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<PAGE> 1
F O R M 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
---------------------
Quarterly Report Pursuant to Section 13 or 15 (d)
of The Securities Exchange Act of 1934
---------------------
For Quarter Ended March 31, 1995
Commission File No. 2-64309
GOLF HOST RESORTS, INC.
STATE OF COLORADO EMPLOYER IDENTIFICATION NO. 84-0631130
Post Office Box 3131, Durango, Colorado 81302-3131
Telephone Number (303) 259-2000
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15 (d) of the
Securities Exchange Act of 1934 during the preceding twelve months,
and (2) has been subject to the filing requirements for the past 90
days. Yes X No
--- ---
Issuer has no common stock subject to this report.
Page 1 of 19
<PAGE> 2
GOLF HOST RESORTS, INC.
BALANCE SHEETS
MARCH 31, 1995 AND DECEMBER 31, 1994
ASSETS
(Substantially all pledged - Notes 2 and 3)
<TABLE>
<CAPTION>
MARCH 31, DECEMBER 31,
1995 1994
------------ ------------
<S> <C> <C>
CURRENT ASSETS:
Cash $ 3,076,530 $ 824,875
Accounts and notes receivable 6,138,986 3,871,305
Inventories and supplies 4,367,889 4,318,522
Prepaid expenses and other 1,272,490 1,255,488
Intercompany receivables - 307,417
----------- -----------
Total current assets 14,855,895 10,577,607
LONG-TERM RECEIVABLES, less
amounts currently due 1,038,289 1,088,484
----------- -----------
PROPERTY AND EQUIPMENT, at cost,
less accumulated depreciation 39,123,241 38,922,416
----------- -----------
$55,017,425 $50,588,507
=========== ===========
</TABLE>
The accompanying notes are an integral part of these balance sheets. These
statements were prepared from the books and records of the Company without
audit and, in the opinion of management, include all adjustments which are
necessary for a fair presentation.
Page 2
<PAGE> 3
GOLF HOST RESORTS, INC.
BALANCE SHEETS
MARCH 31, 1995 AND DECEMBER 31, 1994
LIABILITIES AND SHAREHOLDERS' INVESTMENT
<TABLE>
<CAPTION>
MARCH 31, DECEMBER 31,
1995 1994
------------ ------------
<S> <C> <C>
CURRENT LIABILITIES:
Notes payable $ 100 $ 100
Maturing long-term obligations 2,041,807 2,053,566
Accounts payable 2,767,488 1,481,701
Accrued expenses 4,861,033 4,305,812
Deposits and prepaid fees 2,577,131 3,084,821
Intercompany payables 55,672 -
----------- -----------
Total current liabilities 12,303,231 10,926,000
----------- -----------
LONG-TERM OBLIGATIONS, less current
maturities 20,936,957 21,430,570
----------- -----------
LONG-TERM INTERCOMPANY 4,644,648 3,583,988
----------- -----------
LONG-TERM CONTINGENCY (Note 1) 1,847,527 1,813,121
----------- -----------
SHAREHOLDERS' INVESTMENT:
Common stock, $1 par, 5,000
shares authorized and out-
standing 5,000 5,000
5.6% cumulative preferred
stock, $1 par, 4,577,000
shares authorized and
outstanding 4,577,000 4,577,000
Other shareholders' investment 10,703,062 8,252,828
----------- -----------
Total shareholders' investment 15,285,062 12,834,828
----------- -----------
$55,017,425 $50,588,507
=========== ===========
</TABLE>
The accompanying notes are an integral part of these balance sheets. These
statements were prepared from the books and records of the Company without
audit and, in the opinion of management, include all adjustments which are
necessary for a fair presentation.
Page 3
<PAGE> 4
GOLF HOST RESORTS, INC.
STATEMENTS OF INCOME
FOR THE QUARTERS ENDED MARCH 31, 1995 AND 1994
<TABLE>
<CAPTION>
Quarters Ended March 31,
---------------------------------------------
1995 1994
----------- -----------
<S> <C> <C>
REVENUES:
Hotel $ 6,837,626 $ 5,532,197
Food and beverage 5,089,304 3,851,823
Golf 5,646,524 5,357,203
Other 2,971,394 2,287,210
Real estate activities - -
----------- -----------
20,544,848 17,028,433
----------- -----------
COSTS AND OPERATING EXPENSES:
Hotel 5,321,153 4,664,697
Food and beverage 2,938,728 2,456,548
Golf 1,788,522 1,705,502
Other 4,784,441 4,138,976
General and administrative 1,127,581 992,592
Real estate activities 241 -
----------- -----------
15,960,666 13,958,315
----------- -----------
OPERATING INCOME 4,584,182 3,070,118
INTEREST, NET 553,936 524,772
----------- -----------
INCOME BEFORE INCOME TAX 4,030,246 2,545,346
PARENT INCOME TAX CHARGE 1,515,400 957,700
----------- -----------
INCOME BEFORE DIVIDEND
REQUIREMENTS ON PREFERRED STOCK 2,514,846 1,587,646
DIVIDEND REQUIREMENTS ON
PREFERRED STOCK 64,612 64,612
----------- -----------
NET INCOME AVAILABLE
TO COMMON SHAREHOLDERS $ 2,450,234 $ 1,523,034
=========== ===========
EARNINGS PER COMMON SHARE $ 490.05 $ 304.61
=========== ===========
</TABLE>
The accompanying notes are an integral part of these statements. These
statements were prepared from the books and records of the Company without
audit and, in the opinion of management, include all adjustments which are
necessary for a fair presentation.
Page 4
<PAGE> 5
GOLF HOST RESORTS, INC.
STATEMENTS OF SHAREHOLDERS' INVESTMENT
FOR THE FIFTEEN MONTHS ENDED MARCH 31, 1995
<TABLE>
<CAPTION>
Other Shareholders'
$1 Par Value 5.6% Cumulative Investment
Common Stock Preferred Stock ----------------------- Total
--------------- ----------------- Paid-In Retained Shareholders'
Shares Amount Shares Amount Capital Earnings Investment
------ ------ ------ ------ ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Balance, December 31, 1993 5,000 $5,000 4,577,000 $4,577,000 $2,329,447 $5,785,774 $12,697,221
Net income available to
common shareholders - - - - - 137,607 137,607
----- ------ --------- ---------- ---------- ---------- -----------
Balance, December 31, 1994 5,000 5,000 4,577,000 4,577,000 2,329,447 5,923,381 12,834,828
----- ------ --------- ---------- ---------- ---------- -----------
Net income available to
common shareholders - - - - - 2,450,234 2,450,234
----- ------ --------- ---------- ---------- ---------- -----------
Balance, March 31, 1995 5,000 $5,000 4,577,000 $4,577,000 $2,329,447 $8,373,615 $15,285,062
===== ====== ========= ========== ========== ========== ===========
</TABLE>
The accompanying notes are an integral part of these statements. These
statements were prepared from the books and records of the Company without
audit and, in the opinion of management, include all adjustments which are
necessary for a fair presentation.
Page 5
<PAGE> 6
GOLF HOST RESORTS, INC.
STATEMENTS OF CASH FLOWS
FOR THE QUARTERS ENDED MARCH 31, 1995 AND 1994
<TABLE>
<CAPTION>
1995 1994
---------- -----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income before dividend
requirements on preferred stock $2,514,846 $ 1,587,646
Adjustments to reconcile net
income to net cash flows
from operating activities:
Depreciation and amortization 635,100 606,300
Changes in operating working capital
other than cash (Note 7) (650,219) (1,423,092)
---------- -----------
Net cash flows provided by
operating activities 2,499,727 770,854
---------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (839,465) (615,886)
Recovery of cost of property and
equipment sold 3,540 -
Reductions in notes receivable 62,771 34,610
Additions to notes receivable - (126)
---------- -----------
Net cash flows used in investing
activities (773,154) (581,402)
---------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net change in notes payable - 122,969
Increases in long-term obligations 3,910 280,400
Decreases in long-term obligations (509,282) (273,007)
Increase in long-term intercompany 996,048 1,096,247
Increase in long-term contingency 34,406 247,075
---------- -----------
Net cash flows provided by
financing activities 525,082 1,473,684
---------- -----------
NET INCREASE IN CASH 2,251,655 1,663,136
CASH, BEGINNING OF QUARTER 824,875 548,713
---------- -----------
CASH, END OF QUARTER $3,076,530 $ 2,211,849
========== ===========
</TABLE>
Supplemental information on noncash activities is included in Note 7.
The accompanying notes are an integral part of these statements. These
statements were prepared from the books and records of the Company without
audit and, in the opinion of management, include all adjustments which are
necessary for a fair presentation.
Page 6
<PAGE> 7
GOLF HOST RESORTS, INC.
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 1995 AND 1994
(1) ORGANIZATION, BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
During the quarter, there was no significant change from the 10-K
filing of December 31, 1994 except as follows:
Management Agreement
Contingent advances during the quarter ended March 31, 1995 totalled
$34,000, net of certain amounts recoverable under a related agreement
with the Innisbrook Rental Pool Lease Operation. Advances to date are
reflected on the balance sheet as Long-term Contingency.
Intercompany Allocations and Advances
The amounts charged to the registrant for the quarters ended March 31,
1995 and 1994 were $175,000 and $122,000, respectively.
Participating Rental Unit
Rental pool distributions provided for the participating condominium
owners for the quarters ended March 31, 1995 and 1994 were $3,554,000
and $2,835,000, respectively.
Employee Benefit Plan
Company contributions required under the plan for the quarters ended
March 31, 1995 and 1994 were $35,000 and $31,000, respectively.
Financial Statement Presentation
Certain reclassifications have been made to the December 31, 1993,
March 31, 1994 and December 31, 1994 financial statements to conform
to the March 31, 1995 presentation.
(2) LINES OF CREDIT
During the quarter, there was no significant change from the 10-K
filing of December 31, 1994 except as follows:
Under provisions of the related loan agreements, approximately
$5,508,000 was available for immediate use.
Page 7
<PAGE> 8
(3) LONG-TERM OBLIGATIONS AND CAPITAL LEASE OBLIGATIONS
Long-term obligations consist of the following:
<TABLE>
<CAPTION>
March 31, December 31,
1995 1994
------------ ------------
<S> <C> <C>
Mortgage notes at varying
rates, maturing primarily
from 2006 to 2009 $19,736,666 $19,890,351
Equipment revolving credit line
at prime plus 1%, maturing
serially from 1997 to 1999 3,463,932 3,835,670
Other 336,166 334,115
Unamortized debt discount expense (558,000) (576,000)
----------- ------------
22,978,764 23,484,136
Less-current maturities 2,041,807 2,053,566
----------- -----------
$20,936,957 $21,430,570
=========== ===========
</TABLE>
The remainder of Note 3 has not changed significantly from the 10-K
filing of December 31, 1994.
(4) LEASES
During the quarter, there was no significant change from the 10-K
filing of December 31, 1994.
(5) ACCRUED EXPENSES
Accrued expenses consist of the following:
<TABLE>
<CAPTION>
March 31, December 31,
1995 1994
----------- -----------
<S> <C> <C>
Rental pool lease operations $3,553,640 $ 1,895,688
Salaries 898,901 1,244,500
Taxes, other than income taxes 180,409 731,278
Other 228,083 434,346
---------- ----------
$4,861,033 $4,305,812
========== ==========
</TABLE>
(6) INCOME TAX ALLOCATION AND SHARING POLICY
During the quarter, there was no significant change from the 10-K
filing of December 31, 1994.
Page 8
<PAGE> 9
(7) SUPPLEMENTAL CASH FLOW DATA
The (increases) decreases in working capital other than cash are as
follows:
<TABLE>
<CAPTION>
Three Months Ended March 31,
-----------------------------------------
1995 1994
------------ -----------
<S> <C> <C>
Accounts receivable $(2,280,257) $(2,303,693)
Inventories and supplies (49,367) 16,060
Prepaid expenses and other (17,002) (395,493)
Intercompany 363,089 (60,924)
Accounts payable 1,285,787 804,124
Accrued expenses 555,221 927,974
Deposits and prepaid fees (507,690) (411,140)
----------- -----------
$ (650,219) $(1,423,092)
=========== ===========
Noncash Financing Activities:
The Company satisfied its preferred
stock dividend liability to
Golf Hosts, Inc. through the
long-term intercompany account. $ 64,612 $ 64,612
</TABLE>
Page 9
<PAGE> 10
GOLF HOST RESORTS, INC.
Management's Discussion and Analysis
of Financial Condition and Results of Operations
Results of Operations
Occupancy for the quarter, measured in room nights, increased 18.5% from
the prior year level. On a divisional basis, increases amounted to 18.6% and
17.6% for Innisbrook and Tamarron, respectively. The increase at Innisbrook was
generally seen in the conference segment, with the months of January and March
each posting significant gains over the prior year. Tamarron's increase was
similarly in the conference segment, with March experiencing the most
significant gain. In Management's opinion, the increased level of occupancy at
Innisbrook, representing the more significant part of the overall occupancy
gain, can be attributed to the sales and marketing initiatives arising from the
management arrangement with Hilton Hotels Corporation.
On a per occupied room night basis, revenues increased 1.8%, from
$359.11 to $365.70. This improvement in the level of spending coupled with the
gain in occupancy resulted in a 20.7% increase in total revenues. On a
divisional basis, spending per occupied room night was $400.45 and $188.42,
compared with $392.71 and $189.15 a year ago, for Innisbrook and Tamarron,
respectively.
The higher level of occupancy resulted in operating efficiencies that
enabled the Company to improve its operating income percentage from 18.0% in
1994 to 22.3% in the current period. The effect of these improvements was an
increase in operating income of approximately $1,514,000 from the year-ago
level. Interest expense, as a result of higher interest rates, increased
approximately $29,000 when compared with last year.
In summary, the improvement in income before income tax can be
attributed to increases in the levels of occupancy and guest spending, and
improvements in operating efficiencies that resulted from the economies of
scale typically associated with higher business volumes.
Financial Condition
During the period, the Company's net working capital position improved
$2,901,057, from a deficit $348,393 at December 31, 1994 to $2,552,664 at March
31, 1995. Operating cash flow during the first quarter is at its highest level
for the year and results in greater liquidity during that period. For the
balance of the year, operating levels and existing credit facilities should
provide adequate liquidity to meet the Company's cash requirements.
Page 10
<PAGE> 11
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
Registrant is not currently involved in lawsuits other than ordinary
routine litigation incidental to its business.
Item 2. Changes in Securities
Not applicable.
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders
Not applicable.
Item 5. Other Information
Pursuant to an agreement with the SEC staff, included in this 10-Q
filing are unaudited financial statements of the Innisbrook Rental
Pool Lease Operation and the Tamarron Rental Pool Lease Operation for
the quarters ended March 31, 1995 and 1994.
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
Exhibit 27 Financial Data Schedule (For SEC Purposes Only)
(b) Reports on Form 8-K
None
Page 11
<PAGE> 12
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
GOLF HOST RESORTS, INC.
Date: May 10, l995 By: /s/ R. S. Ferreira
--------------------- -----------------------------
Richard S. Ferreira
Executive Vice President
Chief Financial Officer
Date: May 10, l995 By: /s/ A. S. Herzog
--------------------- -----------------------------
A. Stephen Herzog
Vice President and Controller
Chief Accounting Officer
Date: May 10, l995 By: /s/ R. L. Akin
-------------------- -----------------------------
Richard L. Akin
Vice President
and Treasurer
Page 12
<PAGE> 13
RENTAL POOL LEASE OPERATIONS
The following unaudited financial statements of the Innisbrook Rental Pool
Lease Operation and the Tamarron Rental Pool Lease Operation (the Rental Pools)
are for the quarters ended March 31, 1995 and 1994.
The operations of the Rental Pools are tied closely to that of Golf Host
Resorts, Inc. (the Company), and provide for distribution of a percentage of
the Company's room revenues, as defined in the Rental Pool Master Lease
Agreements, to participating condominium owners (Participants).
The operations of the Rental Pools are more fully discussed in Form 10-K, for
the fiscal year ended December 31, 1994 (File No. 2-64309).
Page 13
<PAGE> 14
INNISBROOK RENTAL POOL LEASE OPERATION
BALANCE SHEETS
MARCH 31, 1995 AND 1994
DISTRIBUTION FUND
<TABLE>
<CAPTION>
1995 1994
--------- ----------
<S> <C> <C>
ASSETS
RECEIVABLE FROM GOLF HOST RESORTS, INC.
FOR DISTRIBUTION - FULLY SECURED $3,282,973 $2,609,132
INTEREST RECEIVABLE FROM MAINTENANCE ESCROW FUND 10,463 5,135
---------- ----------
$3,293,436 $2,614,267
========== ==========
LIABILITIES AND PARTICIPANTS' FUND BALANCES
DUE TO PARTICIPANTS FOR DISTRIBUTION $2,939,306 $2,425,210
DUE TO MAINTENANCE ESCROW FUND 224,130 189,057
DUE TO GOLF HOST RESORTS, INC. FOR
LIFE-SAFETY EQUIPMENT 130,000 -
PARTICIPANTS' FUND BALANCES - -
---------- ----------
$3,293,436 $2,614,267
========== ==========
MAINTENANCE ESCROW FUND
ASSETS
CASH AND CASH EQUIVALENTS $ 966,547 $ 768,110
INVENTORIES 251 82,054
RECEIVABLE FROM DISTRIBUTION FUND 224,130 189,057
INTEREST RECEIVABLE 15,600 12,964
---------- ----------
$1,206,528 $1,052,185
========== ==========
LIABILITIES AND PARTICIPANTS' FUND BALANCES
ACCOUNTS PAYABLE $ (49) $ 58,941
INTEREST PAYABLE TO DISTRIBUTION FUND 10,463 5,135
CARPET CARE RESERVE 67,847 82,278
PARTICIPANTS' FUND BALANCES 1,128,267 905,831
---------- ----------
$1,206,528 $1,052,185
========== ==========
</TABLE>
These statements were prepared from the books and records of the Rental Pool
without audit and, in the opinion of management, include all adjustments which
are necessary for a fair presentation.
Page 14
<PAGE> 15
INNISBROOK RENTAL POOL LEASE OPERATION
STATEMENTS OF OPERATIONS
FOR THE QUARTERS ENDED MARCH 31, 1995 AND 1994
DISTRIBUTION FUND
<TABLE>
<CAPTION>
Quarters ended March 31,
-------------------------
1995 1994
----------- -----------
<S> <C> <C>
GROSS REVENUES $ 6,222,708 $ 5,020,052
----------- -----------
DEDUCTIONS:
Agents' commissions 101,028 168,289
Audit fees 2,850 2,850
----------- -----------
103,878 171,139
----------- -----------
ADJUSTED GROSS REVENUES 6,118,830 4,848,913
MANAGEMENT FEE (2,875,850) (2,278,990)
----------- -----------
GROSS INCOME DISTRIBUTION 3,242,980 2,569,923
ADJUSTMENTS TO GROSS INCOME
DISTRIBUTION:
Corporate complimentary occupancy fees 1,444 1,953
Occupancy fees (448,251) (378,107)
Advisory Committee expenses (20,412) (23,133)
Life-safety reimbursement (130,000) -
----------- -----------
NET INCOME DISTRIBUTION 2,645,761 2,170,636
ADJUSTMENTS TO NET INCOME DISTRIBUTION:
Occupancy fees 448,251 378,107
Hospitality suite fees 1,958 4,752
Greens fees 37,668 35,662
Additional participation credit 19,335 19,975
----------- -----------
AMOUNT AVAILABLE FOR DISTRIBUTION
TO PARTICIPANTS $ 3,152,973 $ 2,609,132
=========== ===========
Average daily distribution $ 41.62 $ 34.12
Average room rate $ 132.47 $ 126.80
Room nights 46,973 39,590
Occupancy percentage 62.0% 51.8%
Average number of available units 842 850
</TABLE>
These statements were prepared from the books and records of the Rental Pool
without audit and, in the opinion of management, include all adjustments
which are necessary for a fair presentation.
Page 15
<PAGE> 16
INNISBROOK RENTAL POOL LEASE OPERATION
STATEMENTS OF CHANGES IN PARTICIPANTS' FUND BALANCES
FOR THE QUARTERS ENDED MARCH 31, 1995 AND 1994
DISTRIBUTION FUND
<TABLE>
<CAPTION>
Quarters ended March 31,
-------------------------------------
1995 1994
----------- -----------
<S> <C> <C>
BALANCE, beginning of period $ - $ -
ADDITIONS:
Amounts available for distribution
before life-safety reimbursement 3,282,973 2,609,132
Interest received or receivable from
Maintenance Escrow Fund 10,463 5,135
REDUCTIONS:
Amounts withheld for Maintenance Escrow Fund (224,130) (189,057)
Amounts due Golf Host Resorts, Inc. for
life-safety reimbursement (130,000) -
Amounts accrued or paid to participants (2,939,306) (2,425,210)
----------- -----------
BALANCE, end of period $ - $ -
=========== ===========
</TABLE>
MAINTENANCE ESCROW FUND
<TABLE>
<CAPTION>
Quarters ended March 31,
-------------------------------------
1995 1994
----------- -----------
<S> <C> <C>
BALANCE, beginning of period $ 851,207 $ 733,465
ADDITIONS:
Amounts withheld from occupancy fees 224,130 189,057
Interest earned 10,463 5,135
Charges to participants to establish
or restore escrow balances 219,543 190,515
REDUCTIONS:
Maintenance charges (155,296) (182,298)
Carpet care reserve deposit (4,486) (15,124)
Interest accrued or paid to
Distribution Fund (10,463) (5,135)
Refunds to participants as prescribed by
the Master Lease Agreement (6,831) (9,784)
----------- -----------
BALANCE, end of period $ 1,128,267 $ 905,831
=========== -----------
</TABLE>
These statements were prepared from the books and records of the Rental Pool
without audit and, in the opinion of management, include all adjustments
which are necessary for a fair presentation.
Page 16
<PAGE> 17
TAMARRON RENTAL POOL LEASE OPERATION
BALANCE SHEETS
MARCH 31, 1995 AND 1994
DISTRIBUTION FUND
<TABLE>
<CAPTION>
1995 1994
-------- --------
<S> <C> <C> <C>
ASSETS
CASH $ 1,000 $ 1,000
RECEIVABLE FROM GOLF HOST RESORTS, INC.
FOR DISTRIBUTION 270,667 225,572
INTEREST RECEIVABLE FROM MAINTENANCE ESCROW FUND 2,309 1,158
-------- --------
$273,976 $227,730
======== ========
LIABILITIES AND PARTICIPANTS' FUND BALANCES
DUE TO PARTICIPANTS FOR DISTRIBUTION $224,799 $180,813
DUE TO MAINTENANCE ESCROW FUND 49,177 46,917
PARTICIPANTS' FUND BALANCES - -
-------- --------
$273,976 $227,730
======== ========
MAINTENANCE ESCROW FUND
ASSETS
CASH AND CASH EQUIVALENTS $216,804 $178,737
DUE FROM DISTRIBUTION FUND 49,177 46,917
INVENTORY:
Linen 61,887 40,804
Materials and supplies 17,833 12,008
DEPOSITS 86,500 -
-------- --------
$432,201 $278,466
======== ========
LIABILITIES AND PARTICIPANTS' FUND BALANCES
ACCOUNTS PAYABLE $ 913 $ 10,043
INTEREST PAYABLE TO DISTRIBUTION FUND 2,309 1,158
PARTICIPANTS' FUND BALANCES 428,979 267,265
-------- --------
$432,201 $278,466
======== ========
</TABLE>
These statements were prepared from the books and records of the Rental Pool
without audit and, in the opinion of management, include all adjustments which
are necessary for a fair presentation.
Page 17
<PAGE> 18
TAMARRON RENTAL POOL LEASE OPERATION
STATEMENTS OF OPERATIONS
FOR THE QUARTERS ENDED MARCH 31, 1995 AND 1994
DISTRIBUTION FUND
<TABLE>
<CAPTION>
1995 1994
----------- -----------
<S> <C> <C>
GROSS REVENUES $ 614,918 $ 512,145
--------- ---------
DEDUCTIONS:
Agents' commissions 17,258 16,901
Sales and marketing expenses 55,343 43,527
Audit fees 2,451 2,450
--------- ---------
75,052 62,878
--------- ---------
ADJUSTED GROSS REVENUES 539,866 449,267
MANAGEMENT FEE (269,933) (224,634)
--------- ---------
GROSS INCOME DISTRIBUTION 269,933 224,633
ADJUSTMENTS TO GROSS INCOME
DISTRIBUTION:
Corporate complimentary occupancy fees 734 939
Occupancy fees (74,111) (60,957)
Designated items (9,597) (14,368)
Advisory Committee expenses (1,524) (1,070)
--------- ---------
POOLED INCOME 185,435 149,177
ADJUSTMENTS TO POOLED INCOME:
Hospitality suite fees - -
Occupancy fees 74,111 60,957
--------- ---------
NET INCOME DISTRIBUTION $ 259,546 $ 210,134
========= =========
Average daily distribution $ 10.55 $ 8.10
Average room rate $ 66.80 $ 65.42
Room nights 9,206 7,829
Occupancy percentage 37.4% 30.2%
Average number of available units 273 288
Number of units in Rental Pool at 3/31/95 289
</TABLE>
These statements were prepared from the books and records of the Rental Pool
without audit and, in the opinion of management, include all adjustments
which are necessary for a fair presentation.
Page 18
<PAGE> 19
TAMARRON RENTAL POOL LEASE OPERATION
STATEMENTS OF CHANGES IN PARTICIPANTS' FUND BALANCES
FOR THE QUARTERS ENDED MARCH 31, 1995 AND 1994
DISTRIBUTION FUND
<TABLE>
<CAPTION>
1995 1994
--------- ---------
<S> <C> <C>
BALANCE, beginning of period $ - $ -
ADDITIONS:
Amounts available for distribution 259,546 210,134
Interest received or receivable from
Maintenance Escrow Fund 2,309 1,158
REDUCTIONS:
Amounts withheld for Maintenance Escrow Fund (37,056) (30,479)
Amounts accrued or paid to participants (224,799) (180,813)
--------- ---------
BALANCE, end of period $ - $ -
========= =========
MAINTENANCE ESCROW FUND
BALANCE, beginning of period $ 397,655 $ 258,562
ADDITIONS:
Amounts withheld from occupancy fees 37,056 30,479
Interest earned 2,309 1,158
Reimbursement of designated items 9,597 14,368
Charges to participants to establish
or restore escrow balances 46,981 6,140
REDUCTIONS:
Maintenance and inventory charges (30,037) (22,695)
Refurbishing charges (8,876) -
Interest accrued or paid to
Distribution Fund (2,309) (1,158)
Designated items (9,597) (14,368)
Refunds to participants as prescribed
by Master Lease Agreement (13,800) (5,221)
-------- --------
BALANCE, end of period $ 428,979 $ 267,265
========= =========
</TABLE>
These statements were prepared from the books and records of the Rental Pool
without audit and, in the opinion of management, include all adjustments
which are necessary for a fair presentation.
Page 19
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> MAR-31-1995
<CASH> 3,076,530
<SECURITIES> 0
<RECEIVABLES> 6,202,523
<ALLOWANCES> 63,537
<INVENTORY> 4,367,889
<CURRENT-ASSETS> 14,855,895
<PP&E> 62,604,298
<DEPRECIATION> 23,481,057
<TOTAL-ASSETS> 55,017,425
<CURRENT-LIABILITIES> 12,303,231
<BONDS> 22,978,764
<COMMON> 5,000
0
4,577,000
<OTHER-SE> 10,703,062
<TOTAL-LIABILITY-AND-EQUITY> 55,017,425
<SALES> 6,307,000
<TOTAL-REVENUES> 20,544,848
<CGS> 1,744,000
<TOTAL-COSTS> 15,960,666
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 8,954
<INTEREST-EXPENSE> 553,956
<INCOME-PRETAX> 4,030,246
<INCOME-TAX> 1,515,400
<INCOME-CONTINUING> 2,514,846
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 2,514,846
<EPS-PRIMARY> 490.05
<EPS-DILUTED> 490.05
</TABLE>
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