Resort and Spa for $25 Million
|CLEVELAND, April 12, 2005 - Boykin Lodging Company (NYSE: BOY), a hotel
real estate investment trust, today announced that it has entered into
an agreement to sell the French Lick Springs Resort and Spa in French Lick,
Indiana, to an unrelated third party for a price of $25.0 million.
The sale includes the hotel and the Company's landholdings in Orange County,
Indiana. The Company expects the sale to close on April 13, 2005
and intends to use the net proceeds for general corporate purposes.
Robert W. Boykin, Chairman and Chief Executive Officer, commented, "This sale enables us to focus on our core business of owning full-service hotels in major metropolitan areas and beachfront resort locations. We feel our efforts in bringing gaming to Orange County have been rewarded. For the residents of French Lick, we believe we are placing the hotel in good hands, as we are confident that the new owners are committed to preserving the historic significance of the hotel."
Boykin Lodging Company is a real estate investment trust that focuses on the ownership of full-service, upscale commercial and resort hotels. The Company currently owns interests in 23 hotels containing a total of 6,712 rooms located in 15 states, and operating under such internationally known brands as Doubletree, Marriott, Hilton, Radisson, Embassy Suites, and Courtyard by Marriott among others.
This news release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 regarding the Company, including those statements regarding the Company's future performance or anticipated financial results, among others.
|Also See:||Indiana Companies Cook Group and Lauth Group Join Forces to Develop $240 Million French Lick Casino and Resorts Project / April 2005|
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