EXHIBIT 99.4

ACCOUNTANTS' COMPILATION REPORT

August 14, 1997

To the Partners

Packwood Jekyll Limited Partnership

Gentlemen:

We have compiled the accompanying balance sheet of Packwood Jekyll Limited
Partnership as of June 30, 1997 and the related statements of income (loss),
partners' capital and cash flows for the six months then ended, in accordance
with statements on standards for accounting and review services issued by the
American Institute of Certified Public Accountants.

A compilation is limited to presenting in the form of financial statements
information that is the representation of management. We have not audited or
reviewed the accompanying financial statements and, accordingly, do not express
an opinion or any other form of assurance on them.

Wertheim & Company

PACKWOOD JEKYLL LIMITED PARTNERSHIP
BALANCE SHEET
JUNE 30, 1997

ASSETS

Current Assets
Cash............................................................. $ 96,427
Accounts receivable.............................................. 95,459
Inventories--Note 2.............................................. 27,850
Prepaid taxes and expenses....................................... 126,238
---------- ----------
Total Current Assets......................................... $ 345,974
Property and Equipment--Note 3
Building......................................................... 2,085,254
Improvements..................................................... 1,138,435
Furniture, fixtures and equipment................................ 2,357,219
Less: Accumulated depreciation................................. (2,918,087)
----------
Total Property and Equipment................................. 2,662,821
Other Assets--Note 4
Unamortized mortgage loan expense................................ 4,639
Security deposits................................................ 8,533
----------
Total Other Assets........................................... 13,172
----------
$3,021,967
----------

LIABILITIES AND CAPITAL

Current Liabilities
Mortgage payable--current portion--Note 5........................ $ 118,300
Accounts payable................................................. 152,084
Accrued liabilities.............................................. 554,213
Sales, payroll and other taxes payable........................... 212,739
Loans payable--Merrill Lynch--Note 10............................ 250,000
--other--current portion--Note 11.................... 23,088
----------
Total Current Liabilities.................................... $1,310,424
Long-Term Liabilities
Mortgage payable--net of current portion--Note 5................. 4,027,155
Loans payable--other--net of current portion--Note 11............ 18,874
----------
Total Liabilities............................................ 4,046,029
Commitments and Contingent Liabilities
Partners' Capital--Note 6.......................................... (2,334,486)
----------
$3,021,967
----------
----------

See Accountants' Compilation Report and Accompanying Notes to Financial
Statements.

PACKWOOD JEKYLL LIMITED PARTNERSHIP
STATEMENT OF INCOME (LOSS)
JUNE 30, 1997

Income.................................................................................. $ 2,101,673
Cost of Sales........................................................................... 838,676
-----------
Gross Profit............................................................................ $ 1,262,997
Operating Expenses
General and Administrative............................................................ 153,949
Management fees....................................................................... 63,034
Other operating expenses.............................................................. 600,406
-----------
Total Operating Expenses............................................................ 817,389
-----------
Operating Profit........................................................................ 445,608
Other Expenses
Mortgage interest..................................................................... 207,469
Other interest........................................................................ 17,660
Rent.................................................................................. 94,372
General partners' asset management fee--Note 7........................................ 33,244
Real estate and personal property taxes............................................... 28,916
-----------
Total Other Expenses................................................................ 381,661
-----------
Income (Loss) before Depreciation....................................................... 63,947
Depreciation.......................................................................... 101,646
Amortization--loan fees............................................................... 2,049 103,695
----------- -----------
Net Income (Loss) for the Period........................................................ $ (39,748)
-----------
-----------

See Accountants' Compilation Report and Accompanying Notes to Financial
Statements.

PACKWOOD JEKYLL LIMITED PARTNERSHIP
STATEMENT OF CASH FLOWS
JUNE 30, 1997

Cash Flows from Operating Activities:

Net (Loss)........................................................ $ (39,748)

Adjustments to Reconcile Net Income to Cash Provided by
Operations:

Depreciation.................................................... $ 101,646
Amortization.................................................... 2,049
Accounts receivable............................................. (30,136)
Inventories..................................................... (1,735)
Prepaid expenses................................................ (28,500)
Accounts payable................................................ (96,613)
Accrued liabilities and taxes................................... 397,798
Security deposits............................................... (350)
---------
Total Adjustments........................................... 344,159
---------

Net Cash Provided by Operating Activities......................... 304,411

Cash (Used) in Investing Activities:
Capital expenditures............................................ (82,752)

Cash Flows from Financing Activities:
Proceeds from bank loan (net)................................... (2,178)
Payments--note payable--Packwood Management..................... (60,000)
Principal payments under mortgage............................... (74,656)
Principal payments under lease payable (net).................... (14,544)
---------

Net Cash (Used) in Financing Activities........................... (151,378)
---------

Net Increase in Cash.............................................. 70,281

Cash--Beginning of Period......................................... 26,146
---------

Cash--End of Period............................................... $ 96,427
---------
---------

See Accountants' Compilation Report and Accompanying Notes to Financial
Statements.

PACKWOOD JEKYLL LIMITED PARTNERSHIP
PARTNERS' CAPITAL

BALANCE
JANUARY 1, NET JUNE 30,
1997 LOSS DRAWINGS 1997
------------- ---------- ----------- -------------

Limited Partners............................................. $ (972,369) $ (19,874) $ -- $ (992,243)
General Partners............................................. (1,322,369) (19,874) -- (1,342,243)
------------- ---------- ----------- -------------
$ (2,294,738) $ (39,748) -- $ (2,334,486)
------------- ---------- ----------- -------------
------------- ---------- ----------- -------------

See Accountants' Compilation Report and Accompanying Notes to Financial
Statements.

PACKWOOD JEKYLL LIMITED PARTNERSHIP
Notes to Financial Statements
June 30, 1997

(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION

The Partnership acquired the Jekyll Island Inn of Jekyll Island, Georgia on
February 15, 1989. The Hotel is a 265-room resort Hotel.

BASIS OF FINANCIAL STATEMENTS

The Partnership maintains its books and records and files its tax returns on
the accrual basis.

In preparing statements in conformity with generally accepted accounting
principles, management is required to make estimates and assumptions that affect
the reported amounts of assets and liabilities and the disclosure of contingent
assets and liabilities at the date of the financial statements and revenues and
expenses during the reporting period. Actual results could differ from the
estimates.

(2) INVENTORIES

Inventories are stated at the lower of cost or market. As of June 30, 1997
they consist of:

Linen.............................................................................. $ 10,331
Food............................................................................... 8,067
Beverages.......................................................................... 7,452
Tickets and miscellaneous.......................................................... 2,000
---------
$ 27,850
---------
---------

(3) PROPERTY AND EQUIPMENT

Property and equipment are capitalized at cost. Significant improvements are
capitalized; maintenance and repairs are charged to income. When equipment is
retired or otherwise disposed of, the cost of the assets and related accumulated
depreciation are eliminated from the accounts and any gain or loss on
disposition is credited or charged to income.

Depreciation and amortization of fixed assets is computed on accelerated
methods using lives from five to 31 1/2 years.

(4) OTHER ASSETS

Mortgage loan costs and franchise fees are all to be amortized over a
60-month period.

(5) MORTGAGE PAYABLE

The Partnership has a first mortgage with GE Capital Asset Management Corp.
for $4,500,000. Payments are at $39,052.05 per month with the balance due on
July 31, 1998. Interest is at 8.5%. The balance due at June 30, 1997 was
$4,145,455.

PACKWOOD JEKYLL LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1997

(6) PARTNERS' CAPITAL

Pursuant to the partnership agreement all operating profits and losses of
the Partnership are allocated as follows:

50%--Limited Partners

50%--General Partners

(7) GENERAL PARTNERS' ASSET MANAGEMENT FEE

The general partners receive in accordance with their respective interest an
asset management fee in the amount of one percent of the Partnership's gross
revenues. This fee is cumulative but subordinate to the cumulative return (10%
per annum) payable to the limited partners.

(8) MANAGEMENT AGREEMENT

A management agreement was signed with an independent company with a fee of
3% of gross revenue plus a $2,000 monthly accounting fee. The term of this
agreement ends December 31, 2001. Packwood Management Company receives $2,000
per month as a management fee.

(9) LAND LEASE

The Partnership has a land lease with the Jekyll Island State Park Authority
which expires April 26, 2018. The current annual base rent is $52,308 plus a
percentage of revenue. The Partnership has a renewal option for an additional 16
years.

(10) BANK LOAN

The Partnership has obtained a working capital loan for $250,000 from
Merrill Lynch Business Financial Services, Inc. with an interest rate of prime
plus 1 1/2%. It is collateralized by inventory, equipment, furniture, fixtures
and accessories. The maturity date of this credit line is August 31, 1997.

(11) LONG-TERM DEBT

Long-term debt maturing in the next five years consists of the following:

June 30, 1998................................................................... $ 118,300
1999..................................................................... 4,027,155
2000..................................................................... --
2001..................................................................... --
2002..................................................................... --

The Partnership leases equipment for the hotels. Payments over the next five
years are as follows:

June 30, 1998................................................................... $ 23,088
1999..................................................................... 14,370
2000..................................................................... 4,504
2001..................................................................... --
2002..................................................................... --

(12) SUBSEQUENT EVENTS

In August 1997, the Partnership sold the hotel to the company that is
presently managing the hotel.