<PAGE>   1


                                  FORM 10-Q/A



                       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 September 30, 1997


                           Commission File No. 2-64309


                             GOLF HOST RESORTS, INC.
                             -----------------------
             (Exact name of registrant as specified in its charter)


Colorado                                                     84-0631130
--------                                                     ----------
(State or other jurisdiction of                              (I.R.S. Employer
incorporation or organization)                               Identification No.)

Post Office Box 3131, Durango, Colorado  81302-3131
---------------------------------------------------
(Address of principal executive offices) (Zip Code)

(970)-259-2000
--------------
(Registrant's telephone number, including area code)


         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section13 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.
                 (A WHOLLY OWNED SUBSIDIARY OF GOLF HOSTS, INC.)
                                 BALANCE SHEETS

                                     ASSETS
                           (Substantially all pledged)


<TABLE>
<CAPTION>
                                                  SEPTEMBER 30,           DECEMBER 31,
                                                      1997                   1996
                                                  -----------             -----------
                                                  (unaudited)
<S>                                               <C>                     <C>          
CURRENT ASSETS:
     Cash                                         $   919,832             $   488,685  
     Accounts receivable, net                       2,720,444               4,380,108  
     Notes receivable                                      --                 163,942  
     Inventories and supplies                       2,870,337               5,123,966  
     Prepaid expenses and other assets                853,338                 956,054  
     Intercompany receivables                       4,552,350                 724,312  
                                                  -----------             -----------
                                                                                       
                                                   11,916,301              11,837,067  
                                                                                       
     Assets held for sale                           6,275,246                      --  
                                                  -----------             -----------
                                                                                       
         Total current assets                      18,191,547              11,837,067  
                                                                                       
INTANGIBLES, net                                   34,399,665                      --  
                                                                                       
PROPERTY AND EQUIPMENT, at cost, less                                                  
     accumulated depreciation and amortization     35,956,819              40,038,322  
                                                                                       
OTHER ASSETS                                          572,204                 238,627  
                                                                                       
LONG-TERM RECEIVABLES                                      --               1,021,178  
                                                  -----------             -----------

                                                  $89,120,235             $53,135,194  
                                                  ===========             ===========
</TABLE>


    The accompanying notes are an integral part of these financial statements


                                     Page 2


<PAGE>   3



                             GOLF HOST RESORTS, INC.
                 (A WHOLLY OWNED SUBSIDIARY OF GOLF HOSTS, INC.)
                                 BALANCE SHEETS



                 LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY


<TABLE>
<CAPTION>
                                                                             SEPTEMBER 30,     DECEMBER 31,
                                                                                 1997              1996
                                                                             -------------     -----------
                                                                              (unaudited)
<S>                                                                          <C>               <C>        
CURRENT LIABILITIES:
     Accounts payable                                                        $   3,389,120     $ 2,258,702
     Accrued expenses                                                            4,126,347       4,577,981
     Deposits and prepaid fees                                                   1,979,404       2,755,297
     Notes payable                                                                      --         734,429
     Maturing long-term obligations                                                     --       2,788,764
                                                                             -------------     -----------

         Total current liabilities                                               9,494,871      13,115,173

LONG-TERM OBLIGATIONS                                                           76,673,914      17,777,544
DEFERRED INCOME TAXES                                                           14,929,374       4,951,895
LONG-TERM CONTINGENCY                                                                   --       2,221,938
                                                                             -------------     -----------

         Total liabilities                                                     101,098,159      38,066,550

SHAREHOLDERS' (DEFICIT) EQUITY:
     Common stock, $1 par, 5,000 shares
       authorized, issued and outstanding                                            5,000           5,000
     5.6% cumulative preferred stock, $1 par,
       4,577,000 shares authorized and
       outstanding                                                               4,577,000       4,577,000
     Paid-in capital                                                           (13,557,000)      2,329,447
     Retained (deficit) equity                                                  (3,002,924)      8,157,197
                                                                             -------------     -----------


         Total shareholders' (deficit) equity                                  (11,977,924)     15,068,644
                                                                             -------------     -----------


         Total liabilities and shareholders'
           (deficit) equity                                                  $  89,120,235     $53,135,194
                                                                             =============     ===========
</TABLE>



   The accompanying notes are an integral part of these financial statements.

                                     Page 3


<PAGE>   4
                            GOLF HOST RESORTS, INC.
                              STATEMENTS OF INCOME
                (a wholly owned subsidiary of Golf Hosts, Inc.)
                                  (unaudited)

<TABLE>
<CAPTION>
                                      Quarter Ended September 30,            99 Day                174 Day            Nine Months
                                     ------------------------------       Period Ended           Period Ended            Ended
                                         1997              1996        September 30, 1997       June 23, 1997     September 30, 1996
                                     ------------       -----------    ------------------       --------------    ------------------
<S>                                  <C>                <C>            <C>                      <C>               <C>
REVENUES:                                           
    Resort facilities                $ 1,738,987        $ 3,978,191        $ 2,085,270            $10,775,626         $14,853,314
    Food and beverage                  1,421,176          2,923,444          1,696,866              8,106,385          11,497,395
    Golf                               1,877,970          2,801,712          2,114,198              9,347,282          12,321,416
    Other                                667,050          1,303,403            789,783              3,340,715           4,960,517
    Real estate activities                     -            671,105                  -                180,000             656,817
                                     -----------        -----------        -----------            -----------         -----------
                                       5,705,183         11,677,855          6,686,117             31,750,008          44,289,459
                                     -----------        -----------        -----------            -----------         -----------
                                                    
COSTS AND OPERATING EXPENSES:                       
    Resort facilities                  1,949,972          3,570,192          2,258,224              9,083,194          12,625,972
    Food and beverage                  1,307,088          2,265,814          1,510,303              5,591,373           7,789,587
    Golf                               1,221,933          1,320,423          1,334,547              3,247,628           4,606,662
    Other                              2,866,716          3,940,124          3,214,518              7,672,813          11,914,851
    General and administrative           828,991            902,864            922,486              2,374,385           2,829,865
    Real estate activities                     -            279,750                  -                 90,618             280,227
                                     -----------        -----------        -----------            -----------         -----------
                                       8,174,700         12,279,167          9,240,078             28,060,011          40,047,164
                                     -----------        -----------        -----------            -----------         -----------
                                                    
OPERATING (LOSS) INCOME               (2,469,517)          (601,312)        (2,553,961)             3,689,997           4,242,295
                                                    
INTEREST, NET                          2,055,237            494,740          2,215,237                945,481           1,490,460
                                     -----------        -----------        -----------            -----------         -----------
                                                    
(LOSS) INCOME BEFORE INCOME TAXES     (4,524,754)        (1,096,052)        (4,769,198)             2,744,516           2,751,835
                                                    
PARENT INCOME TAX CHARGE (BENEFIT)    (1,743,614)          (412,400)        (1,835,281)               967,800           1,012,000
                                     -----------        -----------        -----------            -----------         -----------
                                                    
(LOSS) INCOME BEFORE                               
    EXTRAORDINARY ITEMS               (2,781,140)          (683,652)        (2,933,917)             1,776,716           1,739,835
                                                    
LOSS ON EARLY EXTINGUISHMENT OF                     
    LONG TERM DEBT (NET OF                          
    TAXES OF $155,400)                         -                  -                  -               (288,600)                  -
                                     -----------        -----------        -----------            -----------         -----------

NET (LOSS) INCOME                     (2,781,140)          (683,652)        (2,933,917)             1,488,116           1,739,835
                                                    
DIVIDEND REQUIREMENTS ON                            
    PREFERRED STOCK                       64,078             64,078             69,007                123,227             192,234
                                     -----------        -----------        -----------            -----------         -----------
NET CHANGE IN (DEFICIT) EARNINGS     $(2,845,218)       $  (747,730)       $(3,002,924)           $ 1,364,889         $ 1,547,601
                                     ===========        ===========        ===========            ===========         ===========
                                                    
(LOSS) EARNINGS PER COMMON SHARE     $   (569.04)       $   (149.55)       $   (600.58)           $    272.97         $    309.52
                                     ===========        ===========        ===========            ===========         ===========
</TABLE>


   The accompanying notes are an integral part of these financial statements.




                                    Page 4
<PAGE>   5
                           GOLF HOST RESORTS, INC.
                     STATEMENTS OF SHAREHOLDERS' EQUITY
               (a wholly owned subsidiary of Golf Hosts, Inc.)
                                 (unaudited)


<TABLE>
<CAPTION>
                                 $1 Par Value          5.6% Cumulative
                                 Common Stock          Preferred Stock                     Retained       Total
                               -----------------   ---------------------     Paid-In       (Deficit)    Shareholders'
                               Shares    Amount      Shares     Amount       Capital       Earnings   (Deficit) Equity
                               ------    -------   ---------  ----------   ------------   ----------- ----------------
<S>                            <C>       <C>       <C>        <C>          <C>            <C>          <C>
Balance, December 31, 1995       5,000    $5,000   4,577,000  $4,577,000   $  2,329,447   $ 7,042,986   $13,954,433
                                 -----    ------   ---------  ----------   ------------   -----------  ------------
   Net income available to
      common shareholders           -         -           -           -              -      1,114,211     1,114,211
                                 -----    ------   ---------  ----------   ------------   -----------  ------------

Balance, December 31, 1996       5,000     5,000   4,577,000   4,577,000      2,329,447     8,157,197    15,068,644

   Notes receivable             
     distribution (Note 1)          -         -           -           -              -     (3,941,666)   (3,941,666)

   Net income available to
      common shareholders           -         -           -           -              -      1,364,889     1,364,889
                                 -----    ------   ---------  ----------   ------------   -----------  ------------

Balance, June 23, 1997           5,000    $5,000   4,577,000  $4,577,000   $  2,329,447   $ 5,580,420   $12,491,867
                                 =====    ======   =========  ==========   ============   ===========  ============

Balance, June 24, 1997           5,000    $5,000   4,577,000  $4,577,000   $ (4,582,000)           -   $         -

   Distribution to 
       shareholder                  -         -           -           -      (8,975,000)           -     (8,975,000)

   Net income (loss) available
       to common shareholder        -         -           -           -              -     (3,002,924)   (3,002,924)
                                 -----    ------   ---------  ----------   ------------   -----------  ------------
Balance, September 30, 1997      5,000    $5,000   4,577,000  $4,577,000   $(13,557,000)  $(3,002,924) $(11,977,924)
                                 =====    ======   =========  ==========   ============   ===========  ============


</TABLE>



                                    Page 5




<PAGE>   6


                             GOLF HOST RESORTS, INC.
                 (A WHOLLY OWNED SUBSIDIARY OF GOLF HOSTS, INC.)
                            STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
                                                                  99 day                     174 day               Nine months
                                                               period ended                period ended               ended
                                                            September 30, 1997            June 23, 1997         September 30, 1996
                                                            ------------------          -----------------       ------------------
<S>                                                         <C>                        <C>                      <C>              
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net (loss) income                                        $      (2,933,917)         $       1,488,116        $       1,739,835
   Noncash items included in income:
      Provision for bad debts                                              --                     89,609                       --
      Depreciation and amortization                                   852,993                  1,282,510                1,870,300
   Decrease in deferred tax                                        (1,660,807)                        --                       --
   Changes in operating working capital                             2,039,253                 (2,059,667)              (1,303,889)
                                                            -----------------          -----------------        -----------------
       Cash provided by operations                                 (1,702,478)                   800,568                2,306,246
                                                            -----------------          -----------------        -----------------
CASH FLOWS FROM INVESTING ACTIVITIES:
   Decreases (increases) in other assets                                6,932                     62,302                       --
   Purchases of property and equipment                             (1,732,812)                (1,517,431)              (1,642,429)
   Decrease in assets held for sale                                   299,754                         --                       --
   Net recovery of cost of property and
       equipment sold or retired                                           --                         --                   66,776
   Additions to notes receivable                                           --                         --                   (7,782)
   Reduction in notes receivable                                           --                  1,185,120                  592,096
                                                            -----------------          -----------------        -----------------
       Cash provided by (used for) investing                       (1,426,126)                  (270,009)                (991,339)
                                                            -----------------          -----------------        -----------------
CASH FLOWS FROM FINANCING ACTIVITIES:
   Net change in notes payable                                             --                         --                 (672,582)
   Increases in long-term obligations                                      --                         --                  480,105
   Decreases in long-term obligations                                      --                         --               (1,411,429)
   Increases in long-term intercompany                                     --                         --                  849,508
   Increases in long-term contingency                                      --                         --                  108,157
   Additional borrowings                                            1,073,748                  1,514,587                       --
   Proceeds from sale of company                                           --                 63,524,946                       --
   Repayment of existing debt                                              --                (25,037,262)                      --
   Proceeds to selling shareholders                                        --                (38,046,827)                      --
                                                            -----------------          -----------------        -----------------
       Cash provided (used for) financing                           1,073,748                  1,955,444                 (646,241)
                                                            -----------------          -----------------        -----------------
NET (DECREASE) INCREASE IN CASH                                    (2,054,856)                 2,486,003                  668,666
CASH, BEGINNING OF PERIOD                                           2,974,688                    488,685                  312,603
                                                            -----------------          -----------------        -----------------
CASH, END OF PERIOD                                         $         919,832          $       2,974,688        $         981,269
                                                            =================          =================        =================
NONCASH FINANCING AND INVESTING ACTIVITIES:

Preferred stock dividend liability to Golf Hosts, Inc. 
   satisfied through the intercompany account               $          69,007          $         123,227        $         192,236

The Company transferred its investment in
   GTA to GHI                                               $       8,975,000          $              --        $              --

OTHER INFORMATION
Interest paid in cash                                       $       1,118,595          $         965,117        $       1,503,969

Income taxes paid in cash                                   $              --          $         118,090        $         192,001
</TABLE>


   The accompanying notes are an integral part of these financial statements.



                                     Page 6


<PAGE>   7





                             GOLF HOST RESORTS, INC.
                 (A WHOLLY OWNED SUBSIDIARY OF GOLF HOSTS, INC.)
                          NOTES TO FINANCIAL STATEMENTS
                               SEPTEMBER 30, 1997



(1)    ORGANIZATION, BUSINESS AND SUMMARY OF SIGNIFICANT
       ACCOUNTING POLICIES

       On June 23, 1997, TM Golf Hosts, Inc. ("TMGHI") acquired all of the
       outstanding stock of Golf Hosts, Inc. ("GHI"), previously an 80% owner of
       Golf Host Resorts, Inc. (the "Company"), and the 20% of the Company's
       stock not held by GHI. Concurrently, TMGHI and GHI merged with the legal
       survivor being GHI, which now owns 100% of the Company. Total
       consideration for the acquisition of the outstanding stock of GHI and the
       Company was approximately $66 million, including assumption of certain
       liabilities. The transaction was financed with new borrowing and all
       previous indebtedness of the Company was repaid, resulting in an
       extraordinary loss on early retirement of debt primarily relating to the
       write-off of unamortized debt discounts and related deferred expenses.

       Under the terms of the agreement, certain long term receivables were
       transferred to the selling shareholders immediately prior to the
       transaction. In addition, certain marketable securities and investments
       with ascribed values aggregating $8,975,000 were distributed from the
       Company to its parent, GHI, subsequent to the transaction.

       The interim financial statements are unaudited and were prepared from the
       books and records of the Company. In the opinion of management, they
       include all adjustments necessary for a fair presentation of the
       Company's operations and financial positon. Certain of the Company's
       operations are seasonal in nature and, therefore, interim results from
       operations are not necessarily indicative of a full year.

       The financial statements as of and for the period from the merger to
       September 30, 1997 reflect the allocation of the purchase price based
       upon the fair value of the assets acquired and the liabilities assumed in
       connection with the merger and are, therefore, not comparable to the
       financial statements of the Company presented herein as of or for periods
       prior to the merger, which are based upon its previous historical cost. A
       portion of the purchase price was allocated to certain intangible assets
       including those relating to the golf course operations and the operations
       of the resort pursuant to the rental pool arrangement with the
       condominium owners. These intangibles are being amortized on a straight
       line basis over a 20 year period based on the contract term of the
       Innisbrook management agreement.




                                     Page 7
<PAGE>   8


(2)    ASSETS HELD FOR SALE

       The Company intends to sell certain resort assets (the Tamarron Hilton
       Resort and a portion of the non-operating assets at Innisbrook) within
       one year from the date of acquisition. The Tamarron related net assets
       related to these operations have been recorded at their estimated
       proceeds, as adjusted for estimated cash flows from operations and
       estimated interest expense during the holding period on the incremental
       debt incurred to finance the purchase as required by EITF 87-11. The net
       income from operations subsequent to June 23, 1997, related to these
       assets held for sale of approximately $291,000 and the interest expense
       on the allocated debt of approximately $238,000 has been excluded from
       the current year's consolidated statement of earnings. The impact of the
       sale will have a positive impact on earnings and liquidity.

(3)    NOTE PAYABLE AND LONG-TERM OBLIGATIONS

       As a part of the transaction referred to in Note 1, the previously
       existing note payable and all long-term obligations were replaced by a
       mortgage note with Golf Trust of America, L.P. The participating mortgage
       is for a term of thirty years and is secured by certain real and personal
       property of the Company and guaranteed by GHI. The loan allows for
       certain additional borrowings for capital improvements. The loan has an
       initial base pay rate increasing annually. The loan also includes
       participation above certain predefined levels in certain revenue of the
       Innisbrook property securing the loans.

<TABLE>
<CAPTION>
                                                September 30,        December 31,
                                                     1997                1996
                                               --------------       --------------
<S>                                            <C>                  <C>           
Note payable under $6,000,000 line
  of credit                                    $            -       $      734,429
                                               ==============       ==============

Long-term obligations:
Participating mortgage note at varying,
    increasing pay rates maturing in 2027      $   71,673,914       $           --

Mortgage note at 6.34%, maturing in 2002            5,000,000                   --

Mortgage notes at varying rates, ranging
    from 8.3% to 9%, maturing from
    from 1998 to 2007                                      --           15,487,194

Equipment revolving credit line at prime,
    maturing serially from 1997 to 2001                    --            3,891,728

A $2,000,000 revolving credit line at 9%
    maturing in 2007                                       --            1,368,000

Other                                                      --              286,386

Unamortized debt discount and expense                      --             (467,000)
                                               --------------       --------------
                                                   76,673,914           20,566,308
Less-current maturities                                    --           (2,788,764)
                                               --------------       --------------
                                               $   76,673,914       $   17,777,544
                                               ==============       ==============
</TABLE>



                                     Page 8

<PAGE>   9


(4)  CHANGE IN INNISBROOK PROPERTY MANAGER

     Concurrent with the merger, the Company entered into an agreement to
terminate the existing Innisbrook management agreement effective July 15, 1997
for a $600,000 termination fee. A new property manager, Westin Hotel Company
(Westin), was engaged effective on that date. Such termination fee was included
in determining the cost of the acquisition.



                                     Page 9


<PAGE>   10

                             GOLF HOST RESORTS, INC.
                 (A WHOLLY OWNED SUBSIDIARY OF GOLF HOSTS, INC.)
                      MANAGEMENT'S DISCUSSION AND ANALYSIS
                OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

RESULTS OF OPERATIONS

For purposes of discussing comparative results from operations for 1996 and
1997, the results for the periods prior to and subsequent to the June 23, 1997
merger transaction, described in Note 1 to the financial statements, are
combined. In addition, the discussion includes the operations of Tamarron which
are included in Assets Held for Sale as discussed in Note 2.

For the current quarter, room nights occupied fell 21.1% from the same prior
year quarter. Occupied room nights on a divisional basis declined 24.6% at
Innisbrook while Tamarron experienced a 15.4% decline. The decline in occupancy
occurred mostly conference business at both resorts.

Revenues from resort operations decreased 11.8% for the quarter. Revenue per
occupied room night of $284.69 reflected an 11.7% increase over the prior year
amount of $254.83. Revenue per occupied room night at Innisbrook increased 13.5%
to $284.64 while Tamarron's spending rose 8.9% to $287.65. The prior year
amounts were $249.12 and $264.12, respectively. The guest spending improvement
was unable to offset the lower occupancy impact, yielding a $1,300,000 decrease
in resort operations revenue. There was no real estate revenue generated during
the quarter, while $671,000 was produced in the prior year quarter.

Resort operations costs and operating expenses increased to 120.2% of revenues
from the prior year 109.0%, resulting in an operating income decline of $995,000
from the prior year loss of $992,000. Other costs and expenses declined 1.2%, or
approximately $47,000, while related revenue declined $359,000. General and
administrative expense increased $149,000 over the prior year.

Interest expense increased $1,560,000 to $2,055,000 as a result of additional
interest from the new borrowings related to the merger transactions described in
Note 1 to the financial statements.

For the nine months ended September 30, 1997, occupied room nights declined 8.2%
from the prior year. The 5.4% improvement in guest spending per occupied room
somewhat mitigated the decline in occupancy, yielding a decline in revenues of
3.2%.

As a percentage of revenues, costs and operating expenses rose from 91.1% to
96.5%. Income before income taxes declined $3,975,000, reflecting the impact of
the above items, related lost economies of scale relative to operating income
margin and the impact of the minimum wage hike.

FINANCIAL CONDITION AND LIQUIDITY

As more fully discussed in Note 1 to the financial statements, on June 23, 1997
all the stock of the Company and its parent Golf Hosts, Inc. was acquired by
previously unrelated parties in a transaction financed by new debt obligations
of the Company. These transactions resulted in the termination of the Company's
accounts receivable line of credit, which will negatively impact the Company's
ability to meet its cash needs during the latter part of the year. Due to the
seasonal nature of the Company's business, the Company expects cash flow
deficits from operations during the fourth quarter of 1997. The Company has
evaluated the cash needs with respect to these deficits and scheduled capital
expenditures and has reason to believe that cash flow generated from operations
during the first half of the year coupled with available capital expenditure
financing will not be sufficient to meet the expected cash needs during the
second half of 1997. Management recognizes that the Company must generate
additional cash resources to ensure the continuation of operations. To achieve
this, the Company may obtain up to $2,500,000 from a Westin annual minimum cash
flow guarantee and may also enter into an unsecured capital expenditure sharing
agreement with Westin whereby Westin will fund 50% of capital expenditures
incurred subsequent to the June 23, 1997 merger transaction in excess of
$6,000,000, plus capital reserve requirements as defined. In addition, the
Company is negotiating with its primary lender to release Innisbrook's accounts
receivable from its collateral and the Company will then negotiate an accounts
receivable line of credit with a major financial institution. The Company
anticipates these efforts will yield adequate cash flow for the remainder of
1997.

The Company's working capital position (exclusive of Assets Held for Sale) at
September 30, 1997 was $2,421,000 as compared with $445,000 at September 30,
1996 and a deficit of $1,278,000 at December 31, 1996. The Company typically
experiences seasonal fluctuations in its net working capital position without
impairing its ability to pay trade creditors in a timely manner and satisfy its
financial obligations in an orderly fashion.

As a result of the change in control previously discussed, the Company's former
lenders were replaced with a single lender on June 23, 1997. Reference is made
in the notes to financial statements regarding the new lender.

While the Company has a substantial retained deficit, based on existing cash
levels, expected operating levels for the balance of the year and the existence
of credit facilities with its parent, the Company assesses its liquidity as
satisfactory.



                                     Page 10
<PAGE>   11







                           PART II - OTHER INFORMATION



Item 1.    Legal Proceedings

           Registrant is not currently involved in material legal proceedings
           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/A
           filing are unaudited financial statements of the Innisbrook Rental
           Pool Lease Operation and the Tamarron Rental Pool Lease Operation for
           the quarter and nine months ended September 30, 1997.

Item 6.    Exhibits and Reports on Form 8-K

           (a)    Exhibits

                  27 Financial Data Schedule (for SEC use only)

           (b)    Reports on Form 8-K

                  Form 8-K, reporting changes in control of registrant and
                  change in registrant's certifying accountant, was filed with
                  the SEC on July 8, 1997.





                                     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: July 10, 1998                     By: /a/ Merrick Kleeman
     -------------------------             ---------------------------------
                                        Merrick Kleeman
                                        President




Date: June 29, 1998                     By: /s/ Richard 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 quarter and nine months ended September 30, 1997.

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, 1996 (File No. 2-64309).

As discussed in Note 1 to the Golf Host Resorts, Inc. financial statement, on
June 23, 1997, TM Golf Hosts, Inc. ("TMGHI") acquired all of the outstanding
stock of Golf Hosts, Inc. ("GHI") and the 20% of the Company's stock not held by
GHI. Concurrently, TMGHI and GHI merged with the legal survivor being GHI.

Concurrently with the merger, the Company entered into an agreement to terminate
the existing management agreement, effective July 15, 1997, with the current
operations manager for Innisbrook for a $600,000 termination fee. A new property
manager was engaged effective on that date. Neither the change in ownership nor
the change in managers at Innisbrook is expected to have an adverse affect on
the participants in the Rental Pools.




                                     Page 13


<PAGE>   14



                     INNISBROOK RENTAL POOL LEASE OPERATION
                                 BALANCE SHEETS
                           SEPTEMBER 30, 1997 AND 1996

                                DISTRIBUTION FUND


<TABLE>
<CAPTION>
                                                           1997                 1996
                                                      --------------       --------------
                                     ASSETS
<S>                                                   <C>                  <C>           
RECEIVABLE FROM GOLF HOST RESORTS, INC 
   FOR DISTRIBUTION - FULLY SECURED                   $    1,140,133       $    1,160,240
INTEREST RECEIVABLE FROM MAINTENANCE
   ESCROW FUND                                                30,326               19,021
                                                      --------------       --------------
                                                      $    1,170,459       $    1,179,261
                                                      ==============       ==============


                   LIABILITIES AND PARTICIPANTS' FUND BALANCES

DUE TO PARTICIPANTS FOR DISTRIBUTION                  $      778,608       $      808,871
DUE TO MAINTENANCE ESCROW FUND                               191,096              245,640
RESERVE FOR ESTIMATED LIFE-SAFETY
   REIMBURSEMENT                                             200,755              124,750
PARTICIPANTS' FUND BALANCES                                       --                   --
                                                      --------------       --------------
                                                      $    1,170,459       $    1,179,261
                                                      ==============       ==============


                             MAINTENANCE ESCROW FUND

                                     ASSETS

CASH AND CASH EQUIVALENTS                             $    1,888,704       $    1,467,308
INVENTORIES                                                       --                  251
RECEIVABLE FROM DISTRIBUTION FUND                            191,096              245,640
INTEREST RECEIVABLE                                           33,383               20,216
                                                      --------------       --------------
                                                      $    2,113,183       $    1,733,415
                                                      ==============       ==============


                   LIABILITIES AND PARTICIPANTS' FUND BALANCES

ACCOUNTS PAYABLE                                      $       40,453       $       34,792
INTEREST PAYABLE TO DISTRIBUTION FUND                         30,326               19,021
CARPET CARE RESERVE                                           31,651               38,720
PARTICIPANTS' FUND BALANCES                                2,010,753            1,640,882
                                                      --------------       --------------
                                                      $    2,113,183       $    1,733,415
                                                      ==============       ==============
</TABLE>


These balance sheets 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 AND NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996

                               DISTRIBUTION FUND

<TABLE>
<CAPTION>
                                          Current Quarter                       Year-to-Date
                                    --------------------------          ----------------------------
                                       1997            1996                 1997             1996
                                    ----------      ----------          -----------      ----------- 
<S>                                 <C>             <C>                 <C>              <C>
GROSS REVENUES                      $1,734,022      $2,090,975          $11,377,240      $11,710,587
                                    ----------      ----------          -----------      -----------  

REDUCTIONS:
    Agents' commissions                 31,266           4,685              188,342          207,955
    Audit fees                           3,000           3,000                9,100            9,100
                                    ----------      ----------          -----------      -----------  
                                        34,266           7,685              197,442          217,055
                                    ----------      ----------          -----------      -----------  

ADJUSTED GROSS REVENUES              1,699,756       2,083,290           11,179,798       11,493,532
MANAGEMENT FEE                        (798,885)       (979,146)          (5,254,504)      (5,401,960)
                                    ----------      ----------          -----------      -----------  
GROSS INCOME DISTRIBUTION              900,871       1,104,144            5,925,294        6,091,572

ADJUSTMENTS TO GROSS INCOME
    DISTRIBUTION:
        Corporate complimentary
            occupany fees                5,202           1,451               13,696            6,592
        Occupancy fees                (254,792)       (327,518)          (1,175,044)      (1,281,474)
        Advisory Committee expenses    (25,230)        (20,447)             (79,543)         (66,525)
        Life-safety reimbursement       28,807         (79,456)            (200,755)        (124,750)
                                    ----------      ----------          -----------      -----------  

NET INCOME DISTRIBUTION                654,858         678,174            4,483,648        4,625,415

ADJUSTMENTS TO NET INCOME
  DISTRIBUTION:
        Occupancy fees                 254,792         327,518            1,175,044        1,281,474
        Hospitality suite fees           2,217           2,672                7,298            9,853
        Greens fees                     10,276           9,186               66,956           66,239
        Additional participation 
            credits                     17,235          17,940               52,555           54,325
                                    ----------      ----------          -----------      -----------  

AMOUNT AVAILABLE FOR DISTRIBUTION
    TO PARTICIPANTS                 $  939,378      $1,035,490          $ 5,785,501      $ 6,037,306
                                    ==========      ==========          ===========      ===========

    Average daily distribution      $    10.94      $    11.83          $     23.91      $     24.47
    Average room rate               $    85.91      $    78.14          $    118.74      $    111.40
    Occupied room nights                20,185          26,761               95,818          105,119
    Available room nights               85,904          87,543              241,952          246,679
    Occupancy percentage                  23.5%           30.6%                39.6%            42.6%
    Average number of 
            available units                934             952                  886              900

</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 OPERATION
              STATEMENTS OF CHANGES IN PARTICIPANTS' FUND BALANCES
       FOR THE QUARTERS AND NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996

                               DISTRIBUTION FUND

<TABLE>
<CAPTION>
                                                     Current Quarter                      Year-to-Date
                                                --------------------------          -------------------------
                                                  1997            1996                1997            1996
                                                ----------      ----------          ---------       ---------  
<S>                                            <C>              <C>                 <C>             <C>
BALANCE, beginning of period                    $       -       $       -           $       -       $       -

ADDITIONS:
    Amounts available for distribution
        before life-safety reimbursement           910,571       1,114,946           5,986,256       6,162,056
    Interest received or receivable from
        Maintenance Escrow Fund                     30,326          19,021              81,910          60,152

REDUCTIONS:
    Amount withheld for Maintenance Escrow Fund   (191,096)       (245,640)           (881,290)       (961,112)
    Amounts held in reserve for estimated
        life-safety reimbursement                   28,807         (79,456)           (200,755)       (124,750)
    Amounts accrued or paid to participants       (778,608)       (808,871)         (4,986,121)     (5,136,346)
                                                ----------      ----------          ----------      ----------
BALANCE, end of period                          $       -       $       -           $       -       $       -
                                                ==========      ==========          ==========      ==========            

                                     MAINTENANCE ESCROW FUND

BALANCE, beginning of period                    $2,417,925      $1,607,083          $1,734,415      $1,141,259

ADDITIONS:
    Amounts withheld from occupancy fees           191,096         245,640             881,290         961,112
    Interest earned                                 30,326          19,021              81,910          60,152
    Charges to participants to establish
        or restore escrow balances                 164,492         319,098             994,837         838,563

REDUCTIONS:
    Maintenance charges                           (722,489)       (493,740)         (1,498,557)     (1,210,085)
    Carpet care reserve deposit                     (5,098)         (6,553)            (28,092)        (25,638)
    Interest accrued or paid to
        Distribution Fund                          (30,326)        (19,021)            (81,910)        (60,152)
    Refunds to participants as prescribed
        by Master Lease Agreement                  (35,173)        (30,646)            (73,140)        (64,329)
                                                ----------      ----------          ----------      ----------

BALANCE, end of period                          $2,010,753      $1,640,882          $2,010,753      $1,640,882
                                                ==========      ==========          ==========      ==========            
</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
                           SEPTEMBER 30, 1997 AND 1996

                                DISTRIBUTION FUND

<TABLE>
<CAPTION>
                                                           1997                 1996
                                                      --------------       --------------
                                     ASSETS
<S>                                                   <C>                  <C>           
CASH                                                  $        1,000       $        1,000
RECEIVABLE FROM GOLF HOST RESORTS, INC 
   FOR DISTRIBUTION                                          771,434              837,169
INTEREST RECEIVABLE FROM MAINTENANCE
   ESCROW FUND                                                   203                  481
                                                      --------------       --------------
                                                      $      772,637       $      838,650
                                                      ==============       ==============

                  LIABILITIES AND PARTICIPANTS' FUND BALANCES

DUE TO PARTICIPANTS FOR DISTRIBUTION                  $      666,146       $      751,101
DUE TO MAINTENANCE ESCROW FUND                               106,491               87,549
PARTICIPANTS' FUND BALANCES                                       --                   --
                                                      --------------       --------------
                                                      $      772,637       $      838,650
                                                      ==============       ==============


                            MAINTENANCE ESCROW FUND
                                        
                                     ASSETS

CASH AND CASH EQUIVALENTS                                     21,598               75,509
DUE FROM DISTRIBUTION FUND                                   106,491               87,549
INTEREST RECEIVABLE                                               --                   --
INVENTORY:
   Linen                                                      89,480               98,871
   Materials and supplies                                     13,643                7,229
DEPOSITS                                                          --               86,077
                                                      --------------       --------------
                                                      $      231,212       $      355,235
                                                      ==============       ==============

                  LIABILITIES AND PARTICIPANTS' FUND BALANCES

ACCOUNTS PAYABLE                                      $        4,150       $        5,033
INTEREST PAYABLE TO DISTRIBUTION FUND                            203                  481
PARTICIPANTS' FUND BALANCES                                  226,859              349,721
                                                      --------------       --------------
                                                      $      231,212       $      355,235
                                                      ==============       ==============
</TABLE>


These balance sheets 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 AND NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996

                               DISTRIBUTION FUND

<TABLE>
<CAPTION>
                                          Current Quarter                     Year-to-Date
                                    --------------------------          --------------------------
                                       1997            1996                1997            1996
                                    ----------      ----------          ----------      ----------
<S>                                 <C>             <C>                 <C>             <C>
GROSS REVENUES                      $1,711,566      $1,887,216          $2,992,542      $3,142,727
                                    ----------      ----------          ----------      ----------
REDUCTIONS:
    Sales and marketing expenses       136,925         160,413             239,405         267,131
    Agents' commissions                 27,916          50,520              98,381         102,880
    Audit fees                           2,595           2,601               7,795           7,803
                                    ----------      ----------          ----------      ----------
                                       167,436         213,534             345,581         377,814
                                    ----------      ----------          ----------      ----------

ADJUSTED GROSS REVENUES              1,544,130       1,673,682           2,646,961       2,764,913
MANAGEMENT FEE                        (772,065)       (836,841)         (1,323,480)     (1,382,457)
                                    ----------      ----------          ----------      ----------
GROSS INCOME DISTRIBUTION              772,065         836,841           1,323,481       1,382,456

ADJUSTMENTS TO GROSS INCOME
    DISTRIBUTION:
        Corporate complimentary
            occupancy fees               1,466           1,989               2,952           3,587
        Occupancy fees                (140,935)       (131,790)           (302,638)       (255,948)
        Designated items               (35,022)        (20,653)            (88,954)        (54,312)
        Advisory Committee expenses     (2,097)         (1,661)             (9,816)         (7,424)
                                    ----------      ----------          ----------      ----------

POOLED INCOME                          595,477         684,726             925,025       1,068,359

ADJUSTMENTS TO POOLED INCOME:
        Hospitality suite fees           -               -                   -                  53
        Occupancy fees                 140,935         131,790             302,638         255,948
                                    ----------      ----------          ----------      ----------

NET INCOME DISTRIBUTION             $  736,412      $  816,516          $1,227,663      $1,324,360
                                    ==========      ==========          ==========      ==========

    Average daily distribution      $    29.36      $    32.01          $    15.84      $    17.17
    Average room rate               $   123.03      $   114.85          $    99.45      $    98.15
    Room nights                         13,912          16,432              30,092          32,019
    Occupancy percentage                  55.5%           64.4%               38.8%           41.5%
    Average number of available 
        units                              273             277                 284             282
    Number of units in Rental Pool 
        at end of period                   293             302               -               -

</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 AND NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996

                               DISTRIBUTION FUND

<TABLE>
<CAPTION>
                                                     Current Quarter                       Year-to-Date
                                                -------------------------           ------------------------
                                                  1997            1996                 1997            1996
                                                ----------      ----------          ----------      ----------
<S>                                             <C>             <C>                 <C>             <C>
BALANCE, beginning of period                    $       -       $       -           $       -       $       -

ADDITIONS:
    Amounts available for distribution             736,412         816,516           1,227,663       1,324,360
    Interest received or receivable from
        Maintenance Escrow Fund                        204             480                 589           2,807

REDUCTIONS:
    Amounts withheld for Maintenance Escrow Fund   (70,470)        (65,895)           (151,325)       (127,975)
    Amounts accrued or paid to participants       (666,146)       (751,101)         (1,076,927)     (1,199,192)
                                                ----------      ----------          ----------      ----------
BALANCE, end of period                          $       -       $       -           $       -       $       -
                                                ==========      ==========          ==========      ==========

                                             MAINTENANCE ESCROW FUND

BALANCE, beginning of period                    $  206,837      $  336,079          $  197,548      $  328,336

ADDITIONS:
    Amounts withheld from occupancy fees            70,470          65,895             151,325         127,975
    Interest earned                                    204             480                 589           2,807
    Reimbursement of designated items               35,022          20,653              88,954          54,312
    Charges to participants to establish
        or restore escrow balances                   7,564          85,132              23,859         227,764

REDUCTIONS:
    Maintenance and inventory charges              (40,840)        (30,995)            (93,068)       (119,617)
    Refurbishing charges                           (14,206)        (98,167)            (38,875)       (191,716)
    Interest accrued or paid to
        Distribution Fund                             (204)           (480)               (589)         (2,807)
    Designated items                               (35,022)        (20,653)            (88,953)        (54,313)
    Refunds to participants as prescribed
        by Master Lease Agreement                   (2,966)         (8,223)            (13,931)        (23,020)
                                                ----------      ----------          ----------      ----------

BALANCE, end of period                          $  226,859      $  349,721          $  226,859      $  349,721
                                                ==========      ==========          ==========      ==========
</TABLE>



 These statements were repared 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