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: The lodging industry may be adversely affected 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 to allow the Company and
potential hotel and retirement community owners to fund investments. 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.

Year 2000 Compliance: A failure by the Company or third parties with whom it
does business to successfully address the Year 2000 problem, as described in
Item 2 of this Report (Management's Discussion and Analysis of Results of
Operations and Financial Condition), could have a material adverse effect
on the Company, its business and financial condition.