Business: LAACO, Ltd. is a California limited partnership. The principal business of the Partnership and its subsidiaries consists of real estate investment and leasing operations and the ownership and operation of The Los Angeles Athletic Club and California Yacht Club. Effective January 1, 1998, LAACO, Ltd., formed three taxable corporate subsidiaries, Club Holding Corp., The LAAC Corp., and California Yacht Club, Inc., which own and operate The Los Angeles Athletic Club and California Yacht Club. The Partnership continues to directly own the real estate holdings of LAACO, Ltd., including 34 Storage West self-storage facilities, five development sites, plus a 50% interest in two joint venture facilities, located in Southern California, Arizona, and Nevada, and the land and building that house The Los Angeles Athletic Club and the California Yacht Club building and marina facilities. The Partnership also leases out several retail stores on the ground floor of The Los Angeles Athletic Club building and owns an eight story parking garage and an open parking lot in Downtown Los Angeles which are operated by an independent contractor. A third parking lot in Downtown Los Angeles is leased to an unrelated operator.