Boykin Lodging Company (NYSE: BOY) today announced that the Board of Directors declared a regular quarterly cash dividend of $0.47 per common share payable on August 4, 1999, to shareholders of record at the close of business on June 30, 1999.
“This is the eleventh consecutive quarterly cash dividend paid since Boykin Lodging became public in November 1996,” said Robert W. Boykin, chairman, president, and chief executive officer. “Our internal growth prospects have improved this year because we have been investing prudently to put a lot of hotel renovation work behind us. In addition, the joint venture we entered into with an AEW Capital Management investment partnership four months ago puts us in a position to take advantage of acquisition opportunities during this current phase of the real estate cycle. Our renovation and acquisition strategies are designed to increase our cash flow and our dividend paying capacity. For 1999, we expect stability, consistency, and on-target results, with REVPAR growth of about three percent.”