[LOGO]                                                                 EXHIBIT 5
 
November 21, 1997
Board of Directors
General Host Corporation
One Station Place
Stamford, CT 06902
Members of the Board:
 
You have asked us to advise you with respect to the fairness from a financial
point of view to the stockholders of General Host Corporation (the "Company") of
the consideration to be received by such stockholders pursuant to the terms of a
proposed agreement and plan of merger (the "Merger Agreement") between Cyrus
Acquisition Corp. (the "Purchaser"), a company organized by The Cypress Group
L.L.C., and the Company. Pursuant to the Merger Agreement, the Purchaser will
commence a tender offer (the "Offer") for all of the issued and outstanding
shares of common stock, par value $1.00 per share, of the Company (the "Company
Common Stock") at $5.50 per share in cash. Following the Offer, the Purchaser
will be merged with and into the Company (the "Merger") and, in connection
therewith, each share of Company Common Stock other than shares owned by the
Purchaser and Dissenting Shares (as defined in the Merger Agreement) will be
converted into the right to receive $5.50 per share in cash or any higher price
that may be paid pursuant to the Offer. The Merger Agreement requires the
Company to commence a tender offer as soon as practicable for its 11 1/2% senior
notes due 2002 (the "Debt Offer").
 
In arriving at our opinion, we have reviewed certain publicly available business
and financial information relating to the Company, as well as a draft dated
November 20, 1997 of the Merger Agreement. We have also reviewed certain other
information, including financial forecasts, provided to us by the Company and
have met with the Company's management to discuss the business and prospects of
the Company.
 
We have also considered certain financial and stock market data of the Company,
and we have compared those data with similar data for other publicly held
companies in businesses similar to the Company and we have considered the
financial terms of certain other business combinations and other transactions
that have recently been effected. We also considered such other information,
financial studies, analyses and investigations and financial, economic and
market criteria which we deemed relevant.
 
In connection with our review, we have not assumed any responsibility for
independent verification of any of the foregoing information and have relied on
its being complete and accurate in all material respects. With respect to the
financial forecasts, we have assumed that they have been reasonably prepared on
bases reflecting the best currently available estimates and judgments of the
Company's management as to the future financial performance of the Company. In
addition, we have not been requested to make, and have not made, an independent
evaluation or appraisal of the assets or liabilities

[LOGO]                                                        Board of Directors
 
                                                               November 21, 1997
 
Page 2
 
(contingent or otherwise) of the Company, nor have we been furnished with any
such evaluations or appraisals. Our opinion is necessarily based upon financial,
economic, market and other conditions as they exist and can be evaluated on the
date hereof. We were not requested to, and did not, solicit third party
indications of interest in acquiring all or any part of the Company.
 
We have acted as financial advisor to the Company in connection with the Offer
and the Merger and will receive a fee for our services, a significant portion of
which is contingent upon the consummation of the Offer. We also will act as
co-dealer manager for the Debt Offer. In the ordinary course of our business, we
and our affiliates may actively trade the debt and equity securities of the
Company for our and such affiliates' own accounts and for the accounts of
customers and, accordingly, may at any time hold a long or short position in
such securities.
 
It is understood that this letter is for the information of the Board of
Directors of the Company in connection with its consideration of the Offer and
the Merger, does not constitute a recommendation to any holder of Company Common
Stock as to whether or not such holder should tender shares pursuant to the
Offer or how such holder should vote on the Merger, and is not to be quoted or
referred to, in whole or in part, in any registration statement, prospectus or
proxy statement, or in any other document used in connection with the offering
or sale of securities, nor shall this letter be used for any other purposes,
without our prior written consent.
 
Based upon and subject to the foregoing, it is our opinion that, as of the date
hereof, the cash consideration to be received by the holders of Company Common
Stock in the Offer and the Merger is fair from a financial point of view to such
holders.
 
Very truly yours,
CREDIT SUISSE FIRST BOSTON CORPORATION