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 November 4, 1999, to shareholders of record at the close of business on September 30, 1999.
“This is the twelfth consecutive quarterly cash dividend paid since Boykin Lodging became public in November 1996,” said Robert W. Boykin, chairman, president, and chief executive officer. “The completion of most of our hotel renovation projects has improved our cash flow position this year. We are still on target for about three percent growth in REVPAR (room revenue per available room) for the year.”
“External growth prospects are also positive,” Mr. Boykin noted. “On September 1, we acquired an interest in the 421-room Executive Plaza Hotel, one of the most visible properties in downtown Chicago. After we finish renovating it in 2000, the hotel should generate REVPAR 15 percent higher than it does now.”
Boykin Lodging Company is a multitenant real estate investment trust which focuses on the acquisition of full-service, upscale commercial and resort hotels. The company currently owns 32 full-service commercial and resort hotels containing a total of 9,110 rooms located in California, Colorado, Florida, Idaho, Illinois, Indiana, Maryland, Minnesota, Missouri, Nebraska, New York, New Jersey, North Carolina, Tennessee, Ohio, Oregon, and Washington.