WATERFORD HOTEL GROUP OPENS NEW
91-SUITE HOMEWOOD SUITES IN ITHACA, NY

WATERFORD, CT – May 24, 2007 –-- Waterford Hotel Group opened a $13 Million Homewood Suites by Hilton in Ithaca, NY today. A ribbon cutting ceremony was held marking the grand opening of the three-story hotel, located at 36 Cinema Drive in the Village of Lansing, NY. The new Homewood Suites Ithaca includes 91 suites, a breakfast buffet, indoor pool, fitness room, and meeting facilities. The hotel will employ approximately 35 full-time associates.

Homewood Suites by Hilton Ithaca is owned by Ithaca Suites, LLC, a partnership of affiliates of Connecticut-based Waterford Group, LLC, Michigan-based Slavik, Inc., and Connecticut developer Glenn Jette. Syracuse-based Hayner Hoyt Corporation served as construction manager for the hotel. Tompkins Trust Company of Ithaca is the primary lender providing a construction/permanent commercial mortgage, and Washington Trust of Westerly, Rhode Island is serving as a financial participant on the loan. Waterford Hotel Group, located in Waterford, CT will manage and operate the new hotel.

Located in the heart of the Fingerlakes Region, Homewood Suites Ithaca is conveniently situated near many local tourist attractions, including many shopping areas and the Cayuga Wine Trail. “The new hotel’s location, in close proximity to Cornell University, Ithaca College, and many major businesses, makes our city an ideal market for an upscale, extended-stay hotel like Homewood Suites by Hilton,” said Jenny Cast, general manager. The hotel features residential-style studio, one-bedroom and two-bedroom suites with fully equipped kitchens, as well as spacious sleeping and living areas that are large enough for work, study, entertaining or relaxing. Complimentary wireless high-speed internet is available in each guest suite, as well as in the Lodge and meeting room.

About Waterford Hotel Group
Waterford Hotel Group, Inc., with headquarters in Waterford, CT, currently manages 26 properties in 8 states. 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. For more information, visit the company's website at www.waterfordgroup.net.

About Homewood Suites by Hilton
Launched in 1989, the Homewood Suites by Hilton brand today has 197 hotels open with another 122 in the pipeline. Beyond its spacious suites and home-like amenities, Homewood Suites guests can find at each hotel an on-site Suite Shop convenience store, exercise facility and guest laundry at most locations. Guests can also enjoy a daily complimentary Suite Start® hot breakfast and a Welcome Home reception featuring a complimentary light meal and beverages Monday-Thursday evenings. Additional guest services at Homewood Suites by Hilton hotels include a complimentary grocery shopping service and a complete business center at most locations. Homewood Suites by Hilton is part of Hilton Hotels Corporation (NYSE:HLT), the leading global hospitality company, with more than 2,800 hotels and 480,000 rooms in 76 countries and territories, including 100,000 team members worldwide.

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