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: The Company's present growth strategy for development of
additional lodging and senior living 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 the Company's current strategic
arrangements will be continued, or that the Company 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 the Company's lodging
facilities and retirement communities are influenced by contract terms offered
by the Company's competitors at the time such agreements are entered into.
Accordingly, there can be no assurance that contracts entered into or renewed in
the future will be on terms that are as favorable to the Company as those under
existing agreements.

Competition: The profitability of hotels, vacation timeshare resorts, retirement
communities, and distribution centers operated by the Company 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, and distribution services,
and other factors. The Company generally operates in markets that contain
numerous competitors and the continued success of the Company will be dependent,
in large part, upon the 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: During the 1980s, construction of lodging facilities in the
United States resulted in an excess supply of available rooms, and the
oversupply had an adverse effect on occupancy levels and room rates in the
industry. Although industry conditions have improved, the lodging industry may
be adversely affected in the future by (i) international, national and regional
economic conditions, (ii) changes in travel patterns, (iii) taxes and government
regulations which influence or determine wages, prices, interest rates,
construction procedures and costs, and (iv) the availability of capital. The
Company's timeshare and senior living service businesses are also subject to the
same or similar uncertainties and, accordingly, there can be no assurance 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 the Company is able
to sell or rent units.

Effect of Acquisitions: The benefit to the Company of potential future
acquisitions depends, in part, on the Company's ability to integrate the
acquired businesses into existing operations. Such integration may be more
difficult, costly and time consuming than initially anticipated.