Filed by Cendant Corporation
                                                Commission File No. 1-10308
                      Pursuant to Rule 425 under the Securities Act of 1933
                               Subject Company: Fairfield Communities, Inc.
                                                Commission File No. 1-08096


This document is being filed pursuant to Rule 425 under the Securities Act
of 1933 and is deemed filed pursuant to Rule 14a-12 under the Securities
Exchange Act of 1934.


       CENDANT CORPORATION TO ACQUIRE FAIRFIELD COMMUNITIES, INC. FOR
           APPROXIMATELY $635 MILLION IN CASH OR CASH AND STOCK

   Acquisition Expected to be Immediately Accretive to Cendant's Earnings
       Fairfield Will Expand Cendant's RCI Vacation Exchange Business



NEW YORK, NY AND ORLANDO, FL, NOVEMBER 2, 2000 - Cendant Corporation
(NYSE:CD) and Fairfield Communities, Inc. (NYSE: FFD) today announced that
they have signed a definitive agreement for Cendant to acquire all of the
outstanding common stock of Fairfield Communities at $15 per share, or
approximately $635 million in aggregate. At least 50% of the consideration
will be in cash; the balance will either be in cash or Cendant common
stock, at Cendant's election. The final acquisition price may increase to a
maximum of $16 per share depending on a formula based on the average
trading price of Cendant stock over a twenty trading day period prior to
the closing of the transaction. The transaction is subject to customary
conditions and the approval of Fairfield's shareholders.

The acquisition is expected to be immediately accretive to Cendant earnings
and is expected to close in early 2001.

Fairfield Communities, with more than 324,000 vacation-owning households,
is the largest vacation ownership company in the United States, marketing
and managing resort properties at 33 locations in 12 states and the
Bahamas. This year over 625,000 families will visit Fairfield resorts.
Fairfield operates over 32 dedicated sales centers and manages over 110
timeshare and whole ownership resort associations.

For the twelve months ended September 30, 2000 Fairfield recorded revenues
of approximately $560 million, an 18% increase over the comparable twelve
months ended September 30, 1999. Net earnings for the twelve months ended
September 30, 2000 rose over 20% to approximately $64 million as compared
with $53 million in the prior period.

Cendant Chairman, President and CEO, Henry R. Silverman stated: "Fairfield
is known throughout the resort industry for its strong management and
outstanding sales and marketing capabilities. This acquisition will enable
Cendant to expand our timeshare product offerings to our customers:
timeshare developers. We can now offer Fairfield's proven systems along
with Cendant's own core competencies in vacation exchange, travel agency,
consulting and technology to current and prospective affiliates within the
vacation ownership industry."

Stephen P. Holmes, Chairman, Cendant Travel Division, said: "Since we
purchased RCI in 1996, timeshare has been an important core element in our
Travel Division. Expanding our presence in this fast-growing industry with
one of the recognized leaders will position us to accelerate the Travel
Division's growth."

Fairfield President and CEO, Jim Berk stated: "This acquisition combines
Cendant's infrastructure and global network systems with Fairfield's core
competencies of sales and marketing, resort management, and consumer
financing. Together we have all the components necessary to drive
significant growth in the vacation ownership industry."

The definitive agreement provides that if Cendant elects to use its common
stock as merger consideration, within a range of Cendant stock prices, the
number of Cendant common shares to be issued per share of Fairfield
Communities common stock will be increased to maintain the value of the
consideration to be paid at $15 per share. Furthermore, if Cendant's stock
price increases prior to closing of the transaction, the value of the
consideration to be paid to Fairfield Communities shareholders will
increase, but shall not exceed $16 per share.

As part of the transaction, Fairfield may, at the request of Cendant, spin
off the property development portion of its business to Fairfield
shareholders prior to the completion of the transaction. The new
independent property development company would continue to serve as a
developer of timeshare resorts. Cendant would serve as the exclusive sales
and marketing agent for such facilities and would also provide property
management and consumer financing services. The definitive agreement also
permits Cendant, at its option, to modify or eliminate the spin-off by
Fairfield Communities of its property development business.

An investor conference call and simultaneous Webcast to discuss this
transaction will begin promptly at 11:00 a.m. on November 2, 2000. The
dial-in period will commence at 10:45 a.m. The dial in number is (800)
314-7867. To listen to the Webcast, visit the Investor Center portion of
the Cendant Web site (http://www.cendant.com) and install the necessary
audio software.

A replay of the call will be available beginning at 2:00 p.m. on November
2, 2000 by dialing (719) 457-0820 (access code 774344) or by visiting
http://www.cendant.com . The telephone replay will be available until 8:00
p.m. on November 6, 2000.

Statements about future results made in this release may constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements are based on current
expectations and the current economic environment. These statements are not
guarantees of future performance. They involve a number of risks and
uncertainties that are difficult to predict including the outcome of
litigation. Actual results could differ materially from those expressed or
implied in the forward-looking statements. Important assumptions and other
important factors that could cause actual results to differ materially from
those in the forward-looking statements are specified in the Form 10-K for
the year ended December 31, 1999 for Fairfield and in the Form 10-Q for the
quarter ended June 30, 2000 for Cendant.

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. 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. 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.

More information about Cendant, its companies, brands and current SEC
filings may be obtained by calling 877-4INFO-CD (877-446-3623) or by
visiting the Company's web site at www.cendant.com.

Additional information about Fairfield Communities, Inc. can be obtained by
visiting the company's web site at www.efairfield.com.

In connection with the proposed transaction, Cendant Corporation will file
a Registration Statement on Form S-4 and Fairfield Communities, Inc. will
file a Proxy Statement, each with the Securities and Exchange Commission.
Investors and security holders are advised to read the registration
statement on Form S-4 and the Proxy Statement when they becomes available,
because they will contain important information. Investors and security
holders may obtain a free copy of the Registration Statement on Form S-4
and the Proxy Statement (when available) and other documents filed by
Cendant Corporation and Fairfield Communities with the SEC at the SEC's web
site at http://www.sec.gov. Free copies of the Registration Statement on
Form S-4, once available, and Cendant Corporation's other filings with the
SEC may also be obtained from Cendant Corporation via its' web site at
http://www.cendant.com or by directing a request to Investor Relations,
Cendant Corporation, 9 West 57th Street, New York, NY 10019. Free copies of
the Proxy Statement filed by Fairfield Communities may be obtained by
directing a request to Investor Relations, Fairfield Communities, 8669
Commodity Circle, #200, Orlando, FL 32819.



FOR CENDANT                                FOR FAIRFIELD
Media Contact:                             Media Contact:
Elliot Bloom                               Stacey Nield or Steve DiMattia
212-413-1832                               Morgen-Walke Associates
                                           212-850-5600
Investor Contacts:
Sam Levenson                               Investor Contact:
212-413-1834                               Robert W. Howeth
                                           Chief Financial Officer
Denise Gillen                              407-370-5250
212-413-1833


                                   * * *


Fairfield, its directors, executive officers and certain other members of
management and employees may be soliciting proxies from Fairfield
security holders in favor of the adoption of the proposed transactions. A
description of any interest that Fairfield's directors and executive
officers have in these transactions will be available in the Proxy
Statement, which may be obtained without charge at the SEC's web site at
http://www.sec.gov.