FOR IMMEDIATE RELEASE

For information, contact:
Lisa Beers, VP, Public Relations
(860) 442-4559
lbeers@waterfordgroup.net

WATERFORD HOTEL GROUP AWARDED
MANAGEMENT OF RESIDENCE INN BURLINGTON

       Waterford, CT (January 1, 2002) - Waterford Hotel Group, Inc. has entered into a management agreement with ENN Leasing Company, Inc., which leases the Residence Inn by Marriott in Williston, Vermont from Equity Inns, Inc., a hotel Real Estate Investment Trust. Under the new contract, Waterford Hotel Group assumes management of the Burlington Residence Inn on January 1, 2002. The addition of this management contract brings the Connecticut-based hotel management firm's portfolio to 27, 11 of which are Marriott-brand products.
       "We are looking forward to a successful working relationship with the staffs of the Burlington Residence Inn and Equity Inns. Waterford Hotel Group is pleased to increase our presence in the Vermont and New England markets," said Robert Winchester, president and COO of Waterford Hotel Group, Inc.
       The Residence Inn Burlington is designed to attract the extended stay business traveler, as well as the corporate and leisure traveler. The hotel features 96 suites, meeting facilities, fully equipped kitchens, and an indoor pool, whirlpool, and exercise room. Guests can enjoy a wide array of nearby activities, including a full-service spa, tennis, skiing, beaches, and numerous golf courses.
       Waterford Hotel Group has experience operating virtually every type of hotel property, including limited services properties, all-suite hotels, conference centers, and large full service and resort properties. The company's approach to hotel development and operations is hands-on, and features frequent site visits and constant communication with customers and partners. Additionally, Waterford Hotel Group offers centralized accounting, financial reporting, strategic marketing, human resources, and day-to-day operations management systems to increase market share and profitability at all properties.
       Waterford Hotel Group, with offices located in Waterford, currently operates 27 properties nationally, 19 of which are in New England. Franchises managed include Marriott, Starwood, Six Continents, Choice, Cendant, and Radisson, as well as independents.