353:, 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.
321:, 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
345:
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
27:
536:, 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
344:
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
485:
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
2189:
2135:
2077:
2062:
2043:
1996:
1978:
1860:
1841:
1808:
1789:
1770:
1751:
1729:
1696:
1652:
1633:
1614:
1596:
1538:
1519:
1500:
1464:
1445:
1427:
1408:
1389:
1370:
1351:
1332:
1314:
1295:
1251:
1208:
1189:
1170:
1151:
1104:
1085:
1044:
1025:
1006:
963:
945:
927:
908:
886:
258:
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
356:
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
286:
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
473:, 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
168:
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
429:
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
228:
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.
403:
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
2259:
2234:
368:
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
2244:
423:
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.
450:, for $ 1.03 billion through an initial public offering. In October 2005, Cendant sold its marketing services division, including its membership shopping programs, to
2239:
507:
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
236:. 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.
2153:
1227:
465:, 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
1126:
2254:
174:
981:
2249:
2096:
1062:
357:
prison sentence before being released early for exemplary behavior. Former CEO Walter Forbes was sentenced to 12 years in prison in 2007.
461:
Meanwhile, proceeds from these sales were used for acquisitions to expand
Cendant's core businesses. In November 2004, Cendant purchased
864:
288:
670:
1581:
793:
2174:
1485:
426:
In 2004, Cendant began a series of moves to simplify its business and focus on its core areas of real estate and travel.
496:
On July 31, 2006, Cendant's real estate and hotel divisions were spun off and became separate companies under the names
1714:
529:
1826:
621:
553:
2028:
1964:
360:
Under Silverman, Cendant bounced back from the accounting scandal far outperforming the markets in the early 2000s.
247:
brand. The company made a brief foray into the casino industry, but then spun off that business in November 1994 as
580:
1917:
2120:
260:
2014:
1878:
385:
1932:
2216:
1893:
1670:
1269:
565:
233:
59:
412:
640:
466:
381:
821:
474:
404:
271:
the same month, to reflect its broadened scope. This was followed the next year with the acquisition of
489:
Cendant originally planned to spin off its travel services division to shareholders as a company named
225:
816:
780:
770:
788:
493:, but on June 30, 2006, Cendant announced it would sell Travelport to Blackstone for $ 4.3 billion.
747:
737:
645:
601:
585:
508:
389:
307:
217:
2121:"Cendant Corporation completes spin-offs of Realogy Corporation and Wyndham Worldwide Corporation"
350:
848:
303:
742:
843:
811:
689:
606:
537:
533:
512:
501:
455:
420:
416:
373:
318:
112:
838:
435:
377:
311:
201:
1556:
317:
However, later that year, Silverman led HFS into what would prove a disastrous merger with
279:
for $ 740 million, making HFS the largest franchisor of real estate brokerages in the U.S.
660:
650:
439:
333:
283:
276:
272:
248:
240:
209:
181:
140:
104:
Renamed as Avis Budget Group after divestiture of real estate, travel and hotel divisions
682:
655:
575:
451:
443:
393:
329:
205:
45:
1953:(Press release). Marriott International. December 10, 2004 – via HospitalityNet.
2228:
833:
665:
560:
408:
346:
322:
170:
123:
53:
411:
for $ 425 million. It entered the timeshare sales and management business by buying
1950:
727:
2015:"Cendant Corporation acquires Gullivers Travel Associates And OctopusTravel.com"
752:
732:
616:
590:
252:
1488:(Report). Cendant Corporation. March 1, 2000. pp. 33–34 – via EDGAR.
1228:"HFS will acquire employee-controlled Avis for $ 800 million in cash and stock"
720:
611:
490:
447:
243:
brand, franchised to 1,000 motels, for $ 125 million, and bought the 61-hotel
2031:(Report). Cendant Corporation. March 1, 2006. p. F-24 – via EDGAR.
372:, a publisher of classified advertising publications, for $ 450 million to a
314:
were expected to synergize with HFS's real estate and car rental businesses.
369:
299:
292:
2154:"Blackstone Group completes acquisition of Cendant's Travelport subsidiary"
1967:(Report). Cendant Corporation. March 1, 2005. p. 19 – via EDGAR.
1717:(Report). Cendant Corporation. March 5, 2003. p. 14 – via EDGAR.
2017:(Press release). Cendant Corporation. December 16, 2004 – via EDGAR.
1920:(Press release). Cendant Corporation. November 12, 2004 – via EDGAR.
26:
775:
762:
570:
470:
431:
244:
213:
1258:. Fort Lauderdale, FL. Bloomberg. October 18, 1996 – via NewsBank.
232:
Blackstone took Hospitality Franchise Systems public in a December 1992
1881:(Report). Affinion Group. March 23, 2007. p. 40 – via EDGAR.
1045:"Hospitality Franchise purchases Park Inn, has plans for Days Inn-type"
633:
497:
264:
2123:(Press release). Cendant Corporation. July 31, 2006 – via EDGAR.
1584:(Press release). Cendant Corporation. March 1, 2001 – via EDGAR.
1829:(Press release). PHH Corporation. January 31, 2005 – via EDGAR.
757:
596:
541:
462:
221:
964:"Takeover of Days Inn would create world's biggest hotel franchiser"
1951:"Cendant Hotel Group completes acquisition of Ramada International"
593:(includes Villager Inn, which was merged into Knights Inn in 2004)
397:
2177:(Report). Avis Budget Group. September 5, 2006 – via EDGAR.
486:
to better recognize the value of Cendant's component businesses.
2063:"Travel, real-estate giant Cendant to split into four companies"
469:'s stake in the hotel brand. In February 2005, Cendant acquired
952:. Cedar Rapids, IA. AP. February 2, 1992 – via NewsBank.
208:
firm, as a vehicle to acquire hotel franchises. It was led by
1933:"Agreement would give Cendant full control over Ramada brand"
1827:"PHH Corporation completes spin-off from Cendant Corporation"
511:. The company retired the Cendant name and renamed itself to
1190:"HFS buys Century 21, ERA but realtors expect little change"
946:"Sale of Days Inns hotel chain franchise business completed"
1582:"Cendant completes acquisition of Avis Group Holdings, Inc"
1127:"HFS is a fast-moving company whose share price has soared"
2097:"Blackstone plans to acquire Cendant travel services unit"
1918:"Cendant Corporation completes acquisition of Orbitz, Inc"
982:"Hospitality Franchise sells 6 million shares to public"
376:
group. In 1999 it sold its consumer software division,
2156:(Press release). The Blackstone Group. August 23, 2006
1063:"Hospitality Franchise: Sees trading symbol of 'NAGC'"
719:
These brands were separated into a new company called
154:
2003:. Hackensack, NJ. April 2, 2005 – via NewsBank.
1790:"Jackson Hewitt inches up after first day on markets"
1339:. Newark, NJ. November 13, 1996 – via NewsBank.
173:, the majority of its headquarters employees were in
1985:. Newark, NJ. December 3, 2004 – via NewsBank.
1452:. Norfolk, VA. January 9, 1998 – via NewsBank.
902:
900:
1390:"$ 10.9B 'merger of equals': HFS hooks up with CUC"
267:for $ 200 million. The company changed its name to
149:
134:
118:
108:
100:
92:
74:
66:
51:
41:
33:
1842:"Wright Express offering seen as good for Maine"
970:. Reuters. October 1, 1991 – via NewsBank.
807:These companies are owned by Wyndham Worldwide.
1465:"Cendant trims the fat by selling car business"
1013:. Newark, NJ. May 4, 1993 – via NewsBank.
477:hotel brand from Blackstone for $ 111 million.
2136:"Cendant's split into 4 firms effective today"
1539:"Galileo travel company in talks to be bought"
2196:. Newark, NJ. Dow Jones – via NewsBank.
2190:"Cendant changes wrapped up at tense meeting"
1671:"Cendant to buy No. 1 operator of timeshares"
1480:
1478:
8:
2260:Hospitality companies disestablished in 2006
2235:Companies based in Morris County, New Jersey
2078:"Investors skeptical about Cendant spinoffs"
1352:"Sale of PHH to HFS OK'd too fast for tears"
794:Gta-travel.com (Gullivers Travel Associates)
544:stock exchange under the ticker symbol CAR.
19:
1809:"Cendant completes its spinoff of PHH Corp"
1120:
1118:
419:for $ 980 million. In 2002, Cendant bought
295:exchange service, for up to $ 825 million.
251:. In 1995, HFS launched a new hotel brand,
1745:
1743:
1024:Marilee Loboda Braue (February 17, 1993).
18:
2245:Hospitality companies established in 1996
1931:Kevin G. DeMarrais (September 16, 2004).
263:, a franchised chain of brokerages, from
259:hospitality. In August 1995, it acquired
212:, a Blackstone partner and former CEO of
200:(HFS) was created as an affiliate of the
2065:. Associated Press – via NewsBank.
1769:Kevin G. DeMarrais (November 24, 2004).
1653:"Cendant closes offer for Cheap Tickets"
1428:"Jackson Hewitt sale is nearly complete"
909:"Prime Motor to sell 2 hotel franchises"
2042:Jerry W. Jackson (September 15, 2005).
1840:Matt Wickenheiser (February 17, 2005).
1807:Teresa M. McAleavy (February 2, 2005).
1621:. October 2, 2001 – via NewsBank.
1188:Beth W. Orenstein (February 18, 1996).
877:
302:for $ 1.8 billion. PHH's businesses of
2240:American companies established in 1996
1939:. Hackensack, NJ – via NewsBank.
1894:"Cendant to buy No. 3 Web travel firm"
1815:. Hackensack, NJ – via NewsBank.
1777:. Hackensack, NJ – via NewsBank.
1396:. Hackensack, NJ – via NewsBank.
1321:. Hackensack, NJ – via NewsBank.
1302:. Hackensack, NJ – via NewsBank.
1111:. Hackensack, NJ – via NewsBank.
1092:. Hackensack, NJ – via NewsBank.
1032:. Hackensack, NJ – via NewsBank.
934:. Hackensack, NJ – via NewsBank.
2213:Historical business data for Cendant:
2076:Joseph R. Perone (October 25, 2005).
1750:Thomas S. Brown (November 26, 2002).
1597:"Cendant to propel Denver's Trip.com"
1520:"Vivendi buys Torrance software unit"
1518:Melissa Pozsgay (November 21, 1998).
1407:Beth Fitzgerald (December 19, 1997).
1369:Sean Somerville (February 16, 1997).
1196:. Allentown, PA – via NewsBank.
1026:"Hotel giant makes room for one more"
7:
1697:"LR office of Fairfield set to clos"
1526:. Torrance, CA – via NewsBank.
1501:"Cendant showing promised restraint"
1270:"Avis shares hit the Street jumping"
1084:Stephen G. Hirsch (April 27, 1995).
2188:Kaja Whitehouse (August 30, 2006).
2134:Joseph R. Perone (August 1, 2006).
2095:Claudia H. Deutsch (July 1, 2006).
1997:"Cendant acquires U.K. travel firm"
1892:Kathy Bergen (September 30, 2004).
1788:Raymond Hennessey (June 23, 2004).
1434:. Norfolk, VA – via NewsBank.
865:Lightfoot v. Cendant Mortgage Corp.
528:Cendant owned the rental brands of
442:. The next month, Cendant sold its
328:In January 1998, Cendant purchased
2142:. Newark, NJ – via NewsBank.
2084:. Newark, NJ – via NewsBank.
1979:"Cendant gets British travel site"
1771:"Cendant spinoff could yield $ 1B"
1634:"Cheap Tickets exec gets new post"
1507:. Newark, NJ – via NewsBank.
1471:. Newark, NJ – via NewsBank.
1415:. Newark, NJ – via NewsBank.
1158:. Newark, NJ – via NewsBank.
1150:David Klein (September 29, 1995).
1125:Edwin McDowell (January 4, 1996).
1051:. Newark, NJ – via NewsBank.
915:. Newark, NJ – via NewsBank.
893:. Newark, NJ – via NewsBank.
681:These companies are now under the
632:These companies are now under the
198:Hospitality Franchise Systems Inc.
14:
2255:Parsippany-Troy Hills, New Jersey
1796:. Dow Jones – via NewsBank.
1736:. Bloomberg – via NewsBank.
1209:"Coldwell Banker now part of HFS"
1169:Donna Rosato (December 7, 1995).
1105:"HFS gobbling up the competition"
1043:Beth Fitzgerald (June 29, 1993).
289:Resort Condominiums International
175:Parsippany-Troy Hills, New Jersey
2250:Companies disestablished in 2006
2061:Ellen Simon (October 24, 2005).
2044:"Cendant acquires Wyndham brand"
1728:Robert Burgess (April 2, 2002).
1537:Howard Wolinsky (June 8, 2001).
1499:John T. Ward (August 13, 1998).
1409:"Merged partners adopt new name"
1252:"HFS completes purchase of Avis"
1171:"Hotel franchiser books success"
885:Iris Taylor (October 28, 1990).
552:These brands were spun off into
25:
1615:"Cendant completes Galileo buy"
1350:Sean Somerville (May 1, 1997).
1313:Mark Lowery (October 8, 1996).
1294:Don Stancavish (July 2, 1996).
1276:. Bloomberg. September 25, 1997
1226:Edwin McDowell (July 2, 1996).
1086:"A hotel window of opportunity"
926:Joseph Woelfel (July 3, 1990).
1861:"Cendant divisions to be sold"
1756:The Daytona Beach News-Journal
1651:Russ Lynch (October 8, 2001).
1632:Russ Lynch (October 9, 2001).
1595:Greg Griffin (June 24, 2001).
1446:"Jackson Hewitt deal complete"
1071: – via Factiva
671:Sotheby's International Realty
70:Business and consumer services
1:
1752:"Cendant adds Budget to fold"
1730:"Cendant acquiring Trendwest"
1677:. Bloomberg. November 3, 2000
1557:"Cendant takes off with Avis"
1463:John T. Ward (May 25, 1999).
1426:Tom Shean (January 7, 1998).
1207:Robert Keefe (June 1, 1996).
1103:Mark Lowery (June 30, 1996).
907:Iris Taylor (June 14, 1990).
216:. It began in 1990 by buying
37:Hospitality Franchise Systems
1859:Rob Varnon (July 27, 2005).
1695:Jim Lovel (April 12, 2001).
1388:Mark Lowery (May 28, 1997).
622:Wyndham Hotels & Resorts
540:and currently trades on the
336:offices, for $ 480 million.
273:Electronic Realty Associates
239:In 1993, HFS purchased the
220:and the U.S. rights to the
78:December 18, 1997
2276:
1794:The Press of Atlantic City
1315:"HFS buys time-share firm"
1152:"HFS shakes up Century 21"
928:"Hotelier braces for loss"
581:Hawthorn Suites by Wyndham
282:In 1996, HFS acquired the
1701:Arkansas Democrat-Gazette
887:"Hospitality on the move"
386:Davidson & Associates
24:
2175:Form 8-K: Current Report
2029:Form 10-K: Annual Report
1965:Form 10-K: Annual Report
1879:Form 10-K: Annual Report
1715:Form 10-K: Annual Report
1486:Form 10-K: Annual Report
566:Baymont Inn & Suites
446:division, a provider of
332:, a franchised chain of
16:Defunct American company
1371:"Little guy grows fast"
1296:"Avis to join HFS fold"
1073:(subscription required)
828:Vacation network groups
415:for $ 690 million, and
407:for $ 2.9 billion, and
396:), to French publisher
87:as Cendant Corporation)
1657:Honolulu Star-Bulletin
1638:Honolulu Star-Bulletin
1067:Dow Jones News Service
1007:"Super 8 deal is done"
641:Century 21 Real Estate
628:Real estate franchises
515:on September 1, 2006.
467:Marriott International
382:Blizzard Entertainment
298:In 1997, HFS acquired
275:for $ 37 million, and
2050:– via NewsBank.
1867:– via NewsBank.
1848:– via NewsBank.
1846:Portland Press Herald
1758:– via NewsBank.
1703:– via NewsBank.
1659:– via NewsBank.
1640:– via NewsBank.
1603:– via NewsBank.
1545:– via NewsBank.
1377:– via NewsBank.
1358:– via NewsBank.
1215:– via NewsBank.
1177:– via NewsBank.
458:, for $ 1.8 billion.
413:Fairfield Communities
405:Galileo International
2048:The Orlando Sentinel
1069:. November 10, 1994.
701:Traveler's Advantage
1619:Rocky Mountain News
1563:. November 13, 2000
1450:The Virginian-Pilot
1432:The Virginian-Pilot
988:. December 10, 1992
822:Shell Vacation Club
803:Timeshare companies
798:Trust International
695:Shopper's Advantage
677:Membership programs
602:Ramada Asia-Pacific
509:Budget Truck Rental
400:for $ 770 million.
390:Knowledge Adventure
308:relocation services
166:Cendant Corporation
21:
20:Cendant Corporation
2101:The New York Times
1232:The New York Times
1131:The New York Times
986:The New York Times
524:Automobile rentals
340:Accounting scandal
304:mortgage brokerage
141:Henry R. Silverman
1734:The Seattle Times
1675:The Baltimore Sun
1543:Chicago Sun-Times
1375:The Baltimore Sun
1356:The Baltimore Sun
1333:"HFS acquisition"
1274:The Baltimore Sun
968:Houston Chronicle
844:Landal GreenParks
817:Trendwest Resorts
812:Fairfield Resorts
785:OctopusTravel.com
704:Buyer's Advantage
690:CUC International
607:Super 8 Worldwide
554:Wyndham Worldwide
538:Avis Budget Group
513:Avis Budget Group
502:Wyndham Worldwide
456:Apollo Management
421:Budget Rent a Car
417:Trendwest Resorts
374:management buyout
319:CUC International
180:Its last CEO was
163:
162:
113:Avis Budget Group
2267:
2198:
2197:
2185:
2179:
2178:
2171:
2165:
2164:
2162:
2161:
2150:
2144:
2143:
2131:
2125:
2124:
2117:
2111:
2110:
2108:
2107:
2092:
2086:
2085:
2073:
2067:
2066:
2058:
2052:
2051:
2039:
2033:
2032:
2025:
2019:
2018:
2011:
2005:
2004:
1993:
1987:
1986:
1975:
1969:
1968:
1961:
1955:
1954:
1947:
1941:
1940:
1928:
1922:
1921:
1914:
1908:
1907:
1905:
1904:
1889:
1883:
1882:
1875:
1869:
1868:
1865:Connecticut Post
1856:
1850:
1849:
1837:
1831:
1830:
1823:
1817:
1816:
1804:
1798:
1797:
1785:
1779:
1778:
1766:
1760:
1759:
1747:
1738:
1737:
1725:
1719:
1718:
1711:
1705:
1704:
1692:
1686:
1685:
1683:
1682:
1667:
1661:
1660:
1648:
1642:
1641:
1629:
1623:
1622:
1611:
1605:
1604:
1592:
1586:
1585:
1578:
1572:
1571:
1569:
1568:
1553:
1547:
1546:
1534:
1528:
1527:
1515:
1509:
1508:
1496:
1490:
1489:
1482:
1473:
1472:
1460:
1454:
1453:
1442:
1436:
1435:
1423:
1417:
1416:
1404:
1398:
1397:
1385:
1379:
1378:
1366:
1360:
1359:
1347:
1341:
1340:
1329:
1323:
1322:
1310:
1304:
1303:
1291:
1285:
1284:
1282:
1281:
1266:
1260:
1259:
1248:
1242:
1241:
1239:
1238:
1223:
1217:
1216:
1204:
1198:
1197:
1194:The Morning Call
1185:
1179:
1178:
1166:
1160:
1159:
1147:
1141:
1140:
1138:
1137:
1122:
1113:
1112:
1100:
1094:
1093:
1081:
1075:
1074:
1070:
1059:
1053:
1052:
1040:
1034:
1033:
1021:
1015:
1014:
1003:
997:
996:
994:
993:
978:
972:
971:
960:
954:
953:
942:
936:
935:
923:
917:
916:
904:
895:
894:
882:
548:Hotel franchises
504:, respectively.
436:fleet management
378:Cendant Software
312:fleet management
226:Prime Motor Inns
218:Howard Johnson's
202:Blackstone Group
159:
156:
145:
88:
85:
83:
29:
22:
2275:
2274:
2270:
2269:
2268:
2266:
2265:
2264:
2225:
2224:
2221:
2207:
2202:
2201:
2194:The Star-Ledger
2187:
2186:
2182:
2173:
2172:
2168:
2159:
2157:
2152:
2151:
2147:
2140:The Star-Ledger
2133:
2132:
2128:
2119:
2118:
2114:
2105:
2103:
2094:
2093:
2089:
2082:The Star-Ledger
2075:
2074:
2070:
2060:
2059:
2055:
2041:
2040:
2036:
2027:
2026:
2022:
2013:
2012:
2008:
1995:
1994:
1990:
1983:The Star-Ledger
1977:
1976:
1972:
1963:
1962:
1958:
1949:
1948:
1944:
1930:
1929:
1925:
1916:
1915:
1911:
1902:
1900:
1891:
1890:
1886:
1877:
1876:
1872:
1858:
1857:
1853:
1839:
1838:
1834:
1825:
1824:
1820:
1806:
1805:
1801:
1787:
1786:
1782:
1768:
1767:
1763:
1749:
1748:
1741:
1727:
1726:
1722:
1713:
1712:
1708:
1694:
1693:
1689:
1680:
1678:
1669:
1668:
1664:
1650:
1649:
1645:
1631:
1630:
1626:
1613:
1612:
1608:
1601:The Denver Post
1594:
1593:
1589:
1580:
1579:
1575:
1566:
1564:
1555:
1554:
1550:
1536:
1535:
1531:
1517:
1516:
1512:
1505:The Star-Ledger
1498:
1497:
1493:
1484:
1483:
1476:
1469:The Star-Ledger
1462:
1461:
1457:
1444:
1443:
1439:
1425:
1424:
1420:
1413:The Star-Ledger
1406:
1405:
1401:
1387:
1386:
1382:
1368:
1367:
1363:
1349:
1348:
1344:
1337:The Star-Ledger
1331:
1330:
1326:
1312:
1311:
1307:
1293:
1292:
1288:
1279:
1277:
1268:
1267:
1263:
1250:
1249:
1245:
1236:
1234:
1225:
1224:
1220:
1213:Tampa Bay Times
1206:
1205:
1201:
1187:
1186:
1182:
1168:
1167:
1163:
1156:The Star-Ledger
1149:
1148:
1144:
1135:
1133:
1124:
1123:
1116:
1102:
1101:
1097:
1083:
1082:
1078:
1072:
1061:
1060:
1056:
1049:The Star-Ledger
1042:
1041:
1037:
1023:
1022:
1018:
1011:The Star-Ledger
1005:
1004:
1000:
991:
989:
980:
979:
975:
962:
961:
957:
944:
943:
939:
925:
924:
920:
913:The Star-Ledger
906:
905:
898:
891:The Star-Ledger
884:
883:
879:
874:
860:
830:
805:
781:travelbag.co.uk
771:Asia-hotels.com
717:
715:Travel services
679:
661:ERA Real Estate
651:Coldwell Banker
630:
550:
526:
521:
483:
454:, a vehicle of
440:PHH Corporation
380:(consisting of
366:
342:
334:tax preparation
277:Coldwell Banker
249:National Gaming
210:Henry Silverman
195:
190:
182:Henry Silverman
153:
143:
137:
130:
126:
86:
81:
79:
56:
17:
12:
11:
5:
2273:
2271:
2263:
2262:
2257:
2252:
2247:
2242:
2237:
2227:
2226:
2223:
2222:
2220:
2219:
2214:
2210:
2206:
2205:External links
2203:
2200:
2199:
2180:
2166:
2145:
2126:
2112:
2087:
2068:
2053:
2034:
2020:
2006:
1988:
1970:
1956:
1942:
1923:
1909:
1884:
1870:
1851:
1832:
1818:
1799:
1780:
1761:
1739:
1720:
1706:
1687:
1662:
1643:
1624:
1606:
1587:
1573:
1548:
1529:
1510:
1491:
1474:
1455:
1437:
1418:
1399:
1380:
1361:
1342:
1324:
1305:
1286:
1261:
1243:
1218:
1199:
1180:
1161:
1142:
1114:
1095:
1076:
1054:
1035:
1016:
998:
973:
955:
937:
918:
896:
876:
875:
873:
870:
869:
868:
859:
856:
855:
854:
851:
846:
841:
836:
829:
826:
825:
824:
819:
814:
804:
801:
800:
799:
796:
791:
789:Travelport.com
786:
783:
778:
773:
768:
765:
760:
755:
750:
745:
740:
735:
730:
716:
713:
712:
711:
708:
705:
702:
699:
696:
693:
683:Affinion Group
678:
675:
674:
673:
668:
663:
658:
656:Corcoran Group
653:
648:
643:
629:
626:
625:
624:
619:
614:
609:
604:
599:
594:
588:
586:Howard Johnson
583:
578:
576:Days Inn China
573:
568:
563:
549:
546:
525:
522:
520:
517:
482:
479:
452:Affinion Group
444:Wright Express
438:businesses as
394:Sierra On-Line
365:
362:
341:
338:
330:Jackson Hewitt
206:private equity
194:
191:
189:
186:
161:
160:
151:
147:
146:
138:
135:
132:
131:
128:
122:
120:
116:
115:
110:
106:
105:
102:
98:
97:
94:
90:
89:
76:
72:
71:
68:
64:
63:
57:
52:
49:
48:
43:
39:
38:
35:
31:
30:
15:
13:
10:
9:
6:
4:
3:
2:
2272:
2261:
2258:
2256:
2253:
2251:
2248:
2246:
2243:
2241:
2238:
2236:
2233:
2232:
2230:
2218:
2215:
2212:
2211:
2209:
2208:
2204:
2195:
2191:
2184:
2181:
2176:
2170:
2167:
2155:
2149:
2146:
2141:
2137:
2130:
2127:
2122:
2116:
2113:
2102:
2098:
2091:
2088:
2083:
2079:
2072:
2069:
2064:
2057:
2054:
2049:
2045:
2038:
2035:
2030:
2024:
2021:
2016:
2010:
2007:
2002:
1998:
1992:
1989:
1984:
1980:
1974:
1971:
1966:
1960:
1957:
1952:
1946:
1943:
1938:
1934:
1927:
1924:
1919:
1913:
1910:
1899:
1898:Baltimore Sun
1895:
1888:
1885:
1880:
1874:
1871:
1866:
1862:
1855:
1852:
1847:
1843:
1836:
1833:
1828:
1822:
1819:
1814:
1810:
1803:
1800:
1795:
1791:
1784:
1781:
1776:
1772:
1765:
1762:
1757:
1753:
1746:
1744:
1740:
1735:
1731:
1724:
1721:
1716:
1710:
1707:
1702:
1698:
1691:
1688:
1676:
1672:
1666:
1663:
1658:
1654:
1647:
1644:
1639:
1635:
1628:
1625:
1620:
1616:
1610:
1607:
1602:
1598:
1591:
1588:
1583:
1577:
1574:
1562:
1558:
1552:
1549:
1544:
1540:
1533:
1530:
1525:
1521:
1514:
1511:
1506:
1502:
1495:
1492:
1487:
1481:
1479:
1475:
1470:
1466:
1459:
1456:
1451:
1447:
1441:
1438:
1433:
1429:
1422:
1419:
1414:
1410:
1403:
1400:
1395:
1391:
1384:
1381:
1376:
1372:
1365:
1362:
1357:
1353:
1346:
1343:
1338:
1334:
1328:
1325:
1320:
1316:
1309:
1306:
1301:
1297:
1290:
1287:
1275:
1271:
1265:
1262:
1257:
1253:
1247:
1244:
1233:
1229:
1222:
1219:
1214:
1210:
1203:
1200:
1195:
1191:
1184:
1181:
1176:
1172:
1165:
1162:
1157:
1153:
1146:
1143:
1132:
1128:
1121:
1119:
1115:
1110:
1106:
1099:
1096:
1091:
1087:
1080:
1077:
1068:
1064:
1058:
1055:
1050:
1046:
1039:
1036:
1031:
1027:
1020:
1017:
1012:
1008:
1002:
999:
987:
983:
977:
974:
969:
965:
959:
956:
951:
947:
941:
938:
933:
929:
922:
919:
914:
910:
903:
901:
897:
892:
888:
881:
878:
871:
867:
866:
862:
861:
857:
852:
850:
847:
845:
842:
840:
837:
835:
832:
831:
827:
823:
820:
818:
815:
813:
810:
809:
808:
802:
797:
795:
792:
790:
787:
784:
782:
779:
777:
774:
772:
769:
766:
764:
761:
759:
756:
754:
751:
749:
748:RatesToGo.com
746:
744:
741:
739:
738:HotelClub.com
736:
734:
731:
729:
726:
725:
724:
722:
714:
709:
706:
703:
700:
697:
694:
692:(Comp-U-Card)
691:
688:
687:
686:
684:
676:
672:
669:
667:
664:
662:
659:
657:
654:
652:
649:
647:
646:Citi-Habitats
644:
642:
639:
638:
637:
635:
627:
623:
620:
618:
615:
613:
610:
608:
605:
603:
600:
598:
595:
592:
589:
587:
584:
582:
579:
577:
574:
572:
569:
567:
564:
562:
561:AmeriHost Inn
559:
558:
557:
555:
547:
545:
543:
539:
535:
531:
523:
519:Former brands
518:
516:
514:
510:
505:
503:
499:
494:
492:
487:
480:
478:
476:
472:
468:
464:
459:
457:
453:
449:
445:
441:
437:
433:
427:
424:
422:
418:
414:
410:
409:Cheap Tickets
406:
401:
399:
395:
391:
387:
383:
379:
375:
371:
363:
361:
358:
354:
352:
348:
347:Walter Forbes
339:
337:
335:
331:
326:
324:
323:Walter Forbes
320:
315:
313:
309:
305:
301:
296:
294:
290:
285:
280:
278:
274:
270:
266:
262:
256:
254:
250:
246:
242:
237:
235:
230:
227:
223:
219:
215:
211:
207:
203:
199:
192:
187:
185:
183:
178:
176:
172:
171:New York City
167:
158:
152:
148:
142:
139:
133:
129:United States
125:
121:
117:
114:
111:
107:
103:
99:
95:
91:
77:
73:
69:
65:
61:
58:
55:
50:
47:
44:
40:
36:
32:
28:
23:
2193:
2183:
2169:
2158:. Retrieved
2148:
2139:
2129:
2115:
2104:. Retrieved
2100:
2090:
2081:
2071:
2056:
2047:
2037:
2023:
2009:
2000:
1991:
1982:
1973:
1959:
1945:
1936:
1926:
1912:
1901:. Retrieved
1897:
1887:
1873:
1864:
1854:
1845:
1835:
1821:
1812:
1802:
1793:
1783:
1774:
1764:
1755:
1733:
1723:
1709:
1700:
1690:
1679:. Retrieved
1674:
1665:
1656:
1646:
1637:
1627:
1618:
1609:
1600:
1590:
1576:
1565:. Retrieved
1560:
1551:
1542:
1532:
1524:Daily Breeze
1523:
1513:
1504:
1494:
1468:
1458:
1449:
1440:
1431:
1421:
1412:
1402:
1393:
1383:
1374:
1364:
1355:
1345:
1336:
1327:
1318:
1308:
1299:
1289:
1278:. Retrieved
1273:
1264:
1256:Sun Sentinel
1255:
1246:
1235:. Retrieved
1231:
1221:
1212:
1202:
1193:
1183:
1174:
1164:
1155:
1145:
1134:. Retrieved
1130:
1108:
1098:
1089:
1079:
1066:
1057:
1048:
1038:
1029:
1019:
1010:
1001:
990:. Retrieved
985:
976:
967:
958:
949:
940:
931:
921:
912:
890:
880:
863:
806:
728:CheapTickets
718:
710:PrivacyGuard
680:
631:
551:
527:
506:
495:
488:
484:
460:
428:
425:
402:
367:
364:Post-scandal
359:
355:
351:Kirk Shelton
343:
327:
316:
297:
281:
268:
257:
238:
231:
197:
196:
179:
165:
164:
119:Headquarters
42:Company type
2217:SEC filings
950:The Gazette
849:French Life
767:Lodging.com
753:Galileo CRS
733:TripRewards
698:AutoVantage
617:Wingate Inn
591:Knights Inn
448:fleet cards
253:Wingate Inn
224:brand from
2229:Categories
2160:2020-11-15
2106:2020-11-15
2001:The Record
1937:The Record
1903:2020-11-21
1813:The Record
1775:The Record
1681:2020-11-28
1567:2020-11-22
1394:The Record
1319:The Record
1300:The Record
1280:2020-11-22
1237:2020-11-22
1136:2020-11-27
1109:The Record
1090:The Record
1030:The Record
992:2020-11-15
932:The Record
872:References
721:Travelport
612:Travelodge
491:Travelport
261:Century 21
136:Key people
82:1997-12-18
1561:CNN Money
1175:USA Today
743:AoYou.com
707:NetMarket
370:Hebdo Mag
300:PHH Corp.
293:timeshare
109:Successor
62:: CD
54:Traded as
858:See also
776:Away.com
763:ebookers
685:banner.
636:banner.
571:Days Inn
471:Ebookers
432:mortgage
269:HFS Inc.
245:Park Inn
214:Days Inn
193:Founding
124:New York
67:Industry
34:Formerly
853:Novasol
839:Cuendet
634:Realogy
498:Realogy
481:Breakup
475:Wyndham
265:MetLife
241:Super 8
188:History
155:cendant
150:Website
93:Defunct
80: (
75:Founded
758:Orbitz
597:Ramada
542:NASDAQ
534:Budget
463:Orbitz
392:, and
310:, and
222:Ramada
46:Public
398:Havas
144:(CEO)
532:and
530:Avis
500:and
434:and
349:and
291:, a
284:Avis
204:, a
157:.com
101:Fate
96:2006
60:NYSE
834:RCI
666:NRT
234:IPO
2231::
2192:.
2138:.
2099:.
2080:.
2046:.
1999:.
1981:.
1935:.
1896:.
1863:.
1844:.
1811:.
1792:.
1773:.
1754:.
1742:^
1732:.
1699:.
1673:.
1655:.
1636:.
1617:.
1599:.
1559:.
1541:.
1522:.
1503:.
1477:^
1467:.
1448:.
1430:.
1411:.
1392:.
1373:.
1354:.
1335:.
1317:.
1298:.
1272:.
1254:.
1230:.
1211:.
1192:.
1173:.
1154:.
1129:.
1117:^
1107:.
1088:.
1065:.
1047:.
1028:.
1009:.
984:.
966:.
948:.
930:.
911:.
899:^
889:.
723:.
556:.
388:,
384:,
325:.
306:,
255:.
184:.
177:.
127:,
2163:.
2109:.
1906:.
1684:.
1570:.
1283:.
1240:.
1139:.
995:.
84:)
Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
