Boykin Lodging Company (NYSE: BOY), a multitenant real estate investment trust, today announced the commencement of an offering of 4.5 million common shares to the public. The shares will be offered through underwriters led by Lehman Brothers Inc., who have a 30-day overallotment option to purchase an additional 675,000 common shares. The net proceeds of the offering will be used to acquire full-service commercial and resort hotels and to pay down approximately $92 million under the Company’s revolving credit facility. The shares are registered under the Company’s shelf registration statement, filed on November 3, 1997.

This announcement does not constitute an offer to sell, or the solicitation of an offer to buy, any securities. Such an offer, if any, will be made solely by means of a prospectus relating specifically to the common shares being offered. There shall be no sale of any securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification of such securities under the laws of the state. A copy of the preliminary prospectus supplement, dated January 30, 1998, is available from Lehman Brothers Inc., 3 World Financial Center, New York, New York 10285.

Boykin Lodging Company is a multitenant real estate investment trust which focuses on the ownership of full-service, premium-branded commercial and resort hotels. The company currently owns 17 full-service commercial and resort hotels containing a total of 4,568 rooms located in California, Florida, Indiana, New York, North Carolina, Maryland, Minnesota, Missouri, and Ohio.

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