Wyndham Lake Buena Vista Centerpiece of Vacation Ownership Resort

Developed and Managed by Fairfield Resorts(R), a Wyndham Vacation Ownership Company

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. October 14, 2008

PARSIPPANY, NJ, June 5, 2006, Wyndham Worldwide today announced the planned development of a 400-room Wyndham(R) hotel and spa at the Fairfield Orlando at Bonnet Creek Resort adjacent to the Walt Disney World(R) 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(R), 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; caf'e; 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.