Boykin Lodging Company (NYSE:BOY) today announced that Boykin Marco LLC, a subsidiary of the Company, sold the Radisson Suite Beach Resort-Marco Island to an unrelated third party for a price of $58.0 million.
The Company intends to use the net proceeds from the sale to repay the outstanding balance on the Company's secured line of credit and for general corporate purposes.
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 5,638 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.
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