EXHIBIT 99

                          FORWARD-LOOKING STATEMENTS


The following factors, among others, could cause actual results to differ
materially from those contained in forward-looking statements made in this
report or presented elsewhere by management.

Dependence on Others: Our present growth strategy for development of additional
lodging and senior living facilities entails entering into and maintaining
various arrangements with present and future property owners, including Host
Marriott Corporation and New World Development Company Limited. There can be no
assurance that any of our current strategic arrangements will continue, or that
we will be able to enter into future collaborations.

Contract Terms for New Units: The terms of the operating contracts, distribution
agreements, franchise agreements and leases for each of our lodging facilities
and senior living communities are influenced by contract terms offered by our
competitors at the time such agreements are entered into. Accordingly, we cannot
assure you that contracts entered into or renewed in the future will be on terms
that are as favorable to us as those under existing agreements.

Competition. The profitability of hotels, vacation timeshare resorts, senior
living communities, and distribution centers we operate is subject to general
economic conditions, competition, the desirability of particular locations, the
relationship between supply of and demand for hotel rooms, vacation timeshare
resorts, senior living facilities, and distribution services, and other factors.
We generally operate in markets that contain numerous competitors and our
continued success will depend, in large part, upon our ability to compete in
such areas as access, location, quality of accommodations, amenities,
specialized services, cost containment and, to a lesser extent, the quality and
scope of food and beverage services and facilities.

Supply and Demand: The lodging industry may be adversely affected by (1) supply
additions, (2) international, national and regional economic conditions, (3)
changes in travel patterns, (4) taxes and government regulations which influence
or determine wages, prices, interest rates, construction procedures and costs,
and (5) the availability of capital to allow us and potential hotel and senior
living community owners to fund investments. Our timeshare and senior living
service businesses are also subject to the same or similar uncertainties and,
accordingly, we cannot assure you that the present level of demand for
timeshare intervals and senior living communities will continue, or that there
will not be an increase in the supply of competitive units, which could reduce
the prices at which we are able to sell or rent units.