Fairfield today reported record earnings and revenue for the fourth quarter and the year. The company is scheduled to merge with New York-based Cendant Corp. April 2 in a cash-stock deal valued for at least $635 million, according to both companies.
"We continue to power forward by every financial and operational metric," outgoing president/CEO Jim Berk says in a prepared statement. Fairfield will continue its operations from its Orlando base under the Cendant banner. Berk is leaving for other unannounced corporate challenges.
Fairfield claims it is the largest timeshare company in the United States with 340,000 unit owners at 33 resort destinations in 12 states and the Bahamas. The company's unit ownership count is up 22% over 1999.
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