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MOUNT LAUREL, NJ-Boykin Lodging Co. sold its 283-room Radisson Hotel Mount Laurel to Highland Hospitality Corp. for $14.3 million. The sale price factors out to $50,000 per room. The Cleveland-based Boykin will use the proceeds mostly to reduce the balance on its credit facility.

“We continue to take advantage of the strong capital markets to reposition our portfolio,” says chairman/CEO Robert W. Boykin, whose company owns interests in 25 hotels aggregating more than 7,400 rooms. “Within the past month, we have closed on the sale of three non-core assets for net proceeds of about $52 million. We are focusing on redeploying this capital to acquire properties that we believe have greater growth potential.”

“This acquisition provides us with another opportunity to renovate and reposition a hotel within a growing market,” says James L. Francis, president/CEO of the McLean, VA-based Highland. His company owns 15 hotels totaling almost 4,500 rooms in eight states.

“We intend to invest significant capital to reposition this asset as an upscale, full-service branded hotel,” Francis continues. “We plan to invest an additional $7 million to upgrade the guest rooms, meeting space, restaurant, lounge and other common areas.” Highland has also signed a long-term agreement with Sage Hospitality Resources to manage the property, which is located in metro Philadelphia, about 10 miles east of that city’s Downtown.

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