As expected, Boykin Lodging Company (NYSE: BOY) today announced that its board of directors has voted to suspend the quarterly cash dividend payment for the fourth quarter of 2001. For the first three quarters of 2001, Boykin declared dividends of $0.365 per share, or a total of $1.095 per share. The company has met the minimum distribution requirements for 2001 REIT qualification purposes.
Robert W. Boykin, chairman and chief executive officer said, “Although we expected this, it is still disappointing to be temporarily suspending the quarterly cash dividend as a result of recent terrorist activities. As we indicated last month, the events of September 11 have had a material effect on lodging demand, and therefore our cash flow. We intend to resume the dividend at an appropriate level when the outlook turns positive and when we can see trends of tangible improvement in revenues and cash flow. The Board will next address our dividend policy again in March of 2002.”
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, Radisson and Embassy Suites, among others. For more information about Boykin Lodging Company, visit the company`s web site at www.boykinlodging.com.