Cendant Announces Acquisition of Lodging.com

Cendant Corporation
has announced that it has acquired Lodging.com. Lodging.com
is a leading
and growing online hotel reservation travel site, generating approximately
115,000 hotel reservations per month predominantly through its network of web
sites as well as through its call center. 
(Caption: Samuel L. Katz, chairman and CEO
- Cendant`s Travel Distribution Division)
  The transaction is
expected to be accretive to earnings but not material to Cendant.  The
consideration paid was in the form of cash.
  Providing its growing customer base with access to both discounted and
regularly published lodging rates, Lodging.com spans more than 500 markets,
primarily concentrated in North America and the Caribbean.  Lodging.com offers
unpublished, discounted rates at approximately 3,000 hotels.  Through its
affiliate program, Lodging.com has partnered with over 2,500 travel-related
Internet sites.  Lodging.com will further broaden Cendant`s marketing of
discounted hotel rooms to consumers and travel agencies as it is integrated
into Cendant`s Travel Distribution Division.
  “This acquisition fits perfectly into Cendant`s Travel Distribution
strategy as it gives us immediate access to additional discounted lodging
merchant inventory, great technology and long-term lodging partnerships while
providing a platform on which to grow,” commented Samuel L. Katz
, chairman and CEO
of Cendant`s Travel Distribution Division. “We expect Lodging.com to increase
annual bookings across all travel brands, provide discounted deals for
customers that can be cross-marketed through other Cendant businesses and
affiliates, expand our agencies` and Galileo`s non-air distribution, and
deliver more attractive offerings to the desktops of Galileo travel agencies.”
It is expected that Lodging.com will add Cendant`s global vacation rental,
timeshare and RCI Holiday Network inventory as well as continue to add other
hotel partner inventory into its rapidly growing portfolio of well-known
lodging brands.  Lodging.com will also become the preferred hotel distribution
partner of Trip Network, Inc., an independent Cendant affiliate, providing
even greater lodging discounts to Trip.com and Cheaptickets.com customers.  It
is further expected that Galileo travel agencies and their customers will gain
access to Lodging.com`s discounted lodging inventory.
“Adding Lodging.com to Cendant`s growing list of hotel distribution and
services businesses is yet another great value-add service to our lodging
suppliers, who receive the benefit of a new effective and flexible
distribution channel,” said Sam E. Galeotos
, president and CEO of Galileo
International, who assumed this post and operational oversight of all
Cendant`s Travel Distribution businesses last week. “We are excited to
incorporate the expertise and entrepreneurial spirit of Lodging.com`s
management team as an integral part of our distribution business.”
“We are excited to become part of Cendant and its innovative and growing
Travel Distribution Division,” said Carl Marbach, president of Lodging.com.
“We`ve been diligent in establishing a successful business model by providing
flexible, consistent and quality services for our customers and suppliers that
we expect will only improve with the power and experience of Cendant.”

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(21/06/2002) Cendant`s Hotel Group Launches Redesigned Web Sites

(14/06/2002) Cendant`s Hotel Web Sites Reach Million-Room Mark