FOR IMMEDIATE RELEASE

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

Developers Break Ground for New Marriott Hotel in Warwick
92-Room Courtyard by Marriott to Open Spring 2003

WATERFORD, CT August 1, 2002 – Warwick Lodgings, LLC, a Connecticut based developer, recently broke ground on a new Courtyard by Marriott in Warwick, Rhode Island. The $9.4 million hotel, located just off exit 15 on Interstate 95, will be a three story building with 92 rooms, a 50-seat breakfast buffet, fitness room, indoor pool and spa, and meeting facilities. The hotel, which is slated for a spring 2003 opening, will employ 35 full-time associates.

The new Warwick Courtyard by Marriott 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. Washington Trust National Bank is providing debt financing for the property and its construction.

Wolman Construction of Waterford, CT is serving as general contractor building the new Courtyard by Marriott. Wolman Construction’s many years of hotel construction experience includes the recently completed 285 room Mystic Marriott Hotel and Spa in Groton, CT, which boasts a four diamond designation from AAA.

Upon completion of construction, Waterford Hotel Group, also of Waterford, will manage and operate the new hotel. Waterford Hotel Group manages 27 hotels throughout the United States, including 12 Marriott products.

“The Warwick Courtyard will be a new and exciting property. Utilizing Marriott’s latest prototype, our guests will enjoy a superior product, including the latest in technology,” said Len Wolman, Member of Warwick Lodgings, LLC. “We are looking forward to opening our first hotel in the state of Rhode Island,” he added.

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.