<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-END> MAR-31-1997 <CASH> 2,863 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 91,940 <DEPRECIATION> (23,637) <TOTAL-ASSETS> 74,245 <CURRENT-LIABILITIES> 49,626 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 1000 <OTHER-SE> 23,619 <TOTAL-LIABILITY-AND-EQUITY> 74,245 <SALES> 0 <TOTAL-REVENUES> 2,666 <CGS> 0 <TOTAL-COSTS> 2,281 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 1,404 <INCOME-PRETAX> (707) <INCOME-TAX> 0 <INCOME-CONTINUING> (707) <DISCONTINUED> 0 <EXTRAORDINARY> 2,643 <CHANGES> 0 <NET-INCOME> 1,936 <EPS-PRIMARY> 0.19 <EPS-DILUTED> 0.19