Boykin Sets Sale of French Link Springs

CLEVELAND— Boykin Lodging Company announced that it has entered into an agreement to sell the French Lick Springs Resort and Spa in French Lick, IN, to an unrelated third party for a price of $25 million. The sale includes the hotel and the companys landholdings in Orange County, IN. The company intends on using the net proceeds for general corporate purposes. The sale of the property is a continuation of Boykins plan to divest non-core assets. The property, a historic hotel located in a remote area of southern Indiana, had experienced negative cash flow in recent years. Boykins efforts to bring gaming to Orange County has improved the propertys prospects. The company determined it was time to realize the benefits of these efforts by selling the property for a price it considered attractive. Continued ownership of the property would have required the firm to invest significant amounts of management time and additional capital dollars into the asset, which is not consistent with Boykins strategy of focusing on the major metropolitan areas and beachfront markets.