WARWICK, RI, May 20th, 2003 – A new Courtyard by Marriott hotel opened in Warwick today. The $9.4 million hotel, located along Interstate 95, just off Exit 15, is a three-story, select service facility with 92 rooms, a 50-seat breakfast buffet, fitness room, indoor pool, and meeting facilities. The new Courtyard by Marriott will employ approximately 35 associates.

The hotel is owned by a partnership of affiliates of Connecticut-based Waterford Group, LLC, Michigan-based Slavik, Inc., and Connecticut developer, Glenn 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. Debt financing for the property and its construction was provided by Rhode Island-based Washington Trust.

A ceremony marking the grand opening of the new hotel was attended by keynote speaker James Wood, President and CEO, Providence/Warwick Convention and Visitors Bureau, and guest speakers Len Wolman, Chairman and CEO, Waterford Group; William Facente, Economic Development Director, City of Warwick; Julia Ann Slom, Executive Vice President, Washington Trust; Ken Capone, Regional Vice President Select Service, Marriott International; Mark Wolman, President of Wolman Construction; and, Jeffrey Pitt, General Manager, Warwick Courtyard provided closing remarks.

Wolman Construction of Waterford, CT was the general contractor building the new Courtyard by Marriott. Wolman Construction has more than 15 years of building experience, most notably the 285-room Mystic Marriott Hotel and Spa in Groton, CT, which boasts a four diamond designation from AAA.

Waterford Hotel Group, also of Waterford, will manage and operate the new hotel. Waterford Hotel Group manages 30 hotels throughout the US, including 16 Marriott products. The Warwick Courtyard marks the first hotel property to be opened in Rhode Island by Waterford Hotel Group, which operates more than 2,700 hotel rooms in the Northeast.

Noting that the new Courtyard will attract more than 30,000 guests annually, William Facente of the City of Warwick said, “that means there will be 30,000 more people buying dinner, going to area attractions, shopping, and buying gas in Warwick over the next year.”

Courtyard by Marriott is the leading select-service hotel brand in the United States. Providing guests with a combination of casual comfort and time-saving services, Courtyard hotels feature large functional guest rooms and are conveniently situated where people travel. Courtyard guest rooms feature either a king-size bed or two queen-size beds, a seating area with sofa bed or oversized chair, a large, well-lit work desk and two telephones equipped with data ports. Other amenities include in-room coffee maker, hair dryer, iron with ironing board, and cable television with a free premium movie channel.