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
facilities entails entering into and maintaining various arrangements with
present and future property owners, including Host Marriott Corporation,
Crestline Capital 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, corporate apartments, 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, corporate
apartments, 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,
including the present economic downturn in the United States, (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 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 downturn in demand for hotel rooms in the United States
will not continue, become more severe, or spread to other regions; 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.  Weaker hotel and senior living community performance could give
rise to losses under loans, guarantees and minority equity investments that we
have made in connection with hotels and senior living communities that we
manage.

Internet Reservation Channels: Some of our hotel rooms are booked through
internet travel intermediaries such as Travelocity, Expedia and Priceline.  As
this percentage increases, these intermediaries may be able to obtain higher
commissions, reduced room rates or other significant


contract concessions from us. Moreover, some of these internet travel
intermediaries are attempting to commoditize hotel rooms, by increasing the
importance of price and general indicators of quality (such as "three-star
downtown hotel") at the expense of brand identification. These agencies hope
that consumers will eventually develop brand loyalties to their reservations
system rather than to our lodging brands. If this happens our business and
profitability may be significantly harmed. Although most of our business is
expected to be derived from traditional channels, if the amount of sales made
through internet intermediaries increases significantly, our business and
profitability may be significantly harmed.

The aftermath of the September 11, 2001 attacks may adversely impact our
financial results and growth. We expect that both the Company and the lodging
industry will be adversely affected in the aftermath of the terrorist attacks on
New York and Washington. Domestic and international business and leisure travel,
which already had been adversely affected by the recent economic downturn in the
United States and internationally, is likely to decrease further over the near
term as potential travelers reduce or avoid discretionary air and other travel
in light of the increased safety concerns and anticipated travel delays. The
attacks also could decrease consumer confidence, and the resulting further
decline in the U.S. and global economies could further reduce travel. At
present, it is not possible to predict either the severity or duration of such
declines, but weaker hotel performance would reduce management and franchise
fees and could give rise to fundings or losses under loans, guarantees and
minority investments that we have made in connection with hotels that we manage,
which could, in turn, have a material adverse impact on our financial
performance. Timeshare sales could also be impacted negatively, adverse economic
conditions also could be expected to result in decreased and delayed development
of new hotel properties, leading to decreased growth in management and franchise
fees.