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Partnership Lead by the Waterford Group Start Construction on
$13 million Homewood Suites in Lansing, (Ithaca) New York
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91-Unit Homewood Suites by Hilton to Open Summer 2007

Waterford, CT -July 28, 2006-  Ithaca Suites, LLC, a Connecticut-based developer, recently completed site demolition in preparation to break ground on the new Homewood Suites by Hilton in the Village of Lansing, New York.  Crews tore down the former Cinema 4 to make room for the new construction.  The $13 Million extended stay hotel will be located at 36 Cinema Drive with visibility from State Route 13 in the Village of Lansing, New York.   The three-story hotel will include 91 suites, a breakfast buffet, indoor pool, fitness room, and meeting facilities.  The hotel, which is slated for a summer 2007 opening, will employ approximately 35 full-time associates.

The new Ithaca Homewood Suites 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 hotel development and management, and construction expertise.  

Syracuse-based Hayner Hoyt Corporation is serving as construction manager for the hotel.  Hayner Hoyt, founded in 1966, is actively involved in all aspects of commercial and industrial construction.  Waterford Hotel Group, Inc., with headquarters in Waterford, Connecticut, will professionally manage and operate the new hotel.  Tompkins Trust Company of Ithaca is the primary lender providing a construction/permanent commercial mortgage.  Washington Trust of Westerly, Rhode Island is serving as a financial participant on the loan.

"The Ithaca Homewood Suites will be a welcomed addition to the Waterford portfolio,  Our expertise in development, construction and management will result in a superior product offering first-class accommodations and service to the Ithaca region," said Rob Winchester, President and COO, Business Development for Waterford Hotel Group, Inc.

About Waterford Hotel Group, Inc.
Waterford Hotel Group, a national hotel management firm, will professionally manage the Ithaca Homewood Suites by Hilton.  Currently operating 26 properties in eight states, Waterford Hotel Group specializes in complete hotel management services and is experienced in hotel development from concept through opening.  Additionally, the company is accomplished in property repositioning through refurbishments and franchise conversions. The company's 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.

About Homewood Suites By Hilton
Homewood Suites by Hilton® is a national brand of upscale all-suite residential-style hotels targeting travelers who are on the road for a few nights or longer. Every Homewood Suites by Hilton hotel is designed to make guests feel closer to home, providing them with all the comforts, convenience and privacy of home for the price of a traditional hotel room. Homewood Suites hotels feature amenities such as spacious studio, one- and/or two-bedroom suites with fully equipped kitchens and complimentary in-suite high-speed Internet access at all locations. Guests also enjoy a daily complimentary Suite Start® hot breakfast and a Welcome Home® reception? featuring a complimentary light meal and beverages Monday-Thursday evenings. The brand was designed for guests who travel on field assignments, relocate to a new community and attend seminars, conventions or corporate training programs. Leisure travelers on vacation or attending family events also have plenty of room to entertain or relax in each spacious suite.

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Contact:

Lisa Beers, VP Public Relations
Waterford Hotel Group, Inc.
lbeers@waterfordgroup.net
(860)701-9621

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Also See: Waterford Hotel Group Partners with School of Hospitality Management at Penn State to Form a Leadership Development Institute / February 2006
Ben Seidel Named Vice President, Development for Waterford Hotel Group, Inc. / January 2006

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