SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549
                     --------------------------------------

                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(D) of the Securities Exchange Act of 1934

       Date of Report (date of earliest event reported): February 1, 2001

                          GRAND COURT LIFESTYLES, INC.
             (Exact name of registrant as specified in its charter)

Delaware                               0-21249                      22-3423087
(State or other                      (Commission                  (IRS Employer
jurisdiction of                      File Number)                 Identification
incorporation)                                                    Number)

2650 North Military Trail, Suite 350, Boca Raton, Florida            33431
(Address of principal executive offices)                           (Zip Code)

       Registrant's telephone number, including area code: (561) 997-0323

                                       n/a
             (Former name or address, if changed since last report)

<PAGE>

      Item 2.  Acquisition or Disposition of Assets

      As previously reported: on March 20, 2000, Grand Court Lifestyles, Inc.
(the "Company") filed a petition for reorganization in the United States
Bankruptcy Court, District of New Jersey (the "Bankruptcy Court"), Case No.
00-32578 (NLW), under Chapter 11 of the United States Bankruptcy Code (the
"Bankruptcy Code"); on June 27, 2000, at the request of the Equity Holders
Committee, the Official Committee of Unsecured Creditors (collectively, the
"Official Committees") and the U.S. Trustee, with the Company's consent, the
Bankruptcy Court ordered the appointment of an examiner pursuant to Section
1104(c)(2) of the Bankruptcy Code; on July 7, 2000, Brian T. Moore, CPA, of
Arthur Andersen LLP, was appointed as examiner (the "Examiner"); on November 10,
2000, by application (the "Application") to the Bankruptcy Court, the Company
requested, among other things, authorization, pursuant to Section 363 and other
sections of the Bankruptcy Code, to sell (A) substantially all of the Company's
interests in its portfolio of senior living communities (the "Senior Living
Assets") and (B) the rights relating to the management of such senior living
communities (the "Management Rights"), and to reduce the claims held by limited
partners against the Company (the "Claims Reduction"); in the Application, the
Company further requested that the Bankruptcy Court establish sale and bidding
procedures for the Senior Living Assets (the "Procedures"), approve the form of
solicitation to limited partners (the "Solicitation Materials") and authorize
the settlement of the controversy regarding the motion of the Equity Holders
Committee to terminate the Company's partnership and management agreements; on
November 16, 2000, the Bankruptcy Court entered an order which, among other
things, approved the Procedures and Solicitation Materials.

      As previously reported: on December 27, 2000, the Bankruptcy Court entered
an order (identified on Exhibit 99.1) which, among other things, approved the
sale of the Senior Living Assets and the Management Rights (the "Proposed Sale")
to GFB-AS Investors, LLC, a Delaware limited liability company (the "Purchaser")
whose members are Apollo Real Estate Advisors IV, L.P., Fortress Investment
Group LLC and Michael L. Ashner, for $10,250,000, subject to the terms and
conditions of the form of an asset purchase agreement among the parties
(identified on Exhibit 99.2). The Official Committees and the Company determined
that the price offered by the Purchaser was the highest and best offer received
at the auction of the Senior Living Assets and Management Rights conducted on
December 20, 2000 in accordance with the Procedures.

      On February 1, 2001, the Company and the Official Committees
(collectively, the "Selling Parties") and the Purchaser executed and delivered
an Asset Purchase Agreement (identified on Exhibit 99.3) and the Proposed Sale
was consummated with the Purchaser pursuant to the terms of such agreement,
which terms are substantially identical to the terms of the form of the
agreement described above. In accordance with an order (identified on Exhibit
99.4) entered by the Bankruptcy Court on February 6, 2001 (the "Order")
effective nunc pro tunc as of January 30, 2001, authorizing the Selling Parties
to waive conditions precedent and execute, deliver and close on the sale
transaction with the Purchaser on the Proposed Sale at the earliest possible
date in accordance with the Bankruptcy Court's December 27, 2000 order, the
Company waived certain closing conditions. As part of the same transaction, the
Company also entered into a certain Transition Services Agreement dated as of
February 1, 2001 ("Transition Agreement") pursuant to which the Company agreed
to provide certain administrative and other services to the Purchaser for a
period of not less than 90 days or more than 150 days. Pursuant to the
Transition

<PAGE>

Agreement, the Purchaser will pay consideration of $190,000 for the first month
and $160,000 for each additional consecutive month. All documents filed with the
Bankruptcy Court are available to the public.

      This Report (including, but not limited to, Exhibits 99.1, 99.2, 99.3 and
99.4 hereto) contains forward-looking statements within the meaning of Section
21E of the Securities Exchange Act of 1934. Important factors that could cause
actual results to differ materially from those in the forward-looking statements
include the decisions of the Bankruptcy Court, the Official Committees, the
Examiner and the Company's creditors, the Company's ability to successfully
reorganize, the possibility of liquidation if the Company cannot successfully
reorganize and competitive factors affecting the long-term care services
industry. For a discussion of other important factors, refer to the Company's
documents and reports that are available from the Securities and Exchange
Commission, including the Company's Annual Report on Form 10K for the fiscal
year ended January 31, 1999 at Item 7. "Management's Discussion and Analysis of
Financial Condition and Results of Operations - Safe Harbor for Forward-Looking
Statements." Forward-looking statements are all statements other than statements
of historical fact, including, without limitation, those that are identified by
the use of the words "anticipates," "expects", "intends", "believes", and
similar expressions. The Company's actual results could differ materially from
such forward-looking statements. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the date
hereof. The Company undertakes no obligation to publicly release the result of
any revisions to these forward-looking statements that may be made to reflect
events or circumstances after the date hereof or to reflect the occurrence of
unanticipated events.

      Item 7. Exhibits

      99.1 The Bankruptcy Court's December 27, 2000 Order Authorizing (I) Sale
of Substantially All of the Debtor's Interests in its Senior Living Portfolio;
(II) Reduction of Claims Held by Limited Partners against the Debtor; and (III)
Approval of Settlement of Controversy Regarding the Motion of the Official
Committee of Unsecured Equity Investors to Terminate the Debtor's Partnership
and Management Agreements (incorporated by reference from Exhibit 99.2 to the
Company's Form 8-K filed with the Securities and Exchange Commission January 10,
2001)

      99.2 Form of Asset Purchase Agreement by and among Grand Court Lifestyles,
Inc. and its affiliates, the Official Committee of Unsecured Creditors of Grand
Court Lifestyles, Inc., GFB-AS Investors, LLC and the Official Committee of the
Unsecured Equity Investors of Grand Court (incorporated by reference from
Exhibit 99.1 to the Company's Form 8-K filed with the Securities and Exchange
Commission January 10, 2001)

      99.3 Asset Purchase Agreement by and among Grand Court Lifestyles, Inc.
and its affiliates, the Official Committee of Unsecured Creditors of Grand Court
Lifestyles, Inc., GFB-AS Investors, LLC and the Official Committee of the
Unsecured Equity Investors of Grand Court

<PAGE>

      99.4 The Bankruptcy Court's February 6, 2001 Order (effective nunc pro
tunc as of January 30, 2001) Authorizing Selling Parties to Waive Conditions
Precedent and Close on Sale Transaction with GFB-AS

<PAGE>

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 hereunto duly authorized.

                              GRAND COURT LIFESTYLES, INC.


                              By: /s/ John Luciani
                              JOHN LUCIANI,
                              Chairman of the Board and Chief Executive Officer

Dated: February 15, 2001
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SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549
                     --------------------------------------

                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(D) of the Securities Exchange Act of 1934

       Date of Report (date of earliest event reported): February 1, 2001

                          GRAND COURT LIFESTYLES, INC.
             (Exact name of registrant as specified in its charter)

Delaware                               0-21249                      22-3423087
(State or other                      (Commission                  (IRS Employer
jurisdiction of                      File Number)                 Identification
incorporation)                                                    Number)

2650 North Military Trail, Suite 350, Boca Raton, Florida            33431
(Address of principal executive offices)                           (Zip Code)

       Registrant's telephone number, including area code: (561) 997-0323

                                       n/a
             (Former name or address, if changed since last report)
Item 2.  Acquisition or Disposition of Assets

      As previously reported: on March 20, 2000, Grand Court Lifestyles, Inc.
(the "Company") filed a petition for reorganization in the United States
Bankruptcy Court, District of New Jersey (the "Bankruptcy Court"), Case No.
00-32578 (NLW), under Chapter 11 of the United States Bankruptcy Code (the
"Bankruptcy Code"); on June 27, 2000, at the request of the Equity Holders
Committee, the Official Committee of Unsecured Creditors (collectively, the
"Official Committees") and the U.S. Trustee, with the Company's consent, the
Bankruptcy Court ordered the appointment of an examiner pursuant to Section
1104(c)(2) of the Bankruptcy Code; on July 7, 2000, Brian T. Moore, CPA, of
Arthur Andersen LLP, was appointed as examiner (the "Examiner"); on November 10,
2000, by application (the "Application") to the Bankruptcy Court, the Company
requested, among other things, authorization, pursuant to Section 363 and other
sections of the Bankruptcy Code, to sell (A) substantially all of the Company's
interests in its portfolio of senior living communities (the "Senior Living
Assets") and (B) the rights relating to the management of such senior living
communities (the "Management Rights"), and to reduce the claims held by limited
partners against the Company (the "Claims Reduction"); in the Application, the
Company further requested that the Bankruptcy Court establish sale and bidding
procedures for the Senior Living Assets (the "Procedures"), approve the form of
solicitation to limited partners (the "Solicitation Materials") and authorize
the settlement of the controversy regarding the motion of the Equity Holders
Committee to terminate the Company's partnership and management agreements; on
November 16, 2000, the Bankruptcy Court entered an order which, among other
things, approved the Procedures and Solicitation Materials.

      As previously reported: on December 27, 2000, the Bankruptcy Court entered
an order (identified on Exhibit 99.1) which, among other things, approved the
sale of the Senior Living Assets and the Management Rights (the "Proposed Sale")
to GFB-AS Investors, LLC, a Delaware limited liability company (the "Purchaser")
whose members are Apollo Real Estate Advisors IV, L.P., Fortress Investment
Group LLC and Michael L. Ashner, for $10,250,000, subject to the terms and
conditions of the form of an asset purchase agreement among the parties
(identified on Exhibit 99.2). The Official Committees and the Company determined
that the price offered by the Purchaser was the highest and best offer received
at the auction of the Senior Living Assets and Management Rights conducted on
December 20, 2000 in accordance with the Procedures.

      On February 1, 2001, the Company and the Official Committees
(collectively, the "Selling Parties") and the Purchaser executed and delivered
an Asset Purchase Agreement (identified on Exhibit 99.3) and the Proposed Sale
was consummated with the Purchaser pursuant to the terms of such agreement,
which terms are substantially identical to the terms of the form of the
agreement described above. In accordance with an order (identified on Exhibit
99.4) entered by the Bankruptcy Court on February 6, 2001 (the "Order")
effective nunc pro tunc as of January 30, 2001, authorizing the Selling Parties
to waive conditions precedent and execute, deliver and close on the sale
transaction with the Purchaser on the Proposed Sale at the earliest possible
date in accordance with the Bankruptcy Court's December 27, 2000 order, the
Company waived certain closing conditions. As part of the same transaction, the
Company also entered into a certain Transition Services Agreement dated as of
February 1, 2001 ("Transition Agreement") pursuant to which the Company agreed
to provide certain administrative and other services to the Purchaser for a
period of not less than 90 days or more than 150 days. Pursuant to the
Transition
Agreement, the Purchaser will pay consideration of $190,000 for the first month
and $160,000 for each additional consecutive month. All documents filed with the
Bankruptcy Court are available to the public.

      This Report (including, but not limited to, Exhibits 99.1, 99.2, 99.3 and
99.4 hereto) contains forward-looking statements within the meaning of Section
21E of the Securities Exchange Act of 1934. Important factors that could cause
actual results to differ materially from those in the forward-looking statements
include the decisions of the Bankruptcy Court, the Official Committees, the
Examiner and the Company's creditors, the Company's ability to successfully
reorganize, the possibility of liquidation if the Company cannot successfully
reorganize and competitive factors affecting the long-term care services
industry. For a discussion of other important factors, refer to the Company's
documents and reports that are available from the Securities and Exchange
Commission, including the Company's Annual Report on Form 10K for the fiscal
year ended January 31, 1999 at Item 7. "Management's Discussion and Analysis of
Financial Condition and Results of Operations - Safe Harbor for Forward-Looking
Statements." Forward-looking statements are all statements other than statements
of historical fact, including, without limitation, those that are identified by
the use of the words "anticipates," "expects", "intends", "believes", and
similar expressions. The Company's actual results could differ materially from
such forward-looking statements. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the date
hereof. The Company undertakes no obligation to publicly release the result of
any revisions to these forward-looking statements that may be made to reflect
events or circumstances after the date hereof or to reflect the occurrence of
unanticipated events.

      Item 7. Exhibits

      99.1 The Bankruptcy Court's December 27, 2000 Order Authorizing (I) Sale
of Substantially All of the Debtor's Interests in its Senior Living Portfolio;
(II) Reduction of Claims Held by Limited Partners against the Debtor; and (III)
Approval of Settlement of Controversy Regarding the Motion of the Official
Committee of Unsecured Equity Investors to Terminate the Debtor's Partnership
and Management Agreements (incorporated by reference from Exhibit 99.2 to the
Company's Form 8-K filed with the Securities and Exchange Commission January 10,
2001)

      99.2 Form of Asset Purchase Agreement by and among Grand Court Lifestyles,
Inc. and its affiliates, the Official Committee of Unsecured Creditors of Grand
Court Lifestyles, Inc., GFB-AS Investors, LLC and the Official Committee of the
Unsecured Equity Investors of Grand Court (incorporated by reference from
Exhibit 99.1 to the Company's Form 8-K filed with the Securities and Exchange
Commission January 10, 2001)

      99.3 Asset Purchase Agreement by and among Grand Court Lifestyles, Inc.
and its affiliates, the Official Committee of Unsecured Creditors of Grand Court
Lifestyles, Inc., GFB-AS Investors, LLC and the Official Committee of the
Unsecured Equity Investors of Grand Court
99.4 The Bankruptcy Court's February 6, 2001 Order (effective nunc pro
tunc as of January 30, 2001) Authorizing Selling Parties to Waive Conditions
Precedent and Close on Sale Transaction with GFB-AS
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 hereunto duly authorized.

                              GRAND COURT LIFESTYLES, INC.

                              By: /s/ John Luciani
                              JOHN LUCIANI,
                              Chairman of the Board and Chief Executive Officer

Dated: February 15, 2001