Boykin Lodging Company (NYSE: BOY) announced today that it has completed a transaction with Fleet National Bank to fix the interest rate on $83 million of its debt at 7.32% until maturity on July 1, 2003. Over two thirds of Boykin`s debt is now fixed at rates averaging 7.1%.
“With the recent drop in interest rates, we felt that now was the optimal time to minimize our interest rate volatility risk by locking up attractively low rates,” said Paul A. O`Neil, Chief Financial Officer and Treasurer.
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. For more information about Boykin Lodging Company, visit the company`s web site at www.boykinlodging.com.