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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934
Date of Report: April 4, 1997
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(Date of earliest event reported)
Boykin Lodging Company
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(Exact Name of registrant as specified in its charter)
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Ohio 001-11975 34-1824586
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(State or other jurisdiction of (Commission File Number) (IRS Employer Identification
Incorporation) Number)
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Terminal Tower, Suite 1500, 50 Public Square, Cleveland, Ohio 44113-2258
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(Address of Principal Executive Offices) (Zip Code)
(216) 241-6375
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(registrant's telephone number, including area code)
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
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French Lick, Indiana business purchase
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On April 4, 1997, the Company acquired the French Lick Springs Resort
in French Lick, Indiana. The acquisition price was $20 million and was funded
with cash proceeds from the Company's secured line of credit obtained in
November 1996 from a lending syndicate led by Lehman Brothers Holdings, Inc. The
seller was French Lick Springs Resort, Inc., a privately held corporation.
Neither the Company nor any of its shareholders, directors or officers own any
interests in the seller.
The independent resort, opened in 1904, contains 485 guest rooms in
four and six story guest wings, has approximately 60,000 square feet of meeting
space including a 24,000 square foot exhibit hall, an 88 seat gourmet dining
room, a 300 seat family dining room, a 100 seat country club dining room and
lounge, a 175 seat Bistro, a 600 seat showroom, the 60 seat Derby bar, several
retail shops, indoor and outdoor pools, a six lane bowling alley, complete spa
facilities (including mineral baths, massages, facials, hair styling and
exercise equipment), two 18 hole golf courses, indoor and outdoor tennis
facilities, horseback riding trails and other full service resort hotel
amenities. The purchase includes approximately 2,050 acres of land, six main
buildings, and several outbuildings.
The Company has leased the resort to Boykin Management Company Limited
Liability Company (the Lessee), an entity in which the Company's chairman and
chief executive officer, Robert W. Boykin, owns a 53.8% interest. The Lessee
will continue the business of operating the resort.
In determining the price to be paid for the resort, the Company
considered the historical and expected cash flow from the hotel, the nature of
the occupancy and average daily rate trends, current operating costs and taxes,
the physical condition of the property, the potential to increase its cash flow
and other factors including the sales prices of similar properties. No
independent appraisal of the resort was performed in connection with the
acquisition.
Based upon the Company's initial review of the financial statements of
the seller, the Company believes that the acquisition may involve a business
which is significant under Rule 11.01 (b) and (d) of Regulation S-X. If its
final review confirms this belief, the Company intends to amend this report
within 60 days to provide the necessary financial statements.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BOYKIN LODGING COMPANY
Date: April 21, 1997 By: /s/ RAYMOND P. HEITLAND
Raymond P. Heitland, Chief Financial Officer
