In a statement released by the company Tuesday, representativessaid approximately 90% of the company's common shares present andvoting at the special meeting approved the merger agreement. Thispercentage represented approximately 64% of the total number ofcommon shares outstanding and entitled to vote.

According to an SEC filing, which was previously reported byGlobeSt.com, each common share of Boykin will be converted into theright to receive $11 per share in cash. A portion that amount willbe paid in the form of a dividend prior to closing. Each limitedpartner in Boykin Hotel Properties, the operating partnership ofthe company, will also be entitled to receive $11 per unit in cashless the amount of pre-closing dividends.

Immediately prior to the closing, Boykin's interests in the PinkShell 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.