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                                                                    EXHIBIT 99.2


                        CENDANT ACQUIRES NRT INCORPORATED

                      NRT Purchases Arvida Realty Services

   Acquisitions Will Add To Cendant's Adjusted EPS and Leading Market Position
                           In Residential Real Estate

NEW YORK, NY, APRIL 17, 2002 - Cendant Corporation (NYSE:CD) today announced
that it has exercised its option to acquire 100% of the common stock of NRT
Incorporated from Apollo Management, LP and members of NRT management. NRT is
the largest residential real estate brokerage firm in the United States. The
purchase price was approximately 12 million shares of Cendant common stock or
$230 million, plus assumption of about $300 million of net debt, which will be
retired.

NRT was formed as a joint venture between Cendant and Apollo Management in 1997.
It operates more than 850 brokerage offices with more than 45,000 agents in 24
of the nation's largest metropolitan areas. In 2001, it represented buyers and
sellers of approximately $120 billion of residential real estate.

Cendant also announced that its NRT subsidiary has acquired Clearwater, Florida-
based Arvida Realty Services, the largest residential real estate brokerage in
Florida, from The St. Joe Company (NYSE:JOE), for approximately $160 million in
cash. The Arvida offices will be converted to Coldwell Banker, a Cendant brand,
and will be integrated with NRT's existing Coldwell Banker operations in
Florida. The transaction does not include Arvida Community Development, a
homebuilder.

Together, these transactions are expected to increase Cendant's 2002 Adjusted
earnings per share by $0.02.

As previously announced, the Company excludes from adjusted results costs
related to shareholder litigation and costs incurred in connection with the
Company's acquisitions. Accordingly, Cendant will exclude costs in connection
with the acquisitions of NRT and Arvida Realty and NRT's future acquisition
activities, primarily the non-cash amortization of acquired pendings and
listings required under GAAP. Cendant will also exclude conversion costs
relating to the integration of previously owned offices with acquired real
estate offices.

Cendant Corporation is primarily a provider of travel and residential real
estate services. With approximately 70,000 employees, New York City-based
Cendant provides these services to business and consumers in over 100 countries.
More information about Cendant, its companies, brands and current SEC filings
may be obtained by visiting the Company's Web site at http://www.cendant.com or
by calling 877-4-INFOCD (877-446-3623).

Adjusted EPS is a non-GAAP (generally accepted accounting principles) measure,
but the Company believes that it is useful to assist investors in gaining an
understanding of the trends and results of operations for the Company's core
businesses. Adjusted EPS should be viewed in addition to GAAP results and not in
lieu of GAAP results.



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THIS PRESS RELEASE CONTAINS "FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING OF
FEDERAL SECURITIES LAW, INCLUDING STATEMENTS CONCERNING BUSINESS STRATEGIES AND
THEIR INTENDED RESULTS AND SIMILAR STATEMENTS CONCERNING ANTICIPATED FUTURE
EVENTS AND EXPECTATIONS THAT ARE NOT HISTORICAL FACTS. THE FORWARD-LOOKING
STATEMENTS IN THIS PRESS RELEASE ARE SUBJECT TO NUMEROUS RISKS AND
UNCERTAINTIES, INCLUDING THE EFFECTS OF ECONOMIC CONDITIONS, SUPPLY AND DEMAND
CHANGES FOR HOTEL ROOMS, COMPETITIVE CONDITIONS IN THE LODGING INDUSTRY,
RELATIONSHIPS WITH CLIENTS AND PROPERTY OWNERS, THE IMPACT OF GOVERNMENT
REGULATIONS, AND THE AVAILABILITY OF CAPITAL TO FINANCE GROWTH, WHICH COULD
CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED IN OR IMPLIED BY
THE STATEMENTS HEREIN.

Such forward-looking statements include projections. Such projections were not
prepared in accordance with published guidelines of the American Institute of
Certified Public Accountants or the SEC regarding projections and forecasts, nor
have such projections been audited, examined or otherwise reviewed by
independent auditors of Cendant or its affiliates. In addition, such projections
are based upon many estimates and are inherently subject to significant economic
and competitive uncertainties and contingencies, many of which are beyond the
control of management of Cendant and its affiliates. Certain of such
uncertainties and contingencies are specified in Cendant's quarterly report on
Form 10-K for the year ended December 31, 2001. Accordingly, actual results may
be materially higher or lower than those projected. The inclusion of such
projections herein should not be regarded as a representation by Cendant or its
affiliates that the projections will prove to be correct.



MEDIA CONTACT:                      INVESTOR CONTACTS:
Elliot Bloom                                Sam Levenson
212-413-1834                                212-413-1834