Wyndham Hotel and Spa to be Developed at Bonnet Creek Resort

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Wyndham Hotel and Spa to be Developed at Bonnet Creek Resort

Press Release: Wyndham Worldwide
June 6, 2006
PARSIPPANY, N.J. -- Wyndham Worldwide yesterday announced the planned
development of a 400-room Wyndham® hotel and spa at the Fairfield
Orlando at Bonnet Creek Resort adjacent to the Walt Disney World®
Resort in Lake Buena Vista, Fla.

The Wyndham Lake Buena Vista Hotel and Spa at Bonnet Creek Resort will
become the centerpiece of a nine-tower vacation ownership resort
currently being developed and managed by Fairfield Resorts®, a Wyndham
Vacation Ownership company.

The Bonnet Creek Resort complex, which totals 70 acres, will include
1,594 vacation ownership units when completed – the most of any
Fairfield Resorts vacation ownership resort property. The hotel will
be managed by Wyndham Worldwide's hotel management company.

"This project represents a major accomplishment in our strategic plan,
to leverage the synergies of our company's hotel and vacation
ownership components," said Stephen P. Holmes, Wyndham Worldwide
chairman and chief executive officer. "This project will demonstrate
the combined strengths of our upscale Wyndham brand with our
industry-leading vacation ownership business."

The hotel's Spanish Mediterranean architecture will be reminiscent of
the historic Flagler-era resorts of St. Augustine. The current design
calls for a two-level, 14,000-square-foot spa; meeting and conference
space designed for groups from 200-300; a full-service restaurant;
café; lobby bar, resort pool with poolside dining; shade cabanas
equipped with televisions, ceiling fans, refrigerators and plush
furnishings; whirlpool spas; fitness center; arcade; and shuttle bus
service to Walt Disney World theme parks. An 18-hole golf course
designed by Rees Jones Inc. currently is being developed at the Bonnet
Creek Resort complex.

The room mix will be designed to fulfill the expectations of
vacationing families, business groups and incentive travelers. Under
current plans, all rooms will offer high-speed Internet service,
flat-panel televisions, refrigerators, microwave ovens, coffeemakers
and round tables for dining, games or work. Twenty percent of the
property's inventory will be devoted to special oversized rooms each
designed to sleep a family of six comfortably.

Construction of the Wyndham Lake Buena Vista Hotel and Spa at Bonnet
Creek Resort is scheduled to begin during the third quarter of 2006,
with all phases of resort development expected to be completed by the
first quarter of 2009.

"The acquisition of the upscale Wyndham hotel brand and related
management business last year helped lay the groundwork for developing
the hotel portion of the Bonnet Creek project," Holmes said. "An
endeavor of this magnitude requires hands-on involvement in property
management and a high-quality, upscale brand to complement the
world-class vacation ownership product offered by Fairfield Resorts."

Wyndham Worldwide, which is expected to spin off from Cendant
Corporation during the third quarter of 2006, will be one of the
world's largest hospitality companies offering individual consumers
and business-to-business customer a broad suite of hospitality
products and services including lodging, vacation exchange and rental
services and vacation ownership interests in resorts