<ARTICLE> 5 <MULTIPLIER> 1,000 <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-END> JUN-30-1997 <CASH> 389,931 <SECURITIES> 0 <RECEIVABLES> 2,140 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 0 <PP&E> 75,542 <DEPRECIATION> 0 <TOTAL-ASSETS> 486,532 <CURRENT-LIABILITIES> 0 <BONDS> 371,500 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 29 <OTHER-SE> 102,605 <TOTAL-LIABILITY-AND-EQUITY> 486,532 <SALES> 0 <TOTAL-REVENUES> 10,418 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 19,412 <INCOME-PRETAX> (8,994) <INCOME-TAX> (2,203) <INCOME-CONTINUING> (6,791) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (6,791) <EPS-PRIMARY> 8.85 <EPS-DILUTED> 8.85