Cendant Corporation, one of the world's largest franchisor of hotels and residential real estate brokerage offices, announced last week that it has agreed to buy the Wyndham brand and franchise system for $100 million. The deal, which covers 100 hotels in the United States, Mexico and the Caribbean, will transform Cendant from a pure franchising entity into a diversified management and franchise company for the first time in its 15-year history. The deal also includes the worldwide rights to the Wyndham brand for time-share development and sales. As reported in its own press release, Cendant will acquire franchise agreements for 82 hotels and management contracts for 29 hotels from Wyndham International Inc., an affiliate of The Blackstone Group. The transaction is scheduled to close next month and is subject to the satisfaction of certain closing conditions, including regulatory approvals.