In a statement released by the company Tuesday, representatives said approximately 90% of the company's common shares present and voting at the special meeting approved the merger agreement. This percentage represented approximately 64% of the total number of common shares outstanding and entitled to vote.

According to an SEC filing, which was previously reported by GlobeSt.com, 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.