<PAGE>
 
                                                                   Exhibit 10.30


                 ASSIGNMENT OF GROUND LEASE AND TENANT LEASES
                 ---------- -- ------ ----- --- ------ ------

     THIS ASSIGNMENT made and entered into this _9th__ day of December, 1997, by
and between Ocean  Palms Development Corporation, a corporation organized and
existing under the laws of the State of Florida, with offices located at 1200
North Ocean Blvd., Pompano Beach, FL 33062 hereinafter referred to as
"Assignor"), and Capitol Resorts of Florida, Inc., a corporation organized and
existing under the laws of the State of Florida, with offices located at 10605
Maumelle Blvd., #C, Maumelle, AR 72133 (hereinafter referred to as "Assignee");

WITNESSETH:

     WHEREAS, Nancy H. Newell and Jane H. Tubbs, joined by their respective
spouses, and/or their respective successors and/or assigns, are Lessor, and
Assignor, through mesne assignments, is Lessee of that certain Ninety-Nine Year
Ground executed the 10th day of February, 1965, and recorded in Official Record
Book 2973, at page 677, and re-recorded in Official Records Book 3069, at page
186, of the Public Records of Broward County, Florida Lease (hereinafter
referred to as the "Lease"), which Lease covers the real property described in
Exhibit "A" attached hereto and by reference made a part hereof; and

     WHEREAS, Assignor is the Lessor of those certain subleases of apartments
(hereinafter referred to as the "Subleases") located and contained within the
improvements on the leasehold covered by the Lease, which Subleases are more
specifically set forth and described in Exhibit "B" attached hereto and by
reference made a part hereof; and

     WHEREAS, Assignor is desirous of assigning all of its right, title and
interest in and to the Lease and the Subleases to Assignee, and Assignee is
desirous of accepting said assignment and of assuming all of Assignor's duties
and obligations under said Lease and Subleases;

     NOW, THEREFORE, in consideration of the mutual covenants and agreements as
hereafter set forth and the sum of TEN ($10.00) DOLLARS in hand paid by the
Assignee to the Assignor, receipt whereof is hereby acknowledged by the
Assignor, the parties agree as follows:

1.  The Assignor does hereby assign, transfer and set over unto the Assignee,
    all of its right, title and interest in and to the Lease, the same being
    that certain Ninety-Nine Year Ground Lease executed the 10th day of
    February, 1965, and recorded in Official Record Book 2973, at page
<PAGE>
 
     677, and re-recorded in Official Records Book 3069, at page I 86 of the
     Public Records of Broward County, Florida.

2.  The Assignee shall and does hereby accept the assignment of the Lease and in
    so doing and as part of the consideration for this assignment, Assignee
    shall and does hereby accept and assume and agree to carry out and perform
    all of the terms, covenants and conditions of the Lease which on the part of
    the Lessee, are to be carried out and performed.

3.  The Assignor does hereby assign, transfer and set over unto the Assignee,
    all of its right, title and interest in and to the Subleases, the same being
    those certain Subleases more specifically set forth and described in Exhibit
    "B" attached hereto and by reference made a part hereof.

4.  The Assignee shall and does hereby accept the assignment of the Subleases
    and in so doing and as part of the consideration for this assignment,
    Assignee shall and does hereby accept and assume and agree to carry out and
    perform all of the terms, covenants and conditions of the Subleases which on
    the part of the Lessor, are to be carried out and performed.

     IN WITNESS WHEREOF, the parties hereto have set their hands and seals the
day and year first above written.
In the presence of:


(C
Print Name
                                          ASSIGNOR:
Witness                                   OCEAN PALMS DEVELOPMENT 
                                          CORPORATION, a Florida
/s/ Michael M. Wallack                    corporation;

                                          By:/s/ Diane Bloom
                                          Diane Bloom, President



                                          {Corporate Seal}

                                          ASSIGNEE:
                                          CAPITOL RESORTS OF FLORIDA, INC., 
                                          a Florida corporation
 
                                          By: /s/ David Paes
                                          David Paes, Vice President
/s/ Michael M. Wallack                    (Corporate Seal)


                               STATE OF FLORIDA
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COUNTY OF BROWARD

                                      SS:

The foregoing instrument was acknowledged before me this 9/th/ day December
                                                                   --------
1997 Diane Bloom, as President of Ocean Palms Development Corporation, a Florida
corporation, who is personally known to me, or who has identification.
             ------------------------------           



                              /s/ Michael M. Wallack

                              (Signature of Person taking Acknowledgment)

                              (Name of Acknowledger
                              .MICHAEL M. WALLACK
                              MY COMMISSION #CC 544401
                              EXPIRES: April 8, 2000

STATE OF Florida

COUNTY OF Broward

                        SS:

The foregoing instrument was acknowledged before me this 9th   December, 1997,
                                                               --------- ---- 
by David Paes, as Vice President of Capitol Resorts of Florida, Inc., a Florida
corporation who is personally known to me, or has produced AR Drivers License as
identification.


                                (Signature of Person Taking Acknowledgment)

                                /s/ Michael M. Wallack
                                    (Name of Acknowledger Typed, Printed or 
                                    Stamped)

                                    .MICHAEL M. WALLACK
                                    MY COMMISSION #CC 544401
                                    EXPIRES: April 8, 2000
                                                                I,
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                                  EXHIBIT "A"

                               LEGAL DESCRIPTION
                               ----- -----------

Lots 14, 15 and 16 in Block 13 of POMPANO BY THE SEA
RESUBDIVISION, according to the Plat thereof recorded in Plat Book 1, Page
22 of the Public Records of Broward County, Florida.

TOGETHER WITH that portion of the East one-half of Alta Avenue lying West of and
adjacent to Lots 14, 15 and 16, in said Block 13.

TOGETHER WITH the following described property:

Begin at the intersection of the Center Line of Alta Avenue with a westerly
extension of the North Boundary of Lot 16, Block 13 as shown on the Plat of
POMPANO BY THE SEA, as recorded in Plat book I, Page 22 of the Public Records of
Broward County, Florida; thence Westerly along said Westerly extension of the
North boundary line of said Lot 16 a distance of 15.91 feet; thence Southerly,
making an included angle of 104 degrees, 14', 30" a distance of 123.76 feet;
thence Easterly with an included angle of 75 degrees, 45', 30" a distance of
45.64 feet to the Center Line of Alta Avenue; thence North along said Center
Line a distance of 120.0 feet more or less to the point of beginning.