EXHIBIT 99.4 

                      CONSENT OF BEAR STEARNS & CO. INC. 

   We hereby consent to the inclusion in the Joint Proxy Statement/Prospectus 
forming part of this Registration Statement on Form S-4 of CUC International 
Inc. of our opinion attached as Appendix G thereto and to the reference to 
such opinion and to our firm therein. We also confirm the accuracy in all 
material respects of the description and summary of such fairness opinion and 
the description and summary of our analyses, observations, beliefs and 
conclusions relating thereto, set forth under the heading "Opinion of HFS's 
Financial Advisor" therein. In giving such consent, we do not admit that we 
come within the category of persons whose consent is required under Section 7 
of the Securities Act of 1933, as amended, and the rules and regulations of 
the Securities and Exchange Commission issued thereunder. 


                                          Bear, Stearns & Co. Inc. 


                                          By: /s/ Randall E. Paulson
                                              ---------------------------------
                                              Randall E. Paulson 
                                              Managing Director 

Dated: August 28, 1997