<ARTICLE> 5
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               MAR-31-1998
<CASH>                                         155,817
<SECURITIES>                                         0
<RECEIVABLES>                                    3,347
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                         191,038
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                 493,474
<CURRENT-LIABILITIES>                                0
<BONDS>                                        371,500
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                            29
<OTHER-SE>                                      97,219
<TOTAL-LIABILITY-AND-EQUITY>                   493,474
<SALES>                                              0
<TOTAL-REVENUES>                                 5,084
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               6,260
<INCOME-PRETAX>                                (1,176)
<INCOME-TAX>                                       263
<INCOME-CONTINUING>                              (913)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     (913)
<EPS-PRIMARY>                                   (1.19)
<EPS-DILUTED>                                   (1.19)