Henry Silverman's Busy '90s 1990: Founds HFS as Hospitality Franchise Systems. Acquires the Howard Johnson and Ramada franchise systems. 1992: Acquires Days Inn franchise system. Goes public. 1993: Acquires Super 8 Motels and the domestic Park Inn International franchise systems. 1994: Acquires the Villager Lodge franchise system. Establishes and spins off National Gaming. 1995: Acquires the 160-motel Knights Inn chain and launches the Wingate Inns chain. In August, acquires Century 21 and Western Relocation Management. 1996: -- Acquires the 400-hotel North American Travelodge system. -- Acquires Electronic Realty Associates system. -- Completes acquisition of Coldwell Banker for $640 million, cash, and assumption of $100 million debt. -- Agrees to buy Avis for $800 million in cash and stock. -- Agrees to buy Resort Condominiums International, a time-share company, for $825 million, including $550 million in cash and $75 million in stock, plus possible future payments of $200 million. -- Agrees to acquire PHH, a corporate relocator and mortgage originator, for $1.7 billion in stock. Return to main story

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