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. 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 September 11, 2001 attacks may adversely impact our financial
results and growth: Both the Company and the lodging industry have been
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, have decreased further and are likely to
remain depressed 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 have also decreased consumer confidence,
and a 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 will 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.