Boykin Lodging Company (NYSE: BOY) has announced that its Board of Directors today declared a quarterly cash dividend of $0.365 per common share payable on November 6, 2001, to shareholders of record at the close of business on October 15, 2001. The ex-dividend date is October 11, 2001.
“The reaction to the September 11 terrorist attacks has undermined an already weak hotel operating environment,” said Robert W. Boykin, chairman and chief executive officer. “Our revenues per available room (REVPAR) were down approximately 26% for September and approximately 15% for the entire third quarter. Despite this, our cash flow for the third quarter warranted the current dividend declaration.”
“Although we expect that the current weak demand will also significantly affect our REVPAR in the fourth quarter, it is difficult to predict how travel patterns will change in the fourth quarter. For these reasons, the REVPAR and earnings guidance for the third and fourth quarters we provided before the terrorist attacks are no longer meaningful. At this time, we are not in a position to provide revised guidance. Obviously, our fourth-quarter results will have to be taken into account by the Board when it considers the fourth-quarter dividend. We intend to provide additional information on our operations during our third quarter conference call, scheduled for November 6.”
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 33 hotels containing a total of 9,249 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.