address new industry acquisitions
PARSIPPANY, N.J.--(BUSINESS WIRE)--Oct. 17, 1996--HFS Inc.
(NYSE: HFS) announced today that it has elected two new members to
its board of directors, reflecting the diversification of the
E. John Rosenwald Jr., vice chairman of The Bear Stearns
Companies Inc., and Joseph V. Vittoria, chairman and chief executive
officer of Avis Inc., the world's second largest rental car company,
purchased today by HFS Inc., have been elected to the board. It is
anticipated that Christel DeHaan, chairman and CEO of Resort
Condominiums International, will be elected to the board upon HFS's
acquisition of RCI later this year.
"We have significantly increased the size and diversity of our
company over the past few years making it appropriate that we expand
the breadth and scope of our board," said Henry R. Silverman,
chairman and CEO of HFS Inc. "John and Joe bring with them a high
degree of skill and experience, which will make a considerable
contribution to the board's effectiveness."
E. John Rosenwald Jr. has been with The Bear Stearns Companies
Inc. since 1954, and was elected vice chairman of the company in
1988. Rosenwald also serves on the board of directors of Hasbro
Inc., and Frequency Electronics Inc., as well as being a member of
the board of trustees of a number of non-profit organizations. He
is a graduate of Dartmouth College and the Amos Tuck School of
Joseph V. Vittoria has spent his entire career since the 1960s
in the car rental industry, spending much of his time with Avis.
Vittoria is on the board of directors of UAL Corp. and is a member
of the regional advisory board of the Chemical Banking Corp. He
graduated from Yale University and has a master of business
administration from Columbia University. He also holds an honorary
doctor of laws degree from Molloy College, in Rockville Centre, N.Y.
HFS Inc. is the world's largest franchisor of hotels and
residential real estate brokerage offices. The company has more
than 5,300 Days Inn, Howard Johnson, Knights Inn, Park Inn, Ramada,
Super 8, Travelodge, Villager Lodge and Wingate Inn franchised
hotels with more than 490,000 rooms in the United States, Canada,
Latin America and Europe. In real estate, HFS's CENTURY 21,
Coldwell Banker and ERA brands have about 11,200 franchised offices
with more than 160,000 brokers and agents in the United States,
Mexico, Canada, Puerto Rico, Europe, Africa and the Asia/Pacific
region. The company also owns Avis Inc., the world's second largest
rental car company, and expects to close on its purchase of Resort
Condominiums International (RCI), the world's largest provider of
vacation timeshare exchanges, before year end.
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