CLEVELAND- HOTELBUSINESS. has learned that Boykin Lodging Company is considering expansion and renovation opportunities of several properties in its portfolio.
Specifically, it is considering an expansion of its Hilton Hotel, in Melbourne, Florida; an expansion of its Pink Shell Beach Resort, in Fort Meyers Beach, Florida; and a renovation and repositioning of its Executive Plaza Hotel, in downtown Chicago.
The projects would each cost between $8-and-$17 million, and would generate an expected internal rate of return of 25 percent. Boykin declined to offer specifics on how it would pay for the projects. – Jay Nussbaum (8/23/00)