BOY Boykin Lodging

CLEVELAND, Jan. 13 /PRNewswire-FirstCall/ -- 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. Except for historical information, the matters discussed in this release are forward-looking statements that involve risks and uncertainties that may cause results to differ materially from those set forth in those statements. Among other things, factors that could cause actual results to differ materially from those expressed in such forward-looking statements include financial performance, real estate conditions, execution of hotel acquisition programs, changes in local or national economic conditions, and other similar variables and other matters disclosed in the Company's filings with the SEC, which can be found on the SEC's website at http://www.sec.gov/. Contact: Tara Szerpicki Investor Relations Boykin Lodging Company (216) 430-1333 DATASOURCE: Boykin Lodging Company CONTACT: Tara Szerpicki, Investor Relations of Boykin Lodging Company, +1-216-430-1333, or Web site: http://www.boykinlodging.com/

Copyright