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EXHIBIT 99
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
lodging and senior living facilities entails entering into and maintaining
various arrangements with present and future property owners, including Host
Marriott Corporation, Crestline Capital Corporation and New World Development
Company Limited. There can be no assurance that any of our current strategic
arrangements will continue, or that we will be able to enter into future
collaborations.
Contract Terms for New Units: The terms of the operating contracts, distribution
agreements, franchise agreements and leases for each of our lodging facilities
and senior living communities 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, senior
living communities, corporate apartments, and distribution centers 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, senior living facilities, corporate
apartments, distribution services, 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, (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 and senior
living community owners to fund investments. Our timeshare and senior living
service businesses are also subject to the same or similar uncertainties and,
accordingly, we cannot assure you that the present level of demand for hotel
rooms, timeshare intervals and senior living communities 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.
Internet Reservation Channels: Some of our hotel rooms are booked through
internet travel intermediaries such as Travelocity 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.
If this happens our business and profitability may be significantly harmed.
