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Boykin Lodging Company Acquires the Banana Bay Resort
& Marina - Marathon, Florida for $12.0 million
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CLEVELAND, Jan. 13, 2006 - Boykin Lodging Company (NYSE: BOY), a hotel real estate investment trust (REIT), today announced that it has acquired the Banana Bay Resort & Marina - Marathon for $12.0 million, through a joint venture.

The beachfront resort is located directly on the Gulf of Mexico in Marathon, Florida, and comprises 65 guestrooms on ten acres. Other amenities of the property include a heated freshwater pool, an outdoor whirlpool, garden tennis courts, conference rooms with full catering facilities, the Garden Wedding Gazebo, a marina and boat launching ramp, and other resort amenities. At closing, Boykin Management Company assumed management of the resort.

The Company, through a taxable REIT subsidiary, owns 50% of the joint venture which acquired the property and intends to redevelop the property as a condo-hotel project.

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 21 hotels containing a total of 5,871 rooms located in 13 states, and operating under such internationally known brands as Doubletree, Marriott, Hilton, Radisson, Embassy Suites, and Courtyard by Marriott among others. For more information about Boykin Lodging Company, visit the Company's website at http://www.boykinlodging.com.

Certain matters discussed within this press release may contain "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 and management's beliefs and expectations. 

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Contact:

Tara Szerpicki
Investor Relations
Boykin Lodging Company
(216) 430-1333
InvestorRelations@boykinlodging.com

Also See: Boykin Lodging Sells French Lick Springs Resort and Spa for $25 Million / April 2005
Key West Considers Moratorium Prohibiting Hotel to Condominium Conversion Projects; Need to Study Effects on Character of the Island / November 2004

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