Exhibit 99-1

                           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: Our present growth strategy for development of additional
facilities entails entering into and maintaining various arrangements with
present and future property owners, including Host Marriott Corporation and New
World Development Company Limited. We cannot assure you that any of our current
strategic arrangements will continue, or that we will be able to enter into
future collaborations.

Contract terms for new facilities: The terms of the operating contracts,
franchise agreements and leases for each of our lodging facilities are
influenced by contract terms offered by our competitors at the time such
agreements are entered into. Accordingly, we cannot assure you that contracts
entered into or renewed in the future will be on terms that are as favorable to
us as those under existing agreements.

Competition: The profitability of hotels, vacation timeshare resorts, and
corporate apartments, we operate 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, corporate
apartments, and other factors. We generally operate in markets that contain
numerous competitors and our continued success will depend, in large part, upon
our 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 (1) supply
additions, (2) international, national and regional economic conditions,
including the present economic downturn in the United States (3) changes in
travel patterns, (4) taxes and government regulations which influence or
determine wages, prices, interest rates, construction procedures and costs, and
(5) the availability of capital to allow us and potential hotel owners to fund
investments. Our timeshare business is also subject to the same or similar
uncertainties and, accordingly, we cannot assure you that the present downturn
in demand for hotel rooms in the United States will not continue, become more
severe, or spread to other regions; that the present level of demand for
timeshare intervals will continue, or that there will not be an increase in the
supply of competitive units, which could reduce the prices at which we are able
to sell or rent units. Weaker hotel performance could give rise to losses under
loans, guarantees and minority equity investments that we have made in
connection with hotels that we manage.

SARS: The outbreak of Severe Acute Respiratory Syndrome ("SARS") dramatically
reduced travel to Hong Kong, Singapore, China, and Toronto, as well as reduced
Asian travel to other markets. This resulted in a significant decline in
reservations and occupancy at our hotels in affected areas. If recent apparent
successes in efforts to control the disease are not maintained and the disease
spreads beyond previously affected areas to major portions of our markets,
particularly in the United States or Europe, the resulting decline in travel
could significantly harm our business and profitability.

Internet reservation channels: Some of our hotel rooms are booked through
internet travel intermediaries such as Travelocity, Expedia and Priceline. As
this percentage increases, these intermediaries may be able to obtain higher
commissions, reduced room rates or other significant contract concessions from
us. Moreover, some of these internet travel intermediaries are attempting to
commoditize hotel rooms, by increasing the importance of price and general
indicators of quality (such as "three-star downtown hotel") at the expense of
brand identification. These agencies hope that consumers will eventually develop
brand loyalties to their reservations system rather than to our lodging brands.
Although most of our business is expected to be derived from traditional
channels, if the amount of sales made through internet intermediaries increases
significantly, our business and profitability may be significantly harmed.



The lodging industry's uncertain recovery in the aftermath of the
September 11, 2001 terrorist attacks and the military action in Iraq, will
continue to impact our financial results and growth: Both the Company and the
lodging industry have been hurt by the 2001 terrorist attacks on New York and
Washington and their aftermath. Business and leisure travel, which was already
suffering from a global economic downturn, decreased further after the attacks
and has remained depressed as some potential travelers reduced or avoided
discretionary travel in light of increased delays and safety concerns and as a
result of further economic declines stemming from an erosion in consumer
confidence. Weaker hotel performance has reduced management and franchise fees
and given rise to fundings or losses under loans, guarantees and minority
investments that we have made in connection with hotels that we manage, which
has, in turn, had a material adverse impact on our financial performance. Owners
of the hotels that we manage or franchise may also experience financial
difficulty or face bankruptcy which could have a negative impact on their
ability to maintain the hotel or pay fees to us. Declines in leisure travel and
consumer confidence have also hurt our timeshare sales. Reduced and delayed
development of new hotel properties due to adverse economic conditions in turn
slows the growth in our management and franchise fees. Although both the lodging
and travel industries had begun to recover by the spring of 2002, recent
economic softness, concerns over the aftermath of the war in Iraq and potential
military action in other countries and the possible failures of airlines
presently in or facing bankruptcy and the likelihood of further airline service
cutbacks has left it unclear whether, at what pace, and to what extent, that
recovery will continue. Accordingly, adverse impacts on our business could
continue or worsen for an unknown period of time.

Exit from the senior living services business: Our agreement to sell the Senior
Living Services business provides for purchase price adjustments and
indemnification of Sunrise based on pre-closing events and liabilities resulting
from the consummation of the transaction. As the amount of such purchase price
adjustments and indemnification obligations depends, in large part, on actions
of third parties that are outside of our control, it is difficult to predict the
ultimate impact of those adjustments and indemnities.

Synthetic Fuel: The Internal Revenue Service might reject any of our synthetic
fuel tax credits on audit or may not issue a new private letter ruling enabling
our purchaser to exercise its one-time option to return its ownership interests
in the synthetic fuel operations to us. Our synthetic fuel operations could be
interrupted due to problems at any of our operations, the power plants that buy
synthetic fuel from us or the coal mines where we buy coal. Such interruptions
could be caused by accidents, union activity, severe weather or other similar
unpredictable events. Moreover, the performance of our synthetic fuel business
is dependent on our ability to utilize the tax credits, which in turn is
dependent on our financial performance.