Marriott acquired the rights to Ramada through a larger acquisition in 1997.  The Ramada name is licensed to Cendant for use in lodging and timeshare in the United States under a previously existing long-term agreement.  "This joint venture represents Marriott's potential monetization and exit from the domestic Ramada rights," said Arne M. Sorenson, executive vice president and chief financial officer of Marriott International.  "We have always viewed Cendant Corporation, the U.S. master franchisor for Ramada, as the logical partner for the U.S. Ramada trademarks and related U.S. licenses.  Our companies continue to look for ways in which we can work together to maximize value for each company."

This transaction will have no impact on Marriott's subsidiary, Ramada International.  Ramada International plans to continue it's aggressive growth strategy outside the U.S. and continue to provide its franchisees and owners with a world-class system of reservations, operations, sales and marketing.  Ramada International's objective is to become an international leader in the mid-market tier targeting the value-conscious international traveler.

Marriott was advised by Goldman Sachs in this transaction.

MARRIOTT INTERNATIONAL, INC. is a leading worldwide hospitality company with nearly 2,600 operating units in the United States and 64 other countries and territories. 

CENDANT CORPORATION is primarily a provider of travel and residential real estate services.  With approximately 60,000 employees, New York City-based Cendant provides these services to business and consumers in over 100 countries. 

This press release contains "forward-looking statements" within the meaning of federal securities law, including statements concerning business strategies and their intended results and similar statements concerning anticipated future events and expectations that are not historical facts.