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 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 pace of the lodging industry's recovery from September 11, 2001 attacks will
continue to 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
have remained depressed as some potential travelers reduced or avoided
discretionary air and other travel in light of the increased safety concerns and
travel delays. The attacks have also decreased consumer confidence, and a
resulting further decline in the U.S. and global economies has reduced travel.
Weaker hotel performance has reduced management and franchise fees and given
rise to fundings or losses under loans, guarantees and minority investments that
we have made in connection with hotels that we manage, which has, in turn, had a
material adverse impact on our financial performance. Timeshare sales have also
been impacted negatively. Adverse economic conditions have also resulted in
decreased and delayed development of new hotel properties, which will lead to
decreased growth in management and franchise fees. Although both the lodging and
travel industries have begun to recover from the September 11 attacks, it
remains unclear whether, at what pace, and to what extent, that recovery will
continue, and adverse impacts on our business can be expected to continue for an
unknown period of time.