Cendant to buy Sotheby real estate brokerage

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Cendant to buy Sotheby real estate brokerage
« on: February 17, 2004, 21:16:43 »
Cendant to buy Sotheby real estate brokerage

Cendant Corp., which already owns Century 21, RCI, Coldwell Banker and ERA, plans to solidify its position in the high-end real estate market by acquiring the residential division of Sotheby's International Realty.
The auction house will reportedly get $100 million for the operation. Sotheby's has handled the sale of many of Hawaii's most expensive homes.

Cendant isn't a household name but the conglomerate plays a big role in American life and especially in Hawaii. Coldwell Banker, for example, has 450 sales associates in Hawaii alone.

The company is also active in the travel industry: it owns the car rental brand Avis and is the world's biggest hotel franchisor with the Days Inn and Super 8 brands. It owns Fairfield Resorts, which has timeshare properties in Hawaii. And its Galileo travel selling division includes Honolulu-born Cheap Tickets.

Cendant recently reported quarterly earnings of $288 million, up 16 percent from year-before levels.