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) supply additions, (ii) international,
national and regional economic conditions, (iii) changes in travel patterns,
(iv) taxes and government regulations which influence or determine wages,
prices, interest rates, construction procedures and costs, and (v) 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.

 
Year 2000 Compliance:  The Company, like most computer users, will be required
to modify or replace significant portions of its computer software and other
systems so that they will function properly prior to, in the year 2000, and
beyond. The Company has assembled a dedicated team to address the year 2000
issue which has completed an inventory of most significant systems requiring
modification, and has completed the remediation of some significant systems.
However, there are numerous difficulties inherent in assessing the costs to the
Company of remediation, including uncertainties as to the extent of work to be
done, the availability and costs of consultants, the extent of testing required,
and the portion of such costs which are subject to payment or reimbursement by
others.  There can be no assurance that the actual costs of remediation will not
significantly exceed the Company's estimates. Although the Company believes that
it has allocated adequate resources for this purpose and expects its year 2000
program to be completed on a timely basis, there can also be no assurance that
the systems of other parties upon which the Company's businesses also rely will
be converted on a timely basis. The Company could be materially adversely
affected by the failure of its systems and applications, or those operated by
other parties, to properly address the year 2000 issue.