Cendant increased its involvement within the timeshare business by buying Fairfield Communities in 2001 and Trendwest Resorts in 2002. In 2005, Cendant purchased the Wyndham hotel model from the Blackstone Group. And as we talked about on the last call, we acquired $four million to $5 million in EBITDA, however we are investing within the enterprise this yr versus creating the packages, growing relationships with the providers of the fulfillment or excursions and things like that. So after we think about the travel and leisure group this yr, I would not count on the EBITDA contribution to be anything material.
Still, an early recovery of leisure travel demand could be a positive for the deeply-troubled industry. It additionally would largely staunch the financial bleeding, which at present continues at a price of tens of tens of millions of dollars day by day in cash losses for the six largest carriers. …
