364:, had been fraudulently preparing false business statements for several years. When this report was released to the public, the resulting damage to the market value for the company was approximately $ 14 billion, with their stock tumbling from a high of $ 41 down to nearly $ 12. At the time, this fiasco was the largest case of accounting fraud in the country's history. After the accounting scandal was uncovered, Silverman and the Cendant board forced Forbes’ resignation and Silverman assumed the CEO post.
332:, a direct marketing company that operated discount membership programs like Shoppers Advantage and Travelers Advantage. HFS and CUC combined in a "merger of equals" on December 18, 1997, to form Cendant Corporation. As part of the merger, Silverman announced he would reduce his day-to-day involvement with the company and assume the company's chairmanship in preference of CUC's founder and CEO
356:
three years. He had reported a 1997 net income of $ 55.4 million when the true 1997 result was a net loss of $ 217.2 million. As these irregularities in the books of
Cendant were discovered in early 1998, an audit committee set up by Cendant's Board of Directors launched an investigation and discovered that the former management team of CUC, including its top executives
38:
547:, holding these properties in the CCRG (Cendant Car Rental Group). Avis and Budget operate a shared fleet of cars, and have the same "back end" system, but operate at different locations, offer different service levels, and have somewhat different pricing. After the Cendant name was dissolved, the car rental segment became known as
355:
Just months after the merger, in April 1998 Cendant uncovered massive accounting improprieties at CUC which resulted in one of the largest financial scandals of the 1990s. At the time, Vice
Chairman E. Kirk Shelton was reported to have inflated the company's revenue by $ 500 million over a period of
496:
On
October 23, 2005, Cendant's strategy of simplification culminated in the announcement that it would split into four separate companies, focused respectively on hotels, real estate, travel services, and rental cars. Silverman said the breakup would improve shareholder value by allowing the market
2200:
2146:
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After company management found that they had mostly exhausted the field of desirable acquisition targets in the hotel industry, Hospitality
Franchise Systems expanded into the real estate business. Silverman hoped that HFS's skills at franchise management would bring success in fields outside of
367:
In March 2001, Forbes and
Shelton were indicted by a federal grand jury and sued by the Securities and Exchange Commission, which accused the company of directing the massive accounting fraud that ultimately cost the company and its investors billions of dollars. Shelton served 8 of his 10-year
297:
car rental company for $ 793 million. In keeping with HFS's strategy of being primarily a franchisor, it kept ownership of the Avis brand name and reservations system, while selling off the operations of Avis's corporate-owned locations as a new company, Avis Rent a Car, Inc. HFS also bought
484:, the second-largest travel booking site in Europe, for $ 350 million. In April 2005, Cendant acquired Gullivers Travel Associates, a British seller of travel packages and wholesale hotel nights, for $ 1.1 billion. In October 2005, the company bought the
179:
was an
American provider of business and consumer services, primarily within the real estate and travel industries. In 2005 and 2006, it broke up and spun off or sold its constituent businesses. Although it was based in
440:
As part of this strategy, several non-core businesses were sold or spun off. In June 2004, Cendant sold
Jackson Hewitt for $ 638 million through an initial public offering. In January 2005, Cendant spun off its
239:
for $ 170 million. In 1992, HFS bought the Days Inn franchise out of bankruptcy for $ 290 million. This purchase made HFS the largest hotel franchisor in the world, with its brands licensed to 2,300 hotels.
414:
By 2001, Cendant was again in acquisition mode. It re-acquired the operations of Avis Rent a Car for $ 937 million. It made moves towards building a major online travel portal by acquiring
2270:
2245:
379:
Following the fraud debacle, Cendant began selling businesses to reduce its debt and repair the financial damage caused by the accounting scandal. In 1998 the company sold
2255:
434:
out of bankruptcy for $ 110 million plus $ 2.8 billion in assumed debt. The combination of Budget with Avis made
Cendant the second-largest car rental company in the U.S.
461:, for $ 1.03 billion through an initial public offering. In October 2005, Cendant sold its marketing services division, including its membership shopping programs, to
2250:
518:
The sale of
Travelport to Blackstone was completed on August 23, 2006. This left Cendant with only its car rental business, comprising Avis, Budget Rent a Car, and
247:. HFS was among the fastest growing companies of its size in the 1990s and the company's stock rose from its IPO price of $ 4 per share to $ 77 per share in 1998.
2164:
1238:
476:, the third-largest travel booking site in the U.S., for $ 1.2 billion. In December 2004, Cendant consolidated its control of the Ramada name by buying out
1137:
2265:
185:
992:
2260:
2107:
1073:
368:
prison sentence before being released early for exemplary behavior. Former CEO Walter Forbes was sentenced to 12 years in prison in 2007.
472:
Meanwhile, proceeds from these sales were used for acquisitions to expand
Cendant's core businesses. In November 2004, Cendant purchased
875:
299:
681:
1592:
804:
2185:
1496:
437:
In 2004, Cendant began a series of moves to simplify its business and focus on its core areas of real estate and travel.
507:
On July 31, 2006, Cendant's real estate and hotel divisions were spun off and became separate companies under the names
1725:
540:
1837:
632:
564:
2039:
1975:
371:
Under Silverman, Cendant bounced back from the accounting scandal far outperforming the markets in the early 2000s.
258:
brand. The company made a brief foray into the casino industry, but then spun off that business in November 1994 as
591:
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the same month, to reflect its broadened scope. This was followed the next year with the acquisition of
500:
Cendant originally planned to spin off its travel services division to shareholders as a company named
236:
827:
791:
781:
799:
504:, but on June 30, 2006, Cendant announced it would sell Travelport to Blackstone for $ 4.3 billion.
758:
748:
656:
612:
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318:
228:
2132:"Cendant Corporation completes spin-offs of Realogy Corporation and Wyndham Worldwide Corporation"
361:
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However, later that year, Silverman led HFS into what would prove a disastrous merger with
290:
for $ 740 million, making HFS the largest franchisor of real estate brokerages in the U.S.
671:
661:
450:
344:
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115:
Renamed as Avis Budget Group after divestiture of real estate, travel and hotel divisions
693:
666:
586:
462:
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404:
340:
216:
56:
1964:(Press release). Marriott International. December 10, 2004 – via HospitalityNet.
2239:
844:
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571:
419:
357:
333:
181:
134:
64:
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for $ 425 million. It entered the timeshare sales and management business by buying
1961:
738:
17:
2026:"Cendant Corporation acquires Gullivers Travel Associates And OctopusTravel.com"
763:
743:
627:
601:
263:
1499:(Report). Cendant Corporation. March 1, 2000. pp. 33–34 – via EDGAR.
1239:"HFS will acquire employee-controlled Avis for $ 800 million in cash and stock"
731:
622:
501:
458:
254:
brand, franchised to 1,000 motels, for $ 125 million, and bought the 61-hotel
2042:(Report). Cendant Corporation. March 1, 2006. p. F-24 – via EDGAR.
383:, a publisher of classified advertising publications, for $ 450 million to a
325:
were expected to synergize with HFS's real estate and car rental businesses.
380:
310:
303:
2165:"Blackstone Group completes acquisition of Cendant's Travelport subsidiary"
1978:(Report). Cendant Corporation. March 1, 2005. p. 19 – via EDGAR.
1728:(Report). Cendant Corporation. March 5, 2003. p. 14 – via EDGAR.
2028:(Press release). Cendant Corporation. December 16, 2004 – via EDGAR.
1931:(Press release). Cendant Corporation. November 12, 2004 – via EDGAR.
37:
786:
773:
581:
481:
442:
255:
224:
1269:. Fort Lauderdale, FL. Bloomberg. October 18, 1996 – via NewsBank.
243:
Blackstone took Hospitality Franchise Systems public in a December 1992
1892:(Report). Affinion Group. March 23, 2007. p. 40 – via EDGAR.
1056:"Hospitality Franchise purchases Park Inn, has plans for Days Inn-type"
644:
508:
275:
2134:(Press release). Cendant Corporation. July 31, 2006 – via EDGAR.
1595:(Press release). Cendant Corporation. March 1, 2001 – via EDGAR.
1840:(Press release). PHH Corporation. January 31, 2005 – via EDGAR.
768:
607:
552:
473:
232:
975:"Takeover of Days Inn would create world's biggest hotel franchiser"
1962:"Cendant Hotel Group completes acquisition of Ramada International"
604:(includes Villager Inn, which was merged into Knights Inn in 2004)
408:
2188:(Report). Avis Budget Group. September 5, 2006 – via EDGAR.
497:
to better recognize the value of Cendant's component businesses.
2074:"Travel, real-estate giant Cendant to split into four companies"
480:'s stake in the hotel brand. In February 2005, Cendant acquired
963:. Cedar Rapids, IA. AP. February 2, 1992 – via NewsBank.
219:
firm, as a vehicle to acquire hotel franchises. It was led by
1944:"Agreement would give Cendant full control over Ramada brand"
1838:"PHH Corporation completes spin-off from Cendant Corporation"
522:. The company retired the Cendant name and renamed itself to
1201:"HFS buys Century 21, ERA but realtors expect little change"
957:"Sale of Days Inns hotel chain franchise business completed"
1593:"Cendant completes acquisition of Avis Group Holdings, Inc"
1138:"HFS is a fast-moving company whose share price has soared"
2108:"Blackstone plans to acquire Cendant travel services unit"
1929:"Cendant Corporation completes acquisition of Orbitz, Inc"
993:"Hospitality Franchise sells 6 million shares to public"
387:
group. In 1999 it sold its consumer software division,
2167:(Press release). The Blackstone Group. August 23, 2006
1074:"Hospitality Franchise: Sees trading symbol of 'NAGC'"
730:
These brands were separated into a new company called
165:
2014:. Hackensack, NJ. April 2, 2005 – via NewsBank.
1801:"Jackson Hewitt inches up after first day on markets"
1350:. Newark, NJ. November 13, 1996 – via NewsBank.
184:, the majority of its headquarters employees were in
1996:. Newark, NJ. December 3, 2004 – via NewsBank.
1463:. Norfolk, VA. January 9, 1998 – via NewsBank.
913:
911:
1401:"$ 10.9B 'merger of equals': HFS hooks up with CUC"
278:for $ 200 million. The company changed its name to
160:
145:
129:
119:
111:
103:
85:
77:
62:
52:
44:
1853:"Wright Express offering seen as good for Maine"
981:. Reuters. October 1, 1991 – via NewsBank.
818:These companies are owned by Wyndham Worldwide.
1476:"Cendant trims the fat by selling car business"
1024:. Newark, NJ. May 4, 1993 – via NewsBank.
488:hotel brand from Blackstone for $ 111 million.
2147:"Cendant's split into 4 firms effective today"
1550:"Galileo travel company in talks to be bought"
2207:. Newark, NJ. Dow Jones – via NewsBank.
2201:"Cendant changes wrapped up at tense meeting"
1682:"Cendant to buy No. 1 operator of timeshares"
1491:
1489:
8:
2271:Hospitality companies disestablished in 2006
2246:Companies based in Morris County, New Jersey
2089:"Investors skeptical about Cendant spinoffs"
1363:"Sale of PHH to HFS OK'd too fast for tears"
805:Gta-travel.com (Gullivers Travel Associates)
555:stock exchange under the ticker symbol CAR.
30:
1820:"Cendant completes its spinoff of PHH Corp"
1131:
1129:
430:for $ 980 million. In 2002, Cendant bought
306:exchange service, for up to $ 825 million.
262:. In 1995, HFS launched a new hotel brand,
1756:
1754:
1035:Marilee Loboda Braue (February 17, 1993).
29:
2256:Hospitality companies established in 1996
1942:Kevin G. DeMarrais (September 16, 2004).
274:, a franchised chain of brokerages, from
270:hospitality. In August 1995, it acquired
223:, a Blackstone partner and former CEO of
211:(HFS) was created as an affiliate of the
2076:. Associated Press – via NewsBank.
1780:Kevin G. DeMarrais (November 24, 2004).
1664:"Cendant closes offer for Cheap Tickets"
1439:"Jackson Hewitt sale is nearly complete"
920:"Prime Motor to sell 2 hotel franchises"
2053:Jerry W. Jackson (September 15, 2005).
1851:Matt Wickenheiser (February 17, 2005).
1818:Teresa M. McAleavy (February 2, 2005).
1632:. October 2, 2001 – via NewsBank.
1199:Beth W. Orenstein (February 18, 1996).
888:
313:for $ 1.8 billion. PHH's businesses of
2251:American companies established in 1996
1950:. Hackensack, NJ – via NewsBank.
1905:"Cendant to buy No. 3 Web travel firm"
1826:. Hackensack, NJ – via NewsBank.
1788:. Hackensack, NJ – via NewsBank.
1407:. Hackensack, NJ – via NewsBank.
1332:. Hackensack, NJ – via NewsBank.
1313:. Hackensack, NJ – via NewsBank.
1122:. Hackensack, NJ – via NewsBank.
1103:. Hackensack, NJ – via NewsBank.
1043:. Hackensack, NJ – via NewsBank.
945:. Hackensack, NJ – via NewsBank.
2224:Historical business data for Cendant:
2087:Joseph R. Perone (October 25, 2005).
1761:Thomas S. Brown (November 26, 2002).
1608:"Cendant to propel Denver's Trip.com"
1531:"Vivendi buys Torrance software unit"
1529:Melissa Pozsgay (November 21, 1998).
1418:Beth Fitzgerald (December 19, 1997).
1380:Sean Somerville (February 16, 1997).
1207:. Allentown, PA – via NewsBank.
1037:"Hotel giant makes room for one more"
7:
1708:"LR office of Fairfield set to clos"
1537:. Torrance, CA – via NewsBank.
1512:"Cendant showing promised restraint"
1281:"Avis shares hit the Street jumping"
1095:Stephen G. Hirsch (April 27, 1995).
2199:Kaja Whitehouse (August 30, 2006).
2145:Joseph R. Perone (August 1, 2006).
2106:Claudia H. Deutsch (July 1, 2006).
2008:"Cendant acquires U.K. travel firm"
1903:Kathy Bergen (September 30, 2004).
1799:Raymond Hennessey (June 23, 2004).
1445:. Norfolk, VA – via NewsBank.
876:Lightfoot v. Cendant Mortgage Corp.
539:Cendant owned the rental brands of
453:. The next month, Cendant sold its
339:In January 1998, Cendant purchased
2153:. Newark, NJ – via NewsBank.
2095:. Newark, NJ – via NewsBank.
1990:"Cendant gets British travel site"
1782:"Cendant spinoff could yield $ 1B"
1645:"Cheap Tickets exec gets new post"
1518:. Newark, NJ – via NewsBank.
1482:. Newark, NJ – via NewsBank.
1426:. Newark, NJ – via NewsBank.
1169:. Newark, NJ – via NewsBank.
1161:David Klein (September 29, 1995).
1136:Edwin McDowell (January 4, 1996).
1062:. Newark, NJ – via NewsBank.
926:. Newark, NJ – via NewsBank.
904:. Newark, NJ – via NewsBank.
692:These companies are now under the
643:These companies are now under the
209:Hospitality Franchise Systems Inc.
25:
2266:Parsippany-Troy Hills, New Jersey
1807:. Dow Jones – via NewsBank.
1747:. Bloomberg – via NewsBank.
1220:"Coldwell Banker now part of HFS"
1180:Donna Rosato (December 7, 1995).
1116:"HFS gobbling up the competition"
1054:Beth Fitzgerald (June 29, 1993).
300:Resort Condominiums International
186:Parsippany-Troy Hills, New Jersey
2261:Companies disestablished in 2006
2072:Ellen Simon (October 24, 2005).
2055:"Cendant acquires Wyndham brand"
1739:Robert Burgess (April 2, 2002).
1548:Howard Wolinsky (June 8, 2001).
1510:John T. Ward (August 13, 1998).
1420:"Merged partners adopt new name"
1263:"HFS completes purchase of Avis"
1182:"Hotel franchiser books success"
896:Iris Taylor (October 28, 1990).
563:These brands were spun off into
36:
1626:"Cendant completes Galileo buy"
1361:Sean Somerville (May 1, 1997).
1324:Mark Lowery (October 8, 1996).
1305:Don Stancavish (July 2, 1996).
1287:. Bloomberg. September 25, 1997
1237:Edwin McDowell (July 2, 1996).
1097:"A hotel window of opportunity"
937:Joseph Woelfel (July 3, 1990).
1872:"Cendant divisions to be sold"
1767:The Daytona Beach News-Journal
1662:Russ Lynch (October 8, 2001).
1643:Russ Lynch (October 9, 2001).
1606:Greg Griffin (June 24, 2001).
1457:"Jackson Hewitt deal complete"
1082: – via Factiva
682:Sotheby's International Realty
81:Business and consumer services
1:
1763:"Cendant adds Budget to fold"
1741:"Cendant acquiring Trendwest"
1688:. Bloomberg. November 3, 2000
1568:"Cendant takes off with Avis"
1474:John T. Ward (May 25, 1999).
1437:Tom Shean (January 7, 1998).
1218:Robert Keefe (June 1, 1996).
1114:Mark Lowery (June 30, 1996).
918:Iris Taylor (June 14, 1990).
227:. It began in 1990 by buying
48:Hospitality Franchise Systems
1870:Rob Varnon (July 27, 2005).
1706:Jim Lovel (April 12, 2001).
1399:Mark Lowery (May 28, 1997).
633:Wyndham Hotels & Resorts
551:and currently trades on the
347:offices, for $ 480 million.
284:Electronic Realty Associates
250:In 1993, HFS purchased the
231:and the U.S. rights to the
89:December 18, 1997
2287:
1805:The Press of Atlantic City
1326:"HFS buys time-share firm"
1163:"HFS shakes up Century 21"
939:"Hotelier braces for loss"
592:Hawthorn Suites by Wyndham
293:In 1996, HFS acquired the
1712:Arkansas Democrat-Gazette
898:"Hospitality on the move"
397:Davidson & Associates
35:
2186:Form 8-K: Current Report
2040:Form 10-K: Annual Report
1976:Form 10-K: Annual Report
1890:Form 10-K: Annual Report
1726:Form 10-K: Annual Report
1497:Form 10-K: Annual Report
577:Baymont Inn & Suites
457:division, a provider of
343:, a franchised chain of
27:Defunct American company
1382:"Little guy grows fast"
1307:"Avis to join HFS fold"
1084:(subscription required)
839:Vacation network groups
426:for $ 690 million, and
418:for $ 2.9 billion, and
407:), to French publisher
98:as Cendant Corporation)
1668:Honolulu Star-Bulletin
1649:Honolulu Star-Bulletin
1078:Dow Jones News Service
1018:"Super 8 deal is done"
652:Century 21 Real Estate
639:Real estate franchises
526:on September 1, 2006.
478:Marriott International
393:Blizzard Entertainment
309:In 1997, HFS acquired
286:for $ 37 million, and
2061:– via NewsBank.
1878:– via NewsBank.
1859:– via NewsBank.
1857:Portland Press Herald
1769:– via NewsBank.
1714:– via NewsBank.
1670:– via NewsBank.
1651:– via NewsBank.
1614:– via NewsBank.
1556:– via NewsBank.
1388:– via NewsBank.
1369:– via NewsBank.
1226:– via NewsBank.
1188:– via NewsBank.
469:, for $ 1.8 billion.
424:Fairfield Communities
416:Galileo International
2059:The Orlando Sentinel
1080:. November 10, 1994.
712:Traveler's Advantage
1630:Rocky Mountain News
1574:. November 13, 2000
1461:The Virginian-Pilot
1443:The Virginian-Pilot
999:. December 10, 1992
833:Shell Vacation Club
814:Timeshare companies
809:Trust International
706:Shopper's Advantage
688:Membership programs
613:Ramada Asia-Pacific
520:Budget Truck Rental
411:for $ 770 million.
401:Knowledge Adventure
319:relocation services
177:Cendant Corporation
32:
31:Cendant Corporation
18:Cendant Corporation
2112:The New York Times
1243:The New York Times
1142:The New York Times
997:The New York Times
535:Automobile rentals
351:Accounting scandal
315:mortgage brokerage
152:Henry R. Silverman
1745:The Seattle Times
1686:The Baltimore Sun
1554:Chicago Sun-Times
1386:The Baltimore Sun
1367:The Baltimore Sun
1344:"HFS acquisition"
1285:The Baltimore Sun
979:Houston Chronicle
855:Landal GreenParks
828:Trendwest Resorts
823:Fairfield Resorts
796:OctopusTravel.com
715:Buyer's Advantage
701:CUC International
618:Super 8 Worldwide
565:Wyndham Worldwide
549:Avis Budget Group
524:Avis Budget Group
513:Wyndham Worldwide
467:Apollo Management
432:Budget Rent a Car
428:Trendwest Resorts
385:management buyout
330:CUC International
191:Its last CEO was
174:
173:
124:Avis Budget Group
16:(Redirected from
2278:
2209:
2208:
2196:
2190:
2189:
2182:
2176:
2175:
2173:
2172:
2161:
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2069:
2063:
2062:
2050:
2044:
2043:
2036:
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2015:
2004:
1998:
1997:
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1966:
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1932:
1925:
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1900:
1894:
1893:
1886:
1880:
1879:
1876:Connecticut Post
1867:
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1848:
1842:
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1834:
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1471:
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1415:
1409:
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1377:
1371:
1370:
1358:
1352:
1351:
1340:
1334:
1333:
1321:
1315:
1314:
1302:
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1277:
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1259:
1253:
1252:
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1249:
1234:
1228:
1227:
1215:
1209:
1208:
1205:The Morning Call
1196:
1190:
1189:
1177:
1171:
1170:
1158:
1152:
1151:
1149:
1148:
1133:
1124:
1123:
1111:
1105:
1104:
1092:
1086:
1085:
1081:
1070:
1064:
1063:
1051:
1045:
1044:
1032:
1026:
1025:
1014:
1008:
1007:
1005:
1004:
989:
983:
982:
971:
965:
964:
953:
947:
946:
934:
928:
927:
915:
906:
905:
893:
559:Hotel franchises
515:, respectively.
447:fleet management
389:Cendant Software
323:fleet management
237:Prime Motor Inns
229:Howard Johnson's
213:Blackstone Group
170:
167:
156:
99:
96:
94:
40:
33:
21:
2286:
2285:
2281:
2280:
2279:
2277:
2276:
2275:
2236:
2235:
2232:
2218:
2213:
2212:
2205:The Star-Ledger
2198:
2197:
2193:
2184:
2183:
2179:
2170:
2168:
2163:
2162:
2158:
2151:The Star-Ledger
2144:
2143:
2139:
2130:
2129:
2125:
2116:
2114:
2105:
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628:Wingate Inn
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235:brand from
2240:Categories
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2012:The Record
1948:The Record
1914:2020-11-21
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1248:2020-11-22
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1101:The Record
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943:The Record
883:References
732:Travelport
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502:Travelport
272:Century 21
147:Key people
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