BOY Boykin Lodging

Boykin Lodging Announces Sale of Hotel 71 for $95 Million CLEVELAND, March 30 /PRNewswire-FirstCall/ -- Boykin Lodging Company (NYSE:BOY), a hotel real estate investment trust, today announced that Boykin Chicago L.L.C., a joint venture between the Company and AEW Partners III, L.P., a real estate opportunity fund managed by AEW Capital Management L.P. (AEW), has sold Hotel 71 in Chicago, Illinois to an unrelated third party for a price of $95.05 million. A portion of the net proceeds from the sale were used to repay the outstanding balance on the mortgage for which the property served as collateral; the remainder will be distributed to the members of Boykin Chicago L.L.C. Robert W. Boykin, Chairman and Chief Executive Officer of Boykin Lodging, commented, "Hotel 71 was an excellent investment for our company. The partnership originally purchased the property in 1999 for $48 million, renovated and repositioned the property, and is now selling it at a price in excess of $200,000 per room. We believe this represents a very attractive selling price for the hotel." 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 23 hotels containing a total of 6,712 rooms located in 15 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/ . AEW Capital Management provides real estate investment advisory services to investors worldwide. The firm focuses on directly held real estate assets, real estate equity securities, real estate opportunity funds and international investment. AEW's clients include many of the world's leading private and public retirement programs, foundations, endowments, and private investors. AEW and its affiliates currently manage approximately $21 billion in client capital, which is invested in over $29 billion of property throughout North America and Europe. For additional information, visit http://www.aew.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 or disposition 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/ . DATASOURCE: Boykin Lodging Company CONTACT: Tara Szerpicki, Investor Relations of Boykin Lodging Company, +1-216-430-1333, or Web site: http://www.boykinlodging.com/

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