Cleveland's Boykin Sells Daytona Beach Radisson for $12.5 Mil

DAYTONA BEACH, FL-Patience is paying off for Cleveland-based Boykin Lodging Co. After a major renovation effort and three years of holding, the New York Stock Exchange-traded REIT is selling the 206-room Daytona Beach Radisson Resort to locally based Oceans Resorts for $12.5 million or $60,680 per room. Daytona Beach is 50 miles northeast of Downtown Orlando.

Boykin purchased the former Whitehall Hotel property in 1997, closed it for top-to-bottom renovations, then reopened the asset in January 1998. In a prepared statement, Boykin president/operating executive officer Richard C. Conti, says “we waited for the hotel’s real value to be recognized” before selling. “Our objective is to sell assets when they have met our goals.” Boykin is using the sale proceeds for other undetermined investments.