Cendant Corporation has shared that its revenue in the first quarter of this year totaled USD 4.2 billion, an increase of over 7% over the first quarter of 2005.The result reflected growth across each of the company's core operating segments. The timeshare resorts segment generated double digit & EBITDA growth - with revenue growing 11 per cent to $407m and EBITDA jumping 68 per cent to $67m. For second quarter 2006, the Company expects revenue from core operations to increase four - six percent and EBITDA from core operations (before separation costs) to increase marginally versus second quarter 2005

Cendant's president and chief financial officer, Ronald L. Nelson has also said that each of the spin-offs also remain on track.

Marriott International, Inc. posted a 55% decline in first quarter reported earnings on a one time charge of $105 million. Adjusted net income rose to $167 million, an increase of 31 percent, and adjusted diluted earnings per share (EPS) of $0.76, an increase of 43 percent. Adjusted results exclude the impact of the one-time charge related to the change in timeshare accounting rules. Demand for Marriott's timeshare projects continues to be strong, particularly at resorts in Las Vegas, Maui, Phuket, and St. Thomas. Looking ahead, the company expects to begin sales at four new resorts offering timeshare, fractional or whole ownership products in the second quarter of 2006, including the Marriott Vacation Club in St. Kitts and the Ritz-Carlton Clubs in Miami Beach, San Francisco and Kapalua, Hawaii. J.W. Marriott, Jr., Marriott International's chairman and chief executive officer, said, "We are delighted to report excellent results this quarter as we continue to benefit from a strong preference for our brands and favorable economic and industry trends.

Starwood Hotels & Resorts Worldwide Inc., which owns the Sheraton St. Regis and Westin chains, posted lower quarterly net income reflecting the effect of a timeshare accounting rule. Net income fell to $5 million, or 2 cents a share, from $79 million, or 36 cents a share, a year earlier. Net income includes a $72 million expense related to a change in accounting for timeshare transactions. For the second quarter, it forecast earnings of 58 cents a share and REVPAR at same-store owned hotels in North America to rise about 10% to 12%.

Shell Vacations Systems recently received one of the most prestigious awards presented at the vacation ownership industry's annual trade association conference in Las Vegas. The American Resort Development Association (ARDA) honored Shell Vacations Systems as the recipient of its 2006 ARDA Circle of Excellence (ACE) Innovator Award. The ACE Innovator Award recognizes a company or individual that has developed a groundbreaking product, service, or concept successfully implemented within the last three years. More info here.

May 2, 2006
Chennai