Boykin Lodging Company (NYSE: BOY) today announced that its Board of Directors voted to approve resumption of a regular quarterly dividend. The reinstated quarterly dividend will initially be at a rate of 18 cents per common share and payable on November 5, 2002, to shareholders of record at the close of business on September 30, 2002.
Robert W. Boykin, Chairman and Chief Executive Officer, said: “Our financial performance for the first half of this year exceeded our expectations, and the trends in both revenues and operating margins for the remainder of the year appear positive. We are pleased to be able to reinstate a regular quarterly dividend to our shareholders.”
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 9,219 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 web site at www.boykinlodging.com.