SILVERLEAF RESORTS INC
4, 1998-04-08
HOTELS & MOTELS
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FORM 4
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                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                       
                  STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

/ / Check this box if no                                                     
    longer subject to         Filed pursuant to Section 16(a) of the Securities 
    Section 16. Form 4            Exchange Act of 1934, Section 17(a) of the 
    or Form 5 obligations         Public Utility Holding Company Act of 1935
    may continue. See              or Section 30(f) of the Investment Company
    Instruction 1(b).                           Act of 1940               

<TABLE> 
<S>                             <C>            <C>                        <C>                <C>          <C>            <C>   
(Print or Type Responses)
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 1. Name and Address of Reporting Person*     2. Issuer Name and Ticker or Trading Symbol   6. Relationship of Reporting Person(s)to
  Bloch           Stuart           Marshall        Silverleaf Resorts, Inc. (SVR)              Issuer (Check all applicable)
- --------------------------------------------------------------------------------------------- X  Director                  10% Owner
  (Last)          (First)          (Middle)   3. I.R.S Identification      4. Statement for  ----                ---
                                                 Number of Reporting          Month/Year         Officer (give        Other (specify
                                                 Person, if an entity                        ----   title below) ---         below) 
  1401 16th St. N.W.                             (voluntary)                  3-98                        
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                 (Street)                                                  5. If Amendment,   7. Individual or Joint/Group Filing 
                                                                              Date of Original   (Check Applicable List)           
                                                                              (Month/Year)        X  Form filed by One Reporting 
                                                                                                 ---  Person
                                                                                                     Form filed by More than One
 Washington,         D.C.            20036                                                       ---  Reporting Person 
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  (City)           (State)           (Zip)     TABLE I -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
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 1. Title of Security           2. Trans-   3. Transac-  4. Securities Acquired (A)  5.  Amount of Se-    6. Owner-      7. Nature  
  (Instr. 3)                       action      tion         or Disposed of (D)           curities Benefi-    ship           of In-  
                                   Date        Code         (Instr. 3, 4 and 5)          cially Owned at     Form:          direct  
                                               (Instr. 8)                                End of Month        Direct         Benefi-
                                  (Month/                                                (Instr. 3 and 4)    (D) or         cial
                                   Day/   ---------------------------------------                            Indirect       Owner- 
                                   Year)  Code    V      Amount   (A) or    Price                            (I)            ship   
                                                                  (D)                                        (Instr. 4)     (Instr. 
                                                                                                                             4)     
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Common Stock, $.01  par          3-10-98    P             800      A       $20,300           1000                D
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                                 3-10-98    P             200      A       $ 5,050           1000                D
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. 

*If the form is filed by more than one reporting person, see Instruction 4(b)(v).

</TABLE>
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<TABLE>
<CAPTION>
                                                                                                                                
 
FORM 4 (CONTINUED)        TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
                                  (E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)

<S>                       <C>          <C>        <C>         <C>              <C>             <C>                   <C>          
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1. Title of Derivative    2. Conver-   3. Trans-  4. Trans-   5. Number of     6. Date Exer-   7. Title and Amount   8. Price     
   Security                  sion or      action     action      Derivative       cisable and     of Underlying         of        
   (Instr. 3)                Exercise     Date       Code        Securities Ac-   Expiration      Securities            Deriv-    
                             Price of     (Month/    (Instr. 8)  quired (A) or    Date            (Instr. 3 and 4)      ative     
                             Deriv-       Day/                   Disposed of (D)  (Month/Day/                           Secur-    
                             ative        Year)                  (Instr. 3, 4,    Year)                                 ity       
                             Security                            and 5)                                                 (Instr. 5)
                                                                               ------------------------------------             
                                                                               Date    Expira-            Amount or            
                                                    -------------------------- Exer-   tion       Title   Number of            
                                                    Code  V     (A)     (D)    cisable Date               Shares               
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<CAPTION>
<S>                          <C>                    <C>                         <C>                              
1. Title of Derivative       9. Number of           10. Ownership               11. Nature of                              
   Security                     Derivative              Form of                     Indirect                     
   (Instr. 3)                   Securities              Derivative                  Beneficial                   
                                Beneficially            Security:                   Ownership                    
                                Owned at End            Direct (D)                  (Instr. 4)                   
                                of Month                or Indirect (I)                                          
                                (Instr. 4)              (Instr. 4)                                               
                                                                                 
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Explanation of Responses:
 
**Intentional misstatements or omissions of facts constitute Federal Criminal Violations.    /s/ STUART MARSHALL BLOCH       3-31-98
  See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).                                                  ------------------------------- -------
                                                                                             **Signature of Reporting Person   Date
                                         

Note: File three copies of this Form, one of which must be manually signed.
      If space provided is insufficient, see Instruction 6 for procedure. 

Potential persons who are to respond to the collection of information contained in this 
form are not required to respond unless the form displays a currently valid OMB Number.
</TABLE>                                                                      



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