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                                                                    EXHIBIT 10.3
 
                                   ASSIGNMENT
                                   ----------

     For good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, Terrace Holdings, Inc.,  ("Assignor"), having on
January 16, 1996, been assigned by International Tours & Catering by Ambassador,
Inc. ("International") all rights, title, and interest in a contract dated
December 21, 1995, (the "Passover Contract") between International and Rye Town
Hilton, (the "Hotel"), (A copy of the January 16, 1996 Assignment of Contract is
attached hereto as Exhibit A), does hereby assign, transfer, convey, and deliver
unto its wholly owned subsidiary, The Lasko Family Kosher Tours, Inc.,
("Assignee") and its respective successors and assigns, all of the rights,
obligations, title, and interest of Assignor in and with respect to the Passover
Contract, a copy of which is attached hereto as Exhibit B.

     Assignee hereby accepts the assignment and transfer  to it of the rights,
obligations, title, and interest in the Passover Contract, and, in consideration
of such transfer and assignment, agrees to be responsible for the management and
administration, from and after the date of this Assignment, of any and all
aspects of the Passover Contract, including any and all  costs and expenses
related to Assignee's performance under said contract.

     Assignor hereby covenants with Assignee and their respective successors and
assigns to execute, acknowledge, and deliver to, or to cause to be done,
executed, acknowledged and delivered to, Assignee and their respective
successors and assigns all such further acts, deeds, assignments, transfers,
conveyances, powers of attorney and assurances as may be reasonably requested by
Assignee or such successor or assign to manage or otherwise perform Assignee's
obligations under the Passover Contract.

     This Assignment shall be binding upon the successors and assigns of
Assignor and shall inure to the benefit of the successors and assigns of each
Assignee.

     IN WITNESS WHEREOF, Assignor has caused this Assignment to be duly executed
and delivered this 13th day of February, 1997

                                TERRACE HOLDINGS, INC.

                                By: /s/ Dr. Samuel Lasko
                                    ---------------------------
                                        Dr. Samuel Lasko

                                ACCEPTED:

                                THE LASKO FAMILY KOSHER TOURS, INC.

Dated: February 13, 1997        By: /s/ Dr. Samuel Lasko
                                    ---------------------------
                                        Dr. Samuel Lasko


                             CONSENT TO ASSIGNMENT
                             ---------------------

     The undersigned, being the Director of Sales of the Rye Town Hilton, hereby
consents and agrees to the foregoing Assignment of Contract.


Dated: February14, 1997        RYE TOWN HILTON

                               By: /s/ Susan Marano
                                   ----------------------------
                                       Susan Marano