HARTFORD, CT (March 8, 2004) – 315 Trumbull Street Associates, LLC and the city of Hartford today finalized the acquisition of the Hartford Hilton. The new ownership plans to reopen the upgraded hotel by year end.

“As ‘New England’s Rising Star,’ Hartford is being redefined as the perfect destination for travelers looking for an alternative to surrounding big cities such as New York and Boston,” says Hartford’s Mayor Eddie Perez. “The refurbishment of the Hartford Hilton along with the many other exciting things happening in Hartford will go a long way in creating this new image of Hartford.”

The hotel is owned by a partnership of affiliates of Connecticut-based Waterford Group, LLC, Michigan-based Slavik, Inc., Connecticut-based Albemarle Hotel Associates, Inc., and Connecticut developer, Glenn A. Jette. Collectively, the owners bring several decades of professional experience to the project, including commercial and residential development, construction expertise, and hotel development and management.

“We’re very excited to acquire the Hartford Hilton and are committed to refurbishing the property and reopening it as a first-class hotel for the numerous travelers that visit this wonderful city,” says Len Wolman, chairman and chief executive office of the Waterford Group, which is also serving as master developer of Adriaen’s Landing, including the 409-room Marriott Hartford Downtown. “The acquisition and subsequent renovation of the Hartford Hilton, along with our other Hartford-based development projects, reinforce our commitment to revitalizing the city of Hartford.” Members of 315 Trumbull Street Associates also led the 2000 rehabilitation of Hartford’s landmark Richardson building, which was converted to a 120-unit Residence Inn by Marriott.

Webster Bank, a Connecticut-based, full-service commercial lender, is looking to provide construction and mini-perm financing for the project. “Webster Bank welcomes the opportunity to work with the Waterford Group on the renovations of the Hilton and to contribute to the continuing revitalization of the City of Hartford,” stated William E. Wrang, III, Senior Vice President, Commercial Real Estate. Webster Financial Corporation is the holding company for Webster Bank and Webster Insurance. With more than $14 billion in assets, Webster provides business and consumer banking, mortgage, insurance, financial planning, trust and investment services through 119 banking offices, 234 ATMs, a Connecticut-based call center and the Internet.

Renovations of the Hartford Hilton will begin immediately, with several organizations contributing to the overall project. The revitalization team consists of contractor Wolman Construction, management company Waterford Hotel Group, interior designer The Gettys Group, architect William Tabler & Associates, mechanical engineer Southport Engineering Associates, and food and beverage consultant cb5 Restaurant Group. “This team represents a group of experts in their field, thereby allowing us to complete this high quality project in a timely fashion and deliver a property that exceeds guests’ expectations,” says Wolman.

Upon completion, the Hartford Hilton will be the perfect combination of elegance and convenience with an ideal downtown location for both business and leisure travelers. Connected to the Hartford Civic Center via a skywalk system, the hotel will feature almost 14,000 square feet of meeting space, a full-service restaurant, a bar, fully refurbished guestrooms and public space, as well as services and amenities for any type of traveler.

Waterford Hotel Group, headquartered in Waterford, will manage and operate the hotel. Waterford Hotel Group, managing 26 hotels nationwide, is one of the most successful management companies in the hospitality industry. The company’s nationwide roster of properties consistently achieves exceptional market share and returns well above industry averages. This outstanding track record is based on strategic growth, intimate knowledge of industry trends, and providing value for customers and investors. For further information, visit Waterford Group’s website at www.waterfordgroup.net.