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Non-Tech : Cendant Corporation (NYSE:CD) -- Ignore unavailable to you. Want to Upgrade?

To: VALUESPEC who wrote (225)	4/17/1998 3:31:00 PM
From: Nick	Read Replies (2) \| Respond to of 3627

Valuespec, you are right that they will stay. But they will only stay because they don't have another choice. They cannot get another franchise with a substandard product, unless they spend tons of $$ to bring it to others' specs. Holiday Inns, Hampton Inns, Courtyard & Fairfield, La Quinta, Comfort Inns, do a lot better than Ramada, Days, HoJo. They are the ones who make lots of money. Silverman's franchisees feed off the leftovers. His only new idea is Wingate Inn, but it hasn't proven itself yet. Silverman has made tons of money. The franchisees are holding the bag, and soon stockholders will join them.