Boykin Lodging Company (NYSE: BOY) today announced that it has sold its 206-room Daytona Beach Radisson Resort for $12.5 million to Oceans Resorts, a company that owns other hotels in Daytona Beach, Florida. The property was called the Whitehall Hotel when Boykin Lodging bought it in 1997. Boykin closed it, completely renovated it, and reopened it as a Radisson in January 1998.
“We profited from our renovation strategy with this property,” said Richard C. Conti, president and operating executive officer of Boykin Lodging. “Our objective is to sell assets when they have met our goals. In this case, we were patient and waited for the hotel`s real value to be recognized. It is a fine property, but we believe we can generate more value for our shareholders by redeploying the capital to other purposes.”
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 32 hotels containing a total of 9,030 rooms located in nineteen states, and operating under such internationally known brands as Doubletree, Marriott, Hilton and Radisson, among others.