Boykin Lodging Company have today announced that Boykin Chicago
L.L.C. has sold Hotel 71 in Chicago, Illinois to an unrelated third party for a
price of $95.05 million. A portion of the net proceeds from the sale were
used to repay the outstanding balance on the mortgage for which the
property served as collateral; the remainder will be distributed to the
members of Boykin Chicago L.L.C. Robert W. Boykin, Chairman and Chief Executive Officer of Boykin Lodging,
commented, “Hotel 71 was an excellent investment for our company. The
partnership originally purchased the property in 1999 for $48 million,
renovated and repositioned the property, and is now selling it at a price
in excess of $200,000 per room. We believe this represents a very
attractive selling price for the hotel.”
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