FOR IMMEDIATE RELEASE

For information, contact: Raymond Sans, General Manager (860)524-5550

HARTFORD'S RESIDENCE INN BY MARRIOTT
CELEBRATES 2-YEAR ANNIVERSARY

Hartford, Connecticut - (June 27, 2002) - The Residence Inn by Marriott in downtown Hartford recently celebrated its second anniversary. The property opened June 20, 2002, the 350th Residence Inn by Marriott property in the Marriott International system. Today, there are more than 390 Residence Inn properties open worldwide. The property is professionally managed by Waterford Hotel Group, a national hotel management firm, with corporate offices located in Waterford, Connecticut.

Staff members, owners, and management company representatives gathered to celebrate the occasion. Following a luncheon which featured special urban BBQ items prepared by the staff, such as Ray's Ribs, Charlie's Chicken, and Tina's Cornbread, attendees enjoyed a custom designed, fruit filled cake which depicted the 127-year old building. The 120-unit, all-suite property employs 44 full and part-time associates, 25 of which are Hartford residents.

• The property has received many accolades during the first two years of operations, including:
• Winner of Waterford Hotel Group 2001 Team of the Year
• Winner of Waterford Hotel Group 2001 Associate of the Year, Michelle Cuervo
• CLA winner of GM of the year, Raymond W. Sans
• Increased market share to 158% as of April 2002
• Received the second highest Franchise Quality Assurance Score of 97%
• Hotel is in the top third in property Guest Satisfaction Scores nationwide
• Exceeding 2002 budgeted goals in revenue, GOP, EBITDA and net income
• Continue to lead Marriott cluster of 8 hotels in Occupancy and average rate
• The property has a YTD turnover of 18%
• In excess of 500 days being accident free
• Raised $1,200 for March of Dimes
• Assisted with the property opening of Mystic Marriott Hotel & Spa (18 staff members), and Residence Inn, Conshohocken PA (3 staff members)

Waterford Hotel Group currently operates 27 properties in nine states. The company specializes in providing complete hotel management services. The group offers centralized accounting, financial reporting, strategic marketing, human resources and day-to-day operations management systems to position each of its properties for success. Additionally, the company is accomplished in property positioning through refurbishments and franchise conversions. For further information on Waterford Hotel Group, visit the company's website at www.waterfordhotelgroup.com.