Last week, Cendant Corp. announced that it was reversing its longtime strategy of diversification by dividing the travel and real estate services company into four separate public companies: hospitality, travel service, real estate and car rentals. All but travel services, which will be based in Manhattan, will be based in Parsippany. Hospitality services, which will include Cendant's hotel and time-share operations, will be headed by Stephen Holmes, Cendant's vice chairman and a longtime associate of Henry Silverman, founder and chief executive of a predecessor company, HFS Inc.

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