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                                   EXHIBIT 21

                         SUBSIDIARIES OF THE REGISTRANT


On November 1, 1993 and July 9, 1996, the Company formed two wholly-owned
subsidiaries, HCRI Pennsylvania Properties, Inc. and HCRI Overlook Green, Inc.,
respectively. These Pennsylvania corporations were created to own real estate in
the State of Pennsylvania.

On December 27, 1996 and December 30, 1996, the Company formed a wholly-owned
subsidiary, HCRI Texas Properties, Inc., a Delaware corporation, and HCRI Texas
Properties, Ltd., a Texas limited partnership, respectively. Both entities were
created in connection with real estate investments in the State of Texas.




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