Boykin Lodging Unloads Eastern Washington Hotel

SPOKANE, WA-Boykin Lodging Company last week sold its Doubletree Spokane Valley hotel in Spokane for $5.4 million. The 236-room hotel was built in 1969 and acquired by Boykin in 1998. In the company’s most recent annual report, it had a net book value of $4.5 million.

The Cleveland-based hotel REIT says the sale is part of its continuing effort to upgrade its portfolio mix by disposing of non-core assets. In July, Boykin sold its Springfield, OR hotel for $6.5 million. “Total proceeds from property sales year to date of nearly $30 million will enable us to finance strategic acquisitions through the redeployment of capital,” says Boykin chairman and CEO Robert Boykin.

Boykin may also be losing one hotel it didn’t plan on selling. The company was recently notified that the City of Portland may seek to acquire, through its power of eminent domain, the Doubletree Portland Downtown Hotel for the purpose of student housing, academic, retail and conference uses for Portland State University. To date, the city has not formally initiated condemnation proceedings; however, they have taken the first step by annexing the property into one of the city’s renewal areas.