Boykin Acquires Banana Bay, Marathon, FL for $12 million
CLEVELAND, OH, January 13, 2006. Boykin Lodging Company (NYSE: BOY), a hotel real estate investment trust (REIT), today announced that it has acquired the Banana Bay Resort & Marina - Marathon for $12.0 million, through a joint venture. The beachfront resort is located directly on the Gulf of Mexico in Marathon, Florida, and comprises 65 guestrooms on ten acres. Other amenities of the property include a heated freshwater pool, an outdoor whirlpool, garden tennis courts, conference rooms with full catering facilities, the Garden Wedding Gazebo, a marina and boat launching ramp, and other resort amenities. At closing, Boykin Management Company assumed management of the resort.
The Company, through a taxable REIT subsidiary, owns 50% of the joint venture which acquired the property and intends to redevelop the property as a condo-hotel project.
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 21 hotels containing a total of 5,871 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.
Certain matters discussed within this press release may contain "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 and management's beliefs and expectations.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
