PARSIPPANY, N.J. -- HFS Inc. here completed its merger with
Stamford, Conn.-based CUC International and changed the name of the
merged firm to Cendant Corp.
The deal, announced last summer, rattled the agent community
because CUC has a direct marketing travel club called Travel
Advantage. Under pressure from the Federal Trade Commission, CUC
sold its Interval International time-share company prior to the
merger.
By adding Interval to HFS' Resort Condominiums International,
Cendant would have controlled about 92% of the time-share market.
HFS owns Avis and franchises the Days Inn, Howard Johnson, Knights
Inn, Ramada, RCI, Super 8, Travelodge, Villager Lodge and Wingate
Inns hotel brands. HFS said its new name is designed to evoke the
image of ascending.