DEVELOPERS CLOSE ON LAND SALE FOR NEW STUART HOTEL
Groundbreaking for 120-Unit Courtyard by Marriott Planned for this Fall

(Waterford, CT – June 29, 2007) --- Connecticut-based Stuart Lodgings, LLC has purchased a 6-acre site in Stuart, FL to build a 120-room Courtyard by Marriott. The development group is a joint venture between affiliates of Connecticut-based Waterford Group, LLC, Michigan-based Slavik, Inc., and Connecticut developer Glenn Jette. Collectively, the owners bring several decades of professional hotel development experience to the project, with ownership in 20 hotels throughout the United States. Scheduled to open in 2008, the Stuart Courtyard by Marriott will be located at 95 Riverside, with visibility from both Interstate 95 and Florida's Turnpike. The hotel development represents the next phase of the nearly 18-acre 95 Riverside planned unit development, which already contains a gas station, McDonalds, and Cracker Barrel. Future development plans will include 150,000 SF of office space, as well as additional restaurant and retail space.

"This is another important step in the development of the brand new Stuart Courtyard by Marriott,” commented Rob Winchester, President and COO, Business Development for Waterford. "Based on our review of the market, we believe that a Courtyard by Marriott will be a welcomed alternative for the business and leisure traveler looking for first-class accommodations in the area." Waterford Hotel Group, a national hotel management firm currently operating 26 properties in 8 states, will operate the Stuart Courtyard by Marriott. Waterford will bring extensive management expertise to the new Marriott hotel, with a portfolio that includes 15 Marriott-flagged properties, seven of which are Courtyard by Marriott brands.

About Courtyard by Marriott
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 in-room amenities include free high-speed internet access, coffee maker, hair dryer, iron with ironing board, and cable television with a free premium movies channel. Designed by business travelers for business travelers, the Courtyard(r) provides all of the essential services and amenities for guests to stay productive while on the road.

About Waterford Hotel Group, Inc.
With corporate offices in Waterford, CT, Waterford Hotel Group is one of the most successful management companies in the hospitality industry. The company's nationwide roster of properties consistently achieves exceptional market share and returns well above industry averages. This outstanding record of accomplishment 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.waterfordgroup.net.
 

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