Boykin JV Sells San Diego Hampton
SAN DIEGO, CA, November 22, 2005. Boykin San Diego, LLC, a joint venture between Boykin Lodging Co. and Outrigger Lodging Services, has sold the Hampton Inn San Diego Airport/Sea World in San Diego to an unrelated third party for a price of $23 million. Subsequent to the sale of the property, certain subsidiaries of Boykin 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 Boykin. 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.
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