Boykin Lodging Company (NYSE: BOY) today announced that, as expected, its Board of Directors voted to continue suspension of the quarterly cash dividend payment for the first quarter of 2002. The Company announced on December 6, 2001, that it would not declare a regular fourth-quarter cash dividend payment for 2001.
Robert W. Boykin, Chairman and Chief Executive Officer, said, “We recognize that the cash dividend is important to our shareholders and we are working to be able to reinstitute a quarterly payment. Based on current REVPAR and cash flow expectations, we expect that management will recommend to the Board resuming the dividend for the third quarter of 2002, which, if approved by the Board, would be distributed during the fourth quarter. We hope to be in a position to distribute approximately 40 to 50 percent of our annualized FFO per share going forward, or approximately $0.18 per share for the third-quarter payment based on the low end of the Company`s current FFO guidance.”
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 9,257 rooms located in 19 states, and operating under such internationally known brands as Doubletree, Marriott, Hilton, Radisson, Embassy Suites and Courtyard by Marriott among others. For more information about Boykin Lodging Company, visit the Company`s website at www.boykinlodging.com.