Cendant Corp. exercised its option to redeem Marriott International's interest in the Two Flags joint venture, which owns the trademarks and licenses for the Ramada and Days Inn brands in the United States

Hotel & Motel Management, May 3, 2004 by Elaine Simon

* Cendant Corp. exercised its option to redeem Marriott International's interest in the Two Flags joint venture, which owns the trademarks and licenses for the Ramada and Days Inn brands in the United States. Marriott continues to own the trademarks and licenses for Ramada outside the United States; operate and franchise hotels outside of the United States and Canada under the Ramada International brand name; and license the Ramada name in Canada to Cendant. Marriott expects to receive about $200 million Sept. 1 and use the funds for its ongoing share-repurchase program.

Compiled by Elaine Simon, esimon@advanstar.com