17,000 members, Disney Vacation Club was created as a new way for members to experience the priceless quality of a Disney vacation for years to come. The collection of resorts includes Disney's Old Key West Resort at Walt Disney World, as well as Disney's first resorts beyond the theme park locations -- Disney's Vero Beach Resort on Florida's Atlantic Coast and the new Disney's Hilton Head Island Resort in South Carolina.

Century 21 Real Estate Corp., a subsidiary of HFS Inc. (NYSE: HFS), is the largest real estate sales organization in the world, with more than 6,000 independently owned and operated franchised broker offices in 14 countries and territories worldwide. HFS is the world's largest franchisor of hotels and residential real estate brokerage offices. -0-

Editor's Note: In recent months, Century 21 Real Estate Corp. has introduced a full range of housing-related services to the consumer marketplace, including CENTURY 21 Home Improvements; a branded series of real estate reference books published by Dearborn Publications; and Century 21 House & Home Magazine, published by Hachette Filipacci Magazines.

CONTACT: Jane Baxter Lynn, 201/952-8414