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 the 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.

Exit from the distribution services business: We expect our decision to exit the
distribution services business will take place through a combination of sale or
transfer of some facilities, closing of other facilities and other suitable
arrangements. Although we anticipate a completion date around the end of 2002
and expect to incur material costs in connection with exiting the business, the
timing of our exit and the magnitude of those costs will remain uncertain until
the implementing transactions are fully negotiated.