CENDANT COMPLETES PREVIOUSLY ANNOUNCED WYNDHAM ACQUISITION NEW YORK…

CENDANT COMPLETES PREVIOUSLY ANNOUNCED WYNDHAM ACQUISITION

NEW YORK 10-12-2005 -- Cendant Corporation (NYSE: CD) today announced it has
completed the acquisition of the management and franchise business of the Dallas-based
Wyndham® hotel chain from an affiliate of The Blackstone Group for $101 million in
cash. The acquisition includes 82 franchise agreements, 27 management contracts and
the worldwide rights to the Wyndham brand for hotel and timeshare development.

As previously announced, Cendant is not acquiring any properties as part of this
transaction, which is expected to be modestly accretive to Cendant's earnings per share
and free cash flow in 2005.

The newly renamed Wyndham Worldwide will operate as a distinct entity within Cendant
Hotel Group under a dedicated management team that will be focused on three key
areas: the brand, its managed hotels and franchise development. Aside from retaining
certain functions in Dallas, Wyndham Worldwide's corporate offices will be based in
Parsippany, N.J.

Steven A. Rudnitsky, Cendant Hotel Group chairman and chief executive officer, said the
acquisition of the company's first upscale hotel brand allows Cendant to pursue
"unprecedented cross-selling opportunities and marketing synergies with our timeshare
and other travel businesses."

Accelerated expansion and enhanced performance will be keystones of the Wyndham
strategic plan, he said. "We will work with our operators to optimize the return on their
assets. Concurrently we will seek to aggressively expand Wyndham distribution, both
domestically and internationally."

Franz Hanning, president and chief executive officer of Cendant Timeshare Resort Group-
-the world's largest owner and operator of vacation ownership companies--noted the
importance of acquiring Wyndham timeshare development rights along with Cendant's
hotel business. "The Wyndham timeshare rights represent a significant element in the
future of our timeshare business," he said.

About Cendant Corporation
New York City-based Cendant Corporation (NYSE:CD) provides travel and residential real
estate services to businesses and consumers in more than 100 countries. Cendant Hotel
Group, based in Parsippany, N.J., is the world's largest lodging franchisor with 6,460
hotels on five continents under the Wyndham®, 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 10.3 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.

Statements about future results made in this release constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995.
These statements are based on current expectations and the current economic
environment. Cendant cautions that these statements are not guarantees of future
performance. Actual results may differ materially from those expressed or implied in the
forward-looking statements. Important assumptions and other important factors that
could cause actual results to differ materially from those in the forward-looking
statements are specified in Cendant's Form 10-Q for the period ended June 30, 2005.