CLEVELAND Boykin Lodging Company, a hotel real estate investment trust, has closed a transaction with Hilton Hotels Corp. to exchange certain hotel properties that were of equal value, but which would have more strategic value in each others portfolios.
In the transaction, Boykin transferred ownership of its Cleveland Marriott East in Beachwood, OH to Hilton, which was immediately converted to the Hilton brand. In exchange, Boykin obtained two hotels from Hilton in first- rate commercial markets, one in San Antonio, TX and the other, an all- suite hotel, in Southfield, MI. (9/19/00)