UPDATE 2-Cendant to discard lower quality hotels, cut staff


(adds detail, comment from unit CEO, analyst comment, byline) By Julie MacIntosh NEW YORK, Aug 20 (Reuters) - Real estate and travel services giant Cendant Corp. said on Tuesday that it will rid itself of up to 7 percent of its hotel rooms and cut its hotel staff by 130 jobs in a bid to boost the overall quality of that business. At the same time, Cendant has reached a deal with the creditors of Budget Group Inc. to buy the bankrupt car rental agency for $107.5 million in cash and will ...

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