EXHIBIT 99



                                                                   Exhibit 99-1

                          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. We can
not assure you 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 corporate apartments 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, 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, Orbitz, Hotels.com
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 we expect most of our business to continue 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 lodging industry's uncertain recovery in the aftermath of the September 11,
2001 terrorist attacks and the possibility of a military action in Iraq, Korea
or elsewhere will continue to impact our financial results and growth. Both the
Company and the lodging industry have been hurt by last year's terrorist
attacks on New York and Washington and their aftermath. Business and leisure
travel, which was already suffering from a global economic downturn, decreased
further after the attacks and has remained depressed as some potential
travelers reduced or avoided discretionary travel in light of increased delays
and safety concerns and as a result of further economic declines stemming from
an erosion in consumer confidence. 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. Declines in leisure travel and consumer confidence have
also hurt our timeshare sales. Reduced and delayed development of new hotel
properties due to adverse economic conditions in turn slows the growth in our
management and franchise fees. Although both the lodging and travel industries
had begun to recover by the spring of 2002, recent economic softness, concerns
over potential military action in Iraq or Korea and the possibility of airline
failures and likelihood of further airline service cutbacks has left it unclear
whether, at what pace, and to what extent, that recovery will continue.
Accordingly, adverse impacts on our business could continue or worsen for an
unknown period of time.



Exit from the senior living services business: We have entered into an
agreement to sell our Senior Living Services business to Sunrise Assisted
Living, Inc. The closing of the transaction is subject to the satisfaction or
waiver of closing contingencies customary for transactions of this nature and
receipt of certain regulatory permits and approvals. In addition, one owner of
facilities that our Senior Living Services business manages has sought to
prevent the sale transaction through a lawsuit, but has not been successful to
date. Although we expect that all closing contingencies, including
contingencies related to regulatory permits and approvals, will be satisfied
and that the transaction will close by the end of the first quarter of 2003, we
cannot assure you that all closing contingencies will be satisfied either by
that date or at all. Until we exit the senior living service business we will
continue to be subject to the various risks associated with that business,
including the risks described above. In addition, our agreement to sell the
Senior Living Services business provides for purchase price adjustments and
indemnification of Sunrise Assisted Living based on pre-closing events and
liabilities resulting from the consummation of the transaction. As the amount
of such purchase price adjustments and indemnification obligations depends, in
large part, on actions of third parties that are outside of our control, it is
difficult to predict the ultimate impact of those adjustments and indemnities.