FOR IMMEDIATE RELEASE

MYSTIC MARRIOTT HOTEL AND SPA IN GROTON OPENS JUNE 28

Central I-95 Location, Extensive Meeting Facilities, Full-Service Spa
To Draw Corporate, Group, Leisure and Social Business to
New London/Groton/Mystic Region

285-Room Property the First Full-Service Franchised Hotel
Built in Connecticut in a Decade

WATERFORD, CT (June 28, 2001) --- Today’s opening of the Mystic Marriott Hotel & Spa in Groton brings to the New London and Mystic coastal area the first large-scale hotel capable of handling large groups and conventions, and Connecticut’s first new full-service hotel outside Native American reservations in at least a decade. By its size, location and broad range of facilities and guest services, the hotel is expected to further drive interest in the region on the part of major corporations, meeting and conference planners, leisure travelers and local groups for events ranging from board meetings to weddings.

Built by Wolman Construction of Waterford, developed by Mystic Hotel Investors, LLC and managed by Waterford Hotel Group, the $47-million hotel consists of 285 rooms, including six luxurious suites, 25,000 square feet of meeting and pre-function space including two ballrooms, Octagon restaurant, a bar and lounge, a Starbucks Coffee Bar, a fitness center, and the region’s first Elizabeth Arden Red Door Spa. People’s Bank of Bridgeport, Connecticut, provided construction financing of $26 million, with a take-out provided by GMAC Commercial Mortgage Corporation. “We are very proud to be associated with such a fine hotel property, and look forward to growing our relationship with Waterford and their partners in the future,” said Jerry Earnest, Senior Vice President of GMAC Commercial Mortgage.

All public spaces in the Mystic Marriott are located on the ground floor, providing efficiency and easy access. The 145-seat Octagon restaurant features a 16-foot octagonal open flame grill where preparation of food takes center stage. There is also a climate-controlled wine display room in the center of the dining area. The hotel’s spa and fitness facilities include a 20’ by 40’ indoor swimming pool, whirlpool/hot tubs and sauna, numerous treatment and massage rooms, a relaxation area, the latest fitness and exercise equipment, a retail outlet and locker facilities. The Elizabeth Arden Red Door Spa, founded 85 years ago, has been a highly acclaimed feature of many of the world’s leading cities, including New York.

The six-story hotel, with a concierge level on the top floor, features guest rooms equipped with work desks, safes, cable TV, data ports and voice mail, coffee makers, in-room movies and irons and ironing boards. Some accommodations offer jacuzzi tubs. The concierge level includes a lounge for breakfast, refreshments and entertainment. In addition to room service, guests have the use of shuttles to nearby airports, and the two largest casinos on the East Coast, Mohegan Sun and Foxwoods. There is also complimentary parking for more than 700 cars.

The Mystic Marriott’s conference facilities will distinguish the hotel from all others in the region. The property’s meeting facilities, which make up over 25,000 square feet of meeting space, include two divisible ballrooms, meeting rooms, boardrooms and ample pre-function areas. The hotel’s 10,000-square foot Grand Ballroom is dramatically scaled, featuring a 20-foot coffered ceiling, and is divisible into six separate rooms. The smaller, 5,000 square foot Mystic Ballroom, also divisible into six smaller spaces, creates a small conference center configuration. Several boardrooms, each seating 10-12 people, provide privacy for business meetings in an elegant setting. A full complement of catering, banquet and audio-visual services will be available. The hotel also features a business center, offering a complete range of office equipment.

The artwork for the Mystic Marriott Hotel & Spa has been carefully chosen to not only provide a pleasing guest experience, but to complement the hotel’s impressive Georgian architecture and to reflect the Mystic region’s history and cultural influences. The traditional European art with typically American pieces throughout the property recreates a rich tradition of past centuries while telling the story of Mystic past and present.

“Marriott International is tremendously excited about the Mystic Marriott. The hotel is bound to quickly establish itself as the premier quality hotel in the region. Marriott is also very pleased to expand its continuing relationship with Waterford Hotel Group, operator of the hotel. Waterford Hotel Group is clearly one of the best operators of quality hotels in the United States and one of the top franchisees of Marriott hotel products, currently operating Marriott Courtyard, Residence Inn, SpringHill Suites and Fairfield Inn branded properties,” said Bill Munck, Vice President, New England Market, for Marriott International.

The Mystic Marriott is located just off I-95 at Exit 88 and will become the centerpiece of the new Mystic Executive Park in Groton. The location puts all regional attractions, including Foxwoods and Mohegan Sun casinos, Mystic Seaport and Mystic Aquarium, as well as the New London and Groton corporate offices of Pfizer facilities, within easy reach.

The hotel also is strategically close to the AMTRAK station in New London, a stop on the new Northeast Corridor Acela “fast train” service between New York and Boston that was launched earlier this year, and less than a one hour drive to both Hartford’s Bradley International Airport and Providence’s TF Green Airport.

One of the most successful management companies in the hospitality industry, Waterford Hotel Group’s nationwide roster of properties consistently achieves exceptional market share and returns well above industry averages. The company’s outstanding track record is based on strategic growth, intimate knowledge of industry trends and providing value for customers and investors.

For further information, contact Waterford Hotel Group, Inc., 914 Hartford Turnpike, P.O. Box 715, Waterford, CT 06385; telephone 860-442-4559, fax 860-437-7752 or visit the company’s website at www.waterfordhotelgroup.com.