Boykin REIT currently owns interests in 21 hotels containing a total of 5,871 rooms located in 13 states. The Hotel REIT's revenues from continuing operations for the quarter ended March 31 totaled $53.1 million, compared with revenues of $53.3 million for the same period last year. As of March 31, Boykin had $32.5 million of cash and cash equivalents, including restricted cash, and total consolidated debt of $142.3 million. Consolidated debt includes a $7.8 million-term loan related to a joint venture in which the company owns a 50% interest.

According to an SEC filing, each common share of Boykin will be converted into the right to receive $11 per share in cash. A portion that amount will be paid in the form of a dividend prior to closing. Each limited partner in Boykin Hotel Properties, the operating partnership of the company, will also be entitled to receive $11 per unit in cash less the amount of pre-closing dividends.

Immediately prior to the closing, Boykin's interests in the Pink Shell Beach Resort and Spa and the Banana Bay Resort & Marina--Marathon will be sold to entities controlled by Robert W. Boykin, chairman and CEO for approximately $14.6 million. Boykin says the deal "will enable shareholders to receive the benefit of our efforts to increase shareholder value."