<PAGE> 1
THIS FILING IS MADE
PURSUANT
TO RULE 424(B)(3) UNDER
THE SECURITIES ACT OF
1933 IN CONNECTION WITH
REGISTRATION NO.
333-30285
PROSPECTUS SUPPLEMENT NO. 5
TO PROSPECTUS DATED OCTOBER 24, 1997
This Prospectus Supplement No. 5 amends and restates pages 47 and 48 of the
Prospectus dated October 24, 1997, as supplemented by the Prospectus Supplement
dated October 31, 1997, as further supplemented by the Prospectus Supplement No.
2. dated November 5, 1997, as further supplemented by the Prospectus Supplement
No. 3 dated November 19, 1997 and as further supplemented by Prospectus
Supplement No. 4 dated January 6, 1998. Except as set forth herein, the contents
of the Prospectus remain as set forth therein.
REGISTERING STOCKHOLDERS
All shares indicated below have been registered pursuant to certain
registration rights granted by the Company. An aggregate of 3,118,419 shares of
Common Stock remain to be offered by the Registering Stockholders from
time-to-time. The following table sets forth, as of the date of this Prospectus
Supplement No. 5 the name of each Registering Stockholder, and for each, the
remaining number of shares of Common Stock which may be offered for sale and the
number of shares to be owned beneficially after the Registered Offering (assumes
all shares available for offer will be sold). Applicable percentage ownership is
based on 35,912,596 shares of Common Stock outstanding as of the date of this
Prospectus Supplement No. 5.
<TABLE>
<CAPTION>
BENEFICIAL OWNERSHIP BENEFICIAL OWNERSHIP
PRIOR TO THE AFTER THE
REGISTERED OFFERING REGISTERED OFFERING
-------------------- NUMBER OF SHARES --------------------
NAME AND ADDRESS OF REGISTERING STOCKHOLDER SHARES PERCENTAGE BEING REGISTERED SHARES PERCENTAGE
- ------------------------------------------- ------- ---------- ---------------- ------- ----------
<S> <C> <C> <C> <C> <C>
Canpartners Incorporated(a)............... 65,507 * 65,507 -- --
CPI Securities L.P.(a)............... 458,436 1.2% 458,436 -- --
Beth Friedman(a)(b).................. 154,035 * 154,035 -- --
Loretta Evensen(a)................... 154,035 * 154,035 -- --
Mitchell R. Julis(a)................. 44,035 * 44,035 -- --
Elliot Julis(a)(b)................... 10,771 * 10,771 -- --
Evensen Children's Trust(a).......... 10,771 * 10,771 -- --
Friedman Children's Trust(a)......... 10,771 * 10,771 -- --
------- --- --------- ------- ---
Total (as a group).............. 908,361 2.5% 908,361 -- --
Offsite International, Inc. .............. 910,626 2.5% 910,626 -- --
Robert T. Gow and Kay F. Gow.............. 64,029 * 64,029 -- --
Plantation Group L.P. .................... 284,766 * 284,766 -- --
Bush Construction Corporation............. 240,864 * 240,864 -- --
Sharp Investment Group, L.P. ............. 156,512 * 156,512 -- --
Colonial Capital L.P. .................... 156,512 * 156,512 -- --
EKC Corporation........................... 80,301 * 80,301 -- --
First Capital Investment Fund............. 65,238 * 65,238 -- --
Centaur Corp. ............................ 41,941 * 41,941 -- --
Old Town L.P. ............................ 49,497 * 49,497 -- --
James C. Anderson......................... 35,940 * 35,940 -- --
James W. Geisz............................ 24,037 * 24,037 -- --
Genevieve Giannoni........................ 50,970(c) * 4,500 46,470(c) *
Charles C. Frey(d)........................ 45,850(e) * 9,000 36,850(e) *
Michael C. Ross(f)........................ 10,170 * 10,170 -- --
</TABLE>
The date of this Prospectus Supplement is April 8, 1999.
<PAGE> 2
<TABLE>
<CAPTION>
BENEFICIAL
BENEFICIAL OWNERSHIP OWNERSHIP
PRIOR TO THE AFTER THE
REGISTERED OFFERING REGISTERED OFFERING
--------------------- NUMBER OF SHARES -------------------
NAME AND ADDRESS OF REGISTERING STOCKHOLDER SHARES PERCENTAGE BEING REGISTERED SHARES PERCENTAGE
- ------------------------------------------- ------- ----------- ---------------- ------ ----------
<S> <C> <C> <C> <C> <C>
Martin A. Flannes........................... 16,617 * 16,617 -- --
Susan K. Kenninger.......................... 13,490 * 13,490 -- --
Michael B. Reeves(g)........................ 8,396 * 8,396 -- --
Timothy D. Levin............................ 12,522 * 6,522 6,000(h) *
Ruth L. Kenninger........................... 8,985 * 8,985 -- --
James A. Hamilton........................... 6,964 * 6,964 -- --
Marc B. Sharp............................... 6,963 * 6,963 -- --
Michele Z. Ball............................. 6,963 * 6,963 -- --
Charles H. Reeves(i)........................ 1,225 * 1,225 -- --
</TABLE>
- ---------------
* Less than 1%
(a) Canpartners Incorporated ("Canyon") is the beneficial owner of 65,507 shares
and is the sole general partner of CPI Securities L.P. ("CPI") (which holds
458,436 shares). Mr. Friedman (a director of the Company), Mitchell R. Julis
and R. Christian B. Evensen are the sole shareholders and directors of
Canyon and may be deemed to share beneficial ownership of the shares shown
as owned by Canyon and CPI. Such persons disclaim beneficial ownership of
such shares. The 523,943 shares shown as beneficially owned by Canyon and
CPI do not include 154,035 shares owned by Mr. Friedman's wife, 44,035
shares owned by Mr. Julis, 154,035 shares owned by Mr. Evensen's wife,
10,771 shares held by an irrevocable trust for the benefit of Mr. Friedman's
children, 10,771 shares held by an irrevocable trust for the benefit of Mr.
Evensen's children and 10,771 shares held by Mr. Julis' son, the beneficial
ownership of which is disclaimed by Canyon.
(b) Beth Friedman is the wife of Joshua S. Friedman, a director of the Company.
Loretta Evensen is the wife of R. Christian B. Evensen, a shareholder and
director of Canyon. Mitchell R. Julis is a shareholder and director of
Canyon. Elliot Julis is the son of Mitchell R. Julis.
(c) Includes presently exercisable options or options exercisable within 60 days
to purchase 46,470 shares of Common Stock.
(d) Such person is a director and/or executive officer of the Company.
(e) Includes presently exercisable options or options exercisable within 60 days
to purchase 36,350 shares of Common Stock and an additional 500 shares held
by Mr. Frey.
(f) Represents 10,170 shares held by the Ross Revocable Trust, of which Mr. Ross
is a co-trustee.
(g) Includes 6,000 shares held by the CCN&M Revocable Trust, of which Mr. Reeves
is co-trustee.
(h) Includes presently exercisable options to purchase 6,000 shares of Common
Stock.
(i) The shares indicated are held by a trust of which Mr. Reeves is co-trustee.
