Boykin Lodging Company , a hotel real estate investment trust (REIT), today announced that the City of Portland, through the Portland Development Commission (the “PDC”), has acquired the Company’s Doubletree Portland Downtown Hotel through its power of eminent domain. The Company has been notified that the PDC intends to transfer the property to Portland State University for redevelopment and use as student housing as well as for other academic, retail and conference purposes.
Boykin Lodging Company (NYSE: BOY), a multitenant hotel real estate investment trust, announced that it and Radisson Hotels Worldwide have formed a joint venture called RADBOY Mt. Laurel, L.L.C., which has acquired the Radisson Hotel in Mount Laurel, New Jersey, a suburb of Philadelphia. The hotel was purchased for $23.24 million, or approximately $82,000 per room, which is a significant discount to its replacement cost.
Boykin Lodging Company (NYSE: BOY), a multitenant hotel real estate investment trust, today announced the appointment of Richard C. Conti to the newly created position of Chief Operating Officer.
Boykin Lodging Company (NYSE: BOY) today announced that its Board of Directors has increased its regular quarterly cash dividend to $0.47 per common share from $0.45 per common share and has declared this dividend to be paid on May 5, 1998, to shareholders of record at the close of business on March 31, 1998.
Boykin Lodging Company (NYSE: BOY), a multitenant hotel real estate investment trust, has signed a binding contract to buy the 208-suite Pink Shell Beach Resort in Ft. Myers Beach, Florida. The transaction is expected to close in the second quarter, subject to approval by the seller’s limited partners.
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.
Boykin Lodging Company (NYSE: BOY) today announced that Michael Murphy has joined the company’s management team as a Senior Vice President of Acquisitions. Mr. Murphy will partner with Mark L. Bishop, who will continue to serve as a Senior Vice President of Acquisitions, to manage the company’s search for and negotiations relating to acquisitions of full-service commercial and resort hotel properties.