Cendant Corporation to Acquire AmeriHost Inn® and AmeriHost Inn and Suites(SM) Brand Names and Franchising Rights (8/00)

The transaction is subject to customary conditions, including clearance under the Hart Scott Rodino Antitrust Improvements Act, and is expected to close in the fourth quarter.

Amerihost Properties, Inc. is a hotel development, operations, management and Franchise Company that owns, builds, manages and Franchises mid-priced hotels. Currently, Amerihost manages or franchises 91 properties (with an ownership position in 80 of these hotels) in 18 states, including 78 properties within its proprietary brand -- AmeriHost Inn® , for a total of 6,809 rooms. An additional four AmeriHost Inn® hotels are under construction in Ohio and Wisconsin. The AmeriHost Inn® brand offers an expanded amenity package not often found in other mid-priced hotels, and is rated "three-diamond" by the American Automobile Association.

Cendant Corporation is a global provider of real estate, travel and direct marketing related consumer and business services. The Company's core competencies include building franchise systems, providing outsourcing solutions and direct marketing. As a franchiser, Cendant is among the world's leading franchisers of real estate brokerage offices, hotels, rental car agencies, and tax preparation services. The Company's real estate-related operations also include Move.com Group, Cendant's relocation, real estate and home-related services portal on the Internet. As a provider of outsourcing solutions, Cendant is a major provider of mortgage services to consumers, the global leader in employee relocation, and the world's largest vacation exchange service. In direct marketing, Cendant provides access to insurance, travel, shopping, auto, and other services primarily to customers of its affinity partners. In addition, Cendant Internet Group is pursuing a convergence strategy for the Company's off-line and online businesses. Other business units include NCP, the UK's largest private car park operator, and Wizcom, an information technology services provider. Headquartered in New York, NY, the Company has approximately 28,000 employees and operates in over 100 countries.