Boykin buys Banana Bay

Boykin Lodging Company 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.
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