Boykin Lodging Announces Sale of San Diego Property

CLEVELAND, Nov. 21  /PRNewswire-FirstCall/ -- Boykin Lodging Company (NYSE:BOY), a hotel real estate investment trust, today announced that Boykin San Diego, LLC, a joint venture between the Company and Outrigger Lodging Services, sold the Hampton Inn San Diego Airport/Sea World in San Diego, California, to an unrelated third party for a price of $23.0 million. Subsequent to the sale of the property, certain of the Company's subsidiaries purchased Outrigger Lodging Services' ownership interest in Boykin San Diego, LLC.

Funds from the sale less the subsequent purchase of the minority partner's interest resulted in approximately $20.1 million of proceeds for the Company. The Company structured the transaction to qualify as a potential like-kind exchange pursuant to Section 1031 of the Internal Revenue Code.

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 interests in 20 hotels containing a total of 5,820 rooms located in 13 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 http://www.boykinlodging.com/.

This news release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 regarding the Company, including those statements regarding the Company's future performance or anticipated financial results, among others. Except for historical information, the matters discussed in this release are forward-looking statements that involve risks and uncertainties that may cause results to differ materially from those set forth in those statements. Among other things, factors that could cause actual results to differ materially from those expressed in such forward-looking statements include financial performance, real estate conditions, execution of hotel acquisition programs, changes in local or national economic conditions, and other similar variables and other matters disclosed in the Company's filings with the SEC, which can be found on the SEC's website at http://www.sec.gov/.

  Contact:  Tara Szerpicki
            Investor Relations
            Boykin Lodging Company
            [phone]
            

DATASOURCE: Boykin Lodging Company



CONTACT: Tara Szerpicki, Investor Relations of Boykin Lodging Company,

[phone], or  



Web site:  http://www.boykinlodging.com/ 

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