UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                                450 Fifth Street
                             Washington, D.C. 20549

                                   Form 10-QSB
                                   -----------

                  QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF
                       THE SECURITIES EXCHANGE ACT OF 1934


                  For the Quarterly Period Ended June 30, 1998
                                                ---------------

                           Commission File No. 0-3858
                                              --------

                        INTERNATIONAL LEISURE HOSTS, LTD.
--------------------------------------------------------------------------------
             (Exact name of Registrant as specified in its charter)



            Wyoming                                        86-0224163
-------------------------------                ---------------------------------
(State or other jurisdiction of                (IRS Employer Identification No.)
incorporation or organization)


3207 S. Hardy Drive
-------------------------------
Tempe, AZ                                                     85282
-------------------------------                ---------------------------------
(Address of principal executive                             (Zip Code)
office)

Issuer's telephone number, including area code (602) 829-7600
                                              ----------------

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Securities  Exchange  Act  during the 12 months (or for such
shorter period that the  registrant was required to file such reports),  and (2)
has been subject to such filing requirements for the past 90 days:

                        YES   X                     NO 
                            -----                      -----

State the number of shares outstanding of each of the issuer's classes of common
stock as of the close of the latest  practicable date. There were 694,577 shares
of $.01 par value common stock outstanding as of June 30, 1998.

                                  Page 1 of 13
<PAGE>
                         PART I - FINANCIAL INFORMATION

ITEM 1 - Summarized Financial Information

                        INTERNATIONAL LEISURE HOSTS, LTD.
                           CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
                                                                         June          March
                                                                       30, 1998       31, 1998
                                                                       --------       --------
<S>                                                                  <C>            <C>        
ASSETS
CURRENT ASSETS:
    Cash & cash equivalents                                          $   438,281    $   212,593
    Accounts receivable                                                    9,550         23,300
    Accounts receivable from related party                                               82,800
    Income tax refund receivable                                          61,471         23,471
    Merchandise inventories                                              157,171         50,394
    Prepaid expenses and other                                            27,010         10,491
    Deferred income taxes                                                 19,603         19,603
                                                                     -----------    -----------
        Total current assets                                             713,086        422,652
                                                                     -----------    -----------

PROPERTY AND EQUIPMENT:
    Buildings and improvements                                         5,017,059      5,017,059
    Equipment                                                          1,496,253      1,421,234
    Leasehold improvements                                               325,600        325,600
    Construction in progress                                             148,091         48,145
                                                                     -----------    -----------
        Total property and equipment                                   6,987,003      6,812,038
    Less accumulated depreciation and amortization                     1,915,026      1,845,325
                                                                     -----------    -----------
        Property and equipment - net                                   5,071,977      4,966,713
                                                                     -----------    -----------
DEPOSITS                                                                   4,402          3,402
                                                                     -----------    -----------
TOTAL                                                                $ 5,789,465    $ 5,392,767
                                                                     ===========    ===========

LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
    Accounts payable:
       Trade                                                         $   280,009    $    70,570
       Related party                                                      34,208         17,929
       Note payable under line of credit from related party            1,105,000      1,105,000
    Accrued liabilities                                                  115,672         61,323
    Advance deposits                                                     312,113        113,093
                                                                     -----------    -----------
        Total current liabilities                                      1,847,002      1,367,915
DEFERRED INCOME TAXES                                                    196,589        196,589
                                                                     -----------    -----------
        Total liabilities                                              2,043,591      1,564,504
                                                                     -----------    -----------
SHAREHOLDERS' EQUITY:
    Preferred stock, $5 par value - authorized 100,000 shares: 
      issued none
    Common stock, $.01 par value - authorized 2,000,000 shares: 
      issued, 718,373 shares                                               7,184          7,184
    Additional paid-in capital                                           656,426        656,426
    Retained earnings                                                  3,160,176      3,242,565
    Common stock in treasury - at cost, 23,796 shares                    (77,912)       (77,912)
                                                                     -----------    -----------
        Total shareholders' equity                                     3,745,874      3,828,263
                                                                     -----------    -----------
TOTAL                                                                $ 5,789,465    $ 5,392,767
                                                                     ===========    ===========
</TABLE>
See notes to consolidated financial statements

                                  Page 2 of 13
<PAGE>
                        INTERNATIONAL LEISURE HOSTS, LTD.
                        CONSOLIDATED STATEMENTS OF INCOME



                                                   For the three months ended
                                                            June 30
                                                   --------------------------
                                                        1998        1997
                                                        ----        ----
REVENUES:                                          
 Sales of merchandise                                $ 329,674    $ 344,757
 Room, cabin and trailer space rentals                 321,550      347,258
 Other income                                           33,981       66,564
                                                     ---------    ---------
    Total revenues                                     685,205      758,579
                                                     ---------    ---------
                                                     
COSTS AND EXPENSES:                                  
 Operating                                             463,097      612,739
 Cost of merchandise                                   185,332      221,936
 General and administrative                             52,104       36,989
 Depreciation and amortization                          82,283       84,741
 Interest expense                                       22,778       22,086
                                                     ---------    ---------
    Total costs and expenses                           805,594      978,491
                                                     ---------    ---------
                                                     
Income (loss) before income tax                       (120,389)    (219,912)
                                                     
Provision (benefit) for income taxes                   (38,000)     (81,000)
                                                     ---------    ---------
                                                     
NET INCOME (LOSS)                                    ($ 82,389)   ($138,912)
                                                     =========    =========
NET INCOME (LOSS)                                    
     PER COMMON SHARE                                $   (0.12)   $   (0.20)
                                                     =========    =========
                                               
See notes to consolidated financial statements
                                           
                                  Page 3 of 13
<PAGE>
                        INTERNATIONAL LEISURE HOSTS, LTD.
                 CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
                    FOR THE THREE MONTHS ENDED JUNE 30, 1998

<TABLE>
<CAPTION>

                                                            
                                        Common Stock            Additional    
                                -----------------------------    Paid-in      Retained      Treasury
                                    Shares          Amount       Capital      Earnings        Stock
<S>                                <C>              <C>         <C>          <C>            <C>      
BALANCE, MARCH 31, 1998            718,373          $7,184      $656,426     $3,242,565     ($77,912)

Net income (loss)                                                               (82,389)
                                ----------------------------------------------------------------------
BALANCE, JUNE 30, 1998             718,373          $7,184      $656,426     $3,160,176     ($77,912)
                                   =======          ======      ========     ==========     =========

</TABLE>

See notes to consolidated financial statements

                                  Page 4 of 13
<PAGE>
                        INTERNATIONAL LEISURE HOSTS, LTD.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS


<TABLE>
<CAPTION>
                                                                Three months ended June 30,
                                                                ---------------------------
                                                                   1998           1997
                                                                   ----           ----
<S>                                                             <C>            <C>       
OPERATING ACTIVITIES:
  Net income                                                    ($ 82,389)     ($138,912)
  Adjustments to reconcile net income to cash
    provided by operating activities:
      Depreciation and amortization                                82,283         84,741
      Gain on disposal of property and equipment                   (7,210)        (8,059)
  Changes in assets and liabilities:
      Accounts receivable                                          13,750         15,242
      Accounts receivable related party                            82,800          9,800
      Merchandise inventories                                    (106,777)       (76,302)
      Income tax receivable                                       (38,000)       (81,000)
      Prepaid expenses and other                                  (17,519)       (16,209)
      Accounts payable trade                                      209,439        187,506
      Accounts payable related party                               16,279
      Accrued liabilities                                          54,351         34,727
      Advance deposits                                            199,021        208,510
                                                                ---------      ---------
          Net cash provided by operating activities               406,028        220,044
                                                                ---------      ---------

INVESTING ACTIVITIES:
      Purchases of property and equipment                        (187,550)      (131,109)
      Proceeds from disposal of property and equipment              7,210         28,536
      Cash and accounts payable segregated for construction
       of replacement property                                                    53,188
                                                                ---------      ---------
        Net cash used in investing activities                    (180,340)       (49,385)
                                                                ---------      ---------

FINANCING ACTIVITIES:
      Proceeds from Bank Line of Credit                                           60,000
                                                                ---------      ---------

NET INCREASE IN CASH AND CASH EQUIVALENTS                         225,688        230,659

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR                      212,593         48,258
                                                                ---------      ---------

CASH AND CASH EQUIVALENTS, END OF PERIOD                        $ 438,281      $ 278,917
                                                                =========      =========

SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION - Cash paid for interest                            $  24,794      $  22,086
                                                                =========      =========
</TABLE>
See notes to consolidated financial statements

                                  Page 5 of 13
<PAGE>
                        INTERNATIONAL LEISURE HOSTS, LTD.
                        ---------------------------------


                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
            For the Three Month Period Ending June 30, 1998 and 1997

The accompanying  unaudited condensed and consolidated financial statements have
been prepared in accordance with generally  accepted  accounting  principles for
interim  financial  information  and  with  the  instructions  to  Form  10-QSB.
Accordingly,  they do not include all of the  information  and notes required by
generally accepted accounting principles for complete financial  statements.  In
the opinion of management,  all  adjustments  and  reclassifications  considered
necessary  for a fair and  comparable  presentation  have been made and are of a
normal recurring  nature.  Operating results for the three months ended June 30,
1998 are not necessarily  indicative of the results that may be expected for the
year ending March 31, 1999. The enclosed financial  statements should be read in
conjunction  with  the  consolidated  financial  statements  and  notes  thereto
included in the Company's  Annual Report on Form 10-KSB for the year ended March
31, 1998.

1.       BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

International  Leisure  Hosts,  Ltd.  (the  "Company")  operates in one business
segment, the ownership and operation of Flagg Ranch, a full-service resort motel
and  trailer  park  located in the John D.  Rockefeller  Jr.  Memorial  Parkway,
approximately  four miles north of Grand Teton National Park and two miles south
of the southern entrance to Yellowstone National Park.

Significant accounting policies are as follows:

a.       Merchandise  inventories  are  stated  at  the  lower of aggregate cost
         (first-in, first-out basis) or market.

b.       Property and  equipment  are stated at cost.  Depreciation  is computed
         primarily by an  accelerated  method over the  estimated  useful lives,
         which  range  from 5 years  to 40  years,  for such  assets.  Leasehold
         improvements  are  amortized  using the  straight-line  method over the
         lesser of the estimated useful life of the related asset or the term of
         the lease.

c.       Income taxes have been  accounted for in accordance  with  Statement of
         Financial  Accounting Standards ("SFAS") No. 109, Accounting for Income
         Taxes.  Deferred  income  taxes have been  provided  for the  temporary
         differences  between  financial  statement  and income tax reporting on
         certain transactions.

d.       Use  of  Estimates  -  The  preparation  of  financial   statements  in
         conformity with generally accepted  accounting  principles  necessarily
         requires  management to make estimates and assumptions  that affect the
         reported amounts of assets and liabilities and disclosure of contingent
         assets and liabilities at the date of the financial  statements and the
         reported amounts of revenues and expenses during the reporting  period.
         Actual results could differ from those estimates.

e.       Net income (loss) per common share - In 1998,  the company  adopted and
         retroactively  applied SFAS No. 128,  Earnings per Share,  which had no
         effect on the computation or presentation of earnings

                                  Page 6 of 13
<PAGE>
         per share  data.  Net income  (loss) per common  share is  computed  by
         dividing net income by the  weighted  average  number of common  shares
         outstanding.  The weighted average number of common shares  outstanding
         was 694,577 for the three months ended June 30, 1998 and 1997.

f.       Statements of Cash Flows - For purposes of the consolidated  statements
         of cash flows, cash and cash equivalents represent cash in banks, money
         market funds,  and  certificates of deposit with initial  maturities of
         three months or less.

g.       Estimated  Fair  Value  of  Financial  Instruments  - The  Company  has
         estimated the fair value of its financial  instruments  using available
         market data. However, considerable judgment is required in interpreting
         market data to develop  estimates  of fair value.  The use of different
         market  assumptions or methodologies  may have a material effect on the
         estimates of fair values.  The  carrying  values of cash,  receivables,
         lines of credit, accounts payable, accrued expenses, and long-term debt
         approximate  fair  values due to the  short-term  maturities  or market
         rates of interest.

h.       New Accounting  Pronouncements - In June 1997, the FASB issued SFAS No.
         130, Reporting  Comprehensive  Income, which is effective for financial
         statements  for fiscal  years  beginning  after  December  15, 1997 and
         established standards for reporting and display of comprehensive income
         and its components (revenues, expenses, gains and losses) in a full set
         of general-purpose  financial statements.  The Company does not believe
         the  adoption  of SFAS  No.  130 will  have a  material  impact  on its
         financial statement presentation or related disclosures.

         In June 1997, the FASB issued SFAS No. 131,  Disclosure  about Segments
         of an Enterprise and Related Information, which is effective for fiscal
         years beginning  after December 15, 1997 and establishes  standards for
         the way that  public  business  enterprises  report  information  about
         operating  segments in annual  financial  statements  and requires that
         those enterprises report selected  information about operating segments
         in  interim   financial   reports  issued  to  shareholders.   It  also
         establishes  standards  for  related  disclosures  about  products  and
         services, geographic areas and major customers. The Company operates in
         one business segment and does not believe that the adoption of SFAS No.
         131 will have a material impact on its financial  statements or related
         disclosures.

2.       COMMITMENTS AND CONTINGENCIES

The Company receives its operating  authorization from the National Park Service
("NPS").  The NPS Contract (the "Contract") which became effective on January 1,
1990, will expire on December 31, 2009.  Under the terms of the Contract,  prior
to December  31,  1999,  the Company is  required to move its  existing  54-unit
riverside motel from its current location to the high ground above the river, to
provide  for new  employee  housing and make  certain  other  improvements.  The
Company has chosen to meet these  requirements by moving the riverside motel and
converting it into employee housing,  plus building  additional employee support
facilities,  which is scheduled to begin in summer 1998 with expected completion
in summer 1999.  The cost to do this is estimated to be between  $1,200,000  and
$2,100,000  depending on the number of employee  housing units and the extent of
additional  improvements  required by the NPS. If the Company builds new lodging
units to replace the 54-unit riverside motel, the additional cost to build these
units will be between  $1,000,000 and  $1,200,000.  This would result in a total
cost of  relocation  and new  construction  combined of between  $2,200,000  and
$3,300,000. The Company has not made a decision at this time regarding replacing
the riverside motel with new lodging units.

                                  Page 7 of 13
<PAGE>
The fee expense,  which has been recorded as operating expense, to the NPS under
the Contract is  calculated  at 2% of gross  receipts (as  defined),  subject to
review and possible adjustment every five years. For the three months ended June
30, 1998 and 1997, this fee amounted to $13,000 and $14,130, respectively.

Flagg Ranch faces competition from hotels,  camping areas and trailer facilities
in Yellowstone and Grand Teton National Parks, as well as from a large number of
hotels and motels in Wyoming,  Montana and Idaho, offering some facilities which
are similar to those offered by Flagg Ranch. In addition,  the business of Flagg
Ranch is susceptible to weather conditions and unfavorable trends in the economy
as a whole.  Business  could be  significantly  affected  depending upon actions
which might be taken by the NPS if cutbacks are made to their budget. If the NPS
decides to close  Yellowstone  National Park for the winter  months,  then Flagg
Ranch would have to discontinue its winter operations. NPS budget cutbacks could
also  negatively  impact  the  length of the  summer  season  and the  number of
visitors to the Parks and have a  corresponding  negative  impact on Flagg Ranch
revenues.

On May 20, 1997,  the Fund for Animals,  Biodiversity  Legal  Foundation et. al.
filed a lawsuit  against  the NPS  challenging  the action of the NPS  regarding
winter use of Yellowstone  and Grand Teton National  Parks.  The plaintiffs have
asked the Federal Court to stop winter  activities,  primarily  snowmobiling and
related snow grooming,  until environmental impacts are documented. A settlement
agreement was reached that requires the NPS to prepare an  environmental  impact
statement ("EIS") over the next three years,  during which time period the parks
will continue  activities under the existing winter visitor-use plan. If the NPS
is required to suspend or terminate  winter  activities in Yellowstone  National
Park, Flagg Ranch would have to suspend or discontinue its winter operations.

3.       TRANSACTIONS WITH AFFILIATED COMPANIES AND RELATED PARTIES

General and administrative expenses for the three months ended June 30, 1998 and
1997 include management fees and administrative expenses paid to related parties
of approximately $32,000 and $20,000, respectively. All related parties referred
to in these financial  statements were family members of Elizabeth A. Nicoli who
were the  majority  owners of the  Company for the three  months  ended June 30,
1997.  Related  parties  during the three  months  ended  June 30,  1998 are the
Company's majority owner, Robert Walker or his affiliated companies.

During October 1997, the Company incurred borrowings under a line of credit from
a related party (see note 4 below).  Interest paid pursuant to these  borrowings
for the three months ended June 30, 1998 totaled $24,794.

4.       NOTE PAYABLE UNDER LINE OF CREDIT

During  October  1997,  the  Company  entered  into a line of  credit  agreement
("Agreement")  with an affiliated  company  expiring  September 30, 1998,  which
provides for secured borrowings of up to $1,200,000 at an interest rate of prime
plus .5 percent. Borrowings under the Agreement are collateralized by the assets
and  improvements  of Flagg Ranch.  The Company has borrowed  $1,105,000 on this
line of credit as of June 30, 1998.

                                  Page 8 of 13
<PAGE>
ITEM 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations

The statements contained in this Report regarding  management's  anticipation of
the Company's facility completion schedules, quality of facilities,  fulfillment
of National Park Service  requirements,  consumer response to marketing efforts,
ability to offset  inflation  and  adequacy of  financing,  constitute  "forward
looking"  statements  within the  meaning of the Private  Securities  Litigation
Reform  Act  of  1995.  Management's  anticipation  is  based  upon  assumptions
regarding  levels  of  competition,   acceptance  of  facilities  by  consumers,
favorable weather  conditions,  ability to complete facility  construction,  the
market in which the Company operates, the stability of the economy and stability
of the regulatory environment.  Any of these assumptions could prove inaccurate,
and therefore  there can be no assurance  that the  forward-looking  information
will prove to be accurate.

The  Company's  net loss for the first  quarter  ended June 30, 1998 was $82,000
($.12 per share).  This compares to a net loss of $139,000  ($.20 per share) for
the quarter ended June 30, 1997. The $57,000  decrease in loss was due primarily
to reductions in operating costs. Changes to the Company's revenues and expenses
for the quarters ended June 30, 1998 and June 30, 1997 are summarized below. All
references to years represent quarters ending June 30 of the stated year.

Flagg Ranch,  the principal  business of the Company,  is operated as a seasonal
resort.  The two  seasons  coincide  with  the  opening  and  closing  dates  of
Yellowstone  and  Grand  Teton  National  Parks.  The  summer  season  runs from
approximately  May 15 through  October 15 and the winter  season  runs from late
December through  mid-March.  Therefore,  the first quarter ending June 30, 1998
consists of only forty-five days of operations.

Revenues
--------

Total revenues for 1998 decreased by $73,000 or 10% from 1997. Of this decrease,
$38,000 was from motel and cabin rentals,  $13,000 from food  services,  $21,000
from float trip revenue,  $12,000 from horse rental revenue, $12,000 in gasoline
sales,  and  $2,000 in  grocery  store  sales.  Increases  of $13,000 in RV park
rentals,  $10,000 in Gift shop sales, and $2,000 in miscellaneous  income offset
the above  decreases.  The  primary  reason for the  decrease in motel and cabin
rentals is due to the conversion of the riverside  motel from  available  rental
units to employee  dormitories.  This  represents an approximate 37% decrease in
available  rental units from last year.  This decrease also caused the decreases
in revenues from float trips,  horse  rentals,  gasoline sales and grocery store
sales.  The primary reason for the increase in RV park rentals was a increase in
the number of recreational  vehicle sites available for rent to the public. On a
temporary basis, approximately twenty-five recreational vehicle sites were being
utilized by construction  workers and employees  during the  construction of new
facilities at Flagg Ranch during 1997.

Expenses
--------

The ratio of cost of merchandise sold to sales of merchandise was 56% in 1998 as
well  as  1997.  Operating  expenses  decreased  by  $150,000  or 24% in 1998 as
compared to 1997. The ratio of operating  expenses to total revenue decreased to
68% in 1998 from 80% in 1997. The primary decrease in operating expenses was

                                  Page 9 of 13
<PAGE>
a $124,000 decrease in labor costs. This was primarily  attributable to cutbacks
made in the labor force at the  beginning of the year.  In  addition,  the labor
costs  decreased due to the reduced number of lodging units.  Other decreases in
operating  expenses  included $39,000 related to river float trips and horseback
riding operations and $8,000 in office supplies.  Increases in a number of other
expenses totaling about $21,000 offset these decreases.

Inflation
---------

The Company expects that it will be able to offset increased costs and expenses,
principally  labor,  caused by inflation,  by increasing  prices on its services
with minimal effect on operations.

Liquidity and Capital Resources
-------------------------------

During  the last  fiscal  year the  company  began a  project  to  relocate  the
riverside  motel and other  buildings  located  along the Snake  river to higher
ground  for use as  employee  dormitories  as well  as the  construction  of new
employee RV spaces and other ancillary buildings.  During the quarter ended June
30, 1998, the Company  incurred costs of  approximately  $100,000 related to the
above construction  projects. In addition the Company has purchased new vehicles
and other construction  equipment at a cost of $87,000. As a result, the working
capital  decreased  to a negative  $1,134,000  at June 30,  1998 from a negative
$945,000 at March 31, 1998.

The Company may incur  additional  costs of between  $1,200,000  and  $2,100,000
prior to December 31, 1999 to relocate  employee housing units as required under
the NPS Contract.

The Company intends to fund these  improvements  through existing cash funds and
cash generated from operations,  plus additional  borrowings from lenders.  Cash
generated from  operations was $432,000,  $430,000,  and $139,000 for the fiscal
years ended 1998,  1997 and 1996,  respectively.  Cash generated from operations
for the  quarter  ended  June  30,  1998 and 1997  was  $406,000  and  $220,000,
respectively.  The  construction  funds will have to be  obtained  from  outside
sources to the extent they exceed cash  generated from  operations.  There is no
guarantee that the Company will be able to procure financing on favorable terms.

                                  Page 10 of 13
<PAGE>
                           PART II - OTHER INFORMATION


ITEM I.           Legal Proceedings
-------           -----------------

                  None.

ITEM 2.           Changes in Securities
-------           ---------------------

                  None.

ITEM 3.           Defaults upon Senior Securities
-------           -------------------------------

                  None.

ITEM 4.           Submission of Matters to a Vote of Securities Holders
-------           -----------------------------------------------------
                  None.

ITEM 5.           Other Materially Important Events
-------           ---------------------------------
                  None.

ITEM 6.           Exhibits and Reports on Form 8-K
-------           --------------------------------

<TABLE>
<S>               <C>                                                                  <C>
                  (a)      1.       Financial Statements                               Page

The following consolidated financial statements of International Leisure Hosts, Ltd. are included in 
Part I, Item 1:

                  Consolidated Balance Sheets - June 30, 1998
                  and March 31, 1998                                                     2

                  Consolidated Statements of Income - 3 months ended
                  June 30, 1998, 1997                                                    3

                  Consolidated Statements of  Shareholders' Equity -
                  3 months ended June 30, 1998                                           4

                  Consolidated Statements of Cash Flows-
                  3 months ended June 30, 1998, 1997                                     5

                  Notes to consolidated financial statements                             6
</TABLE>
                                  Page 11 of 13
<PAGE>
         3.       The  following  exhibits  are  incorporated  by  reference  as
                  indicated:

         3.1      By-Laws-Adopted June 22, 1992 Filed with Form 10-K dated March
                  31, 1992

         3.2      Articles of Incorporation-filed with Form 10-K dated March 31,
                  1986, pages 32-41

         10.1     United States Department of the Interior National Park Service
                  Contract-filed with Form 10-Q dated December 31, 1989

                                  Page 12 of 13
<PAGE>
In accordance with the  requirements of the Exchange Act, the registrant  caused
this report to be signed by the undersigned, thereunto duly authorized.



                        INTERNATIONAL LEISURE HOSTS, LTD.
                        ---------------------------------
                                  (REGISTRANT)




DATE:     August 7, 1998                  BY:    ROBERT L. WALKER
         ---------------                       ---------------------------------
                                                 Robert L. Walker
                                                 President



DATE:     August 7, 1998                  BY:    MICHAEL P. PERIKLY
         ----------------                     ----------------------------------
                                                 Michael P. Perikly
                                                 Principal Financial Officer and
                                                 Chief Accounting Officer

                                  Page 13 of 13