Exhibit 99.1

FOR IMMEDIATE RELEASE Contact: Shereen P. Jones
Executive Vice President,
Chief Financial and
     Investment Officer
Boykin Lodging Company
(216) 430-1200

Boykin Lodging Announces Third-Quarter Financial Results

Cleveland, Ohio, November 10, 2003—Boykin Lodging Company (NYSE: BOY), a hotel real estate investment trust (REIT), today announced financial results for the third quarter and nine months ended September 30, 2003.

Third Quarter Results:

For the third quarter, the Company experienced a net loss attributable to common shareholders of $0.2 million, or $0.01 per fully-diluted share compared with the same period last year’s net income of $0.1 million, or $0.01 per share. Funds from operations attributable to common shareholders (FFO) for the third quarter of $7.1 million, or $0.41 per fully-diluted share, was at the high end of the Company’s previous guidance, compared with third-quarter 2002 FFO of $0.45 per share. The Company’s earnings before interest, taxes, depreciation and amortization (EBITDA) for the third quarter, including the Company’s share of EBITDA from unconsolidated joint venture subsidiaries, totaled $13.6 million, a 10.5% decrease from last year’s third-quarter EBITDA of $15.2 million.

Third-quarter 2003 results include the hotel operating results for the Marriott’s Hunt Valley Inn while the comparative third-quarter 2002 results include two months of lease revenue and one month of operating results related to the property because a Taxable REIT Subsidiary (TRS) structure was implemented effective September 1, 2002. The Company sold five hotels during the nine months ended September 30, 2003, and the operating results of those properties are reflected in the financial statements as discontinued operations for all periods presented. The Company acquired the Radisson Suite Beach Resort on Marco Island, Florida in August 2003.

Revenues for the quarter ended September 30, 2003, were $71.9 million, compared with revenues of $62.6 million for the same period last year. Revenue per available room (RevPAR) for the 29 hotels owned as of the end of the third quarter, including predecessor’s results for the Marco Island property, decreased 4.9% to $59.78 from last year’s $62.83. Occupancy fell to 63.9% from 66.7%, while the average daily room rate decreased 0.6% to $93.56 from $94.14. During the third quarter, there were approximately 13,000 room nights out of service related to renovations, or 1.7% of the Company’s room inventory. For the same period last year, there were approximately 11,300 room nights out of service due to renovation activity, or approximately 1.3% of the Company’s room inventory for that quarter.

For the 24 consolidated properties operated under the TRS structure for both years and owned as of September 30, 2003, RevPAR declined 9.1% to $56.47 for the third quarter of 2003 versus $62.09 for the year-earlier period. The RevPAR change resulted from a decrease in occupancy to 63.4% in 2003 from 68.0% in 2002, combined with a 2.3% decrease in the average daily rate to $89.10 in 2003 compared with $91.24 for the same period in the prior year. Hotel profit margins for these properties, defined as hotel operating profit (hotel revenues less hotel operating expenses) as

a percentage of hotel revenues, averaged 24.1% for the third quarter of 2003, compared with 28.5% for the 2002 period.

The Company’s property in Berkeley, California continued to negatively impact the Company’s portfolio results due to continued softness in the Bay Area hotel market and the renovation underway at the property. Excluding the 30.4% RevPAR decline at Berkeley, the 28 hotels would have experienced a RevPAR decline of 3.4% for the third quarter. Additionally, approximately 100 of the 440 basis point decline in the comparable consolidated hotel operating profit margins can be attributed to the Berkeley property.

Included in third-quarter 2003 results are $12.4 million of revenues and $4.3 million of gross profit related to condominium development and unit sales. Due to progress made on the White Sand Villas project, the Company has been recognizing revenue under the percentage of completion method during 2003. Additionally, the Company closed on the sale of the two remaining available Sanibel View Villas units during the quarter. The final phase of the redevelopment of the Pink Shell Beach Resort, the construction of a new 43-unit condominium hotel, is scheduled to commence after the 2004 peak season in Florida.

The operating results of the hotel in Springfield, Oregon and the Doubletree Spokane Valley, which were both sold during the quarter, are reflected as discontinued operations and totaled a negligible loss of less than $0.1 million, net of minority interest, for the quarter. Also included within third-quarter 2003 discontinued operations is the net loss on the sales of the hotels of $0.1 million, net of minority interest.

Year-to-Date Results:

The Company’s net loss attributable to common shareholders for the nine months ended September 30, 2003, totaled $4.5 million versus net income of $1.0 million for the year-earlier period. For the first nine months of 2003, FFO of $16.2 million, or $0.93 per fully-diluted share, was below last year’s FFO of $21.1 million, or $1.21 per share for the same period. EBITDA, including the Company’s share of EBITDA from unconsolidated joint venture subsidiaries, totaled $37.6 million, an 11.4% decrease from last year’s EBITDA of $42.4 million.

Year-to-date revenues through September 30, 2003, totaled $204.9 million, compared with $182.9 million for the nine months ended September 30, 2002, primarily as a result of a $25.4 million increase in revenues related to condominium development and unit sales. Year-to-date RevPAR for the 29 hotels owned as of September 30, 2003, including predecessor results for the Marco Island property, was $59.24, a 2.0% decrease from the prior year’s RevPAR of $60.43. Occupancy fell slightly to 61.7% from 62.4%, while the average daily room rate experienced a slight drop to $96.07 from $96.77.

RevPAR for the comparable 24 hotels declined 5.8% to $56.13 from last year’s $59.60, as occupancy fell to 61.8% from 63.7%, and the average daily room rate declined 3.0% to $90.76 from $93.58. During the first nine months of 2003, the hotel profit margins of the 24 comparable hotels averaged 24.9%, compared with 29.1% for the previous year.

Robert W. Boykin, Chairman and Chief Executive Officer, commented, “While we continue to face the daily challenges of a soft economy and sluggish demand, we continued to have success this quarter in upgrading our asset portfolio. We acquired the Radisson Suite Beach Resort on Marco Island, an excellent beachfront hotel with possibilities for condo-hotel redevelopment. We were able to purchase this hotel from redeployment of capital raised through the sales of non-core assets this year, which to date have raised approximately $30.0 million.”

Mr. Boykin continued, “Recently, we have had further good news with our efforts to bring riverboat gaming to Orange County, Indiana, home of our French Lick Springs Resort and Spa. In a county-wide referendum held November 4, the residents approved riverboat gaming by a two to one margin.”

Capital Structure

At September 30, 2003, Boykin had $15.3 million of cash and cash equivalents, and total consolidated debt of $291.0 million. The Company’s pro rata share of the debt of unconsolidated joint ventures totaled $24.8 million.

During the third quarter, the Company extended two debt facilities which were originally scheduled to mature in July 2003; the $45.0 million term loan and the line of credit. As of September 30, 2003, the total amount outstanding related to these two facilities was $69.5 million. Subsequent to quarter end, the Company closed on a new $78.0 million secured revolving line of credit with a term of three years. The Company drew an initial amount of $74.0 million under the facility and used the proceeds to repay the two maturing facilities. There are no other debt maturities during 2003.

Outlook

The Company stated that the outlook for the remainder of 2003 remains challenging, and based upon its year to date results and current booking trends, it anticipates fourth-quarter RevPAR for the portfolio will be 3.0% to 5.0% below the same period last year, with full-year 2003 RevPAR 1.0% to 2.0% below 2002. Based upon these assumptions, the Company expects that FFO could range between $0.15 and $0.20 per fully-diluted share for the fourth quarter and $1.08 and $1.13 per share for the full year, with a net loss ranging between $0.17 and $0.22 for the fourth quarter and $0.43 and $0.48 for the full year.

“We understand the importance of a regular quarterly common share dividend to our shareholders and plan on resuming them when and at a level where we are confident that they can be sustained over the long-term. We will insure, however, that we will continue to meet minimum distribution requirements to maintain our REIT status,” Mr. Boykin concluded.

The Company will hold a conference call with financial analysts to discuss third-quarter 2003 results at 2:00 p.m. Eastern Time tomorrow, November 11, 2003. A live webcast of the call can be heard on the Internet by visiting the Company’s website at www.boykinlodging.com and clicking on the investor relations page or by visiting other websites that provide links to corporate webcasts.

Boykin Lodging Company is a real estate investment trust that focuses on the ownership of full-service, upscale commercial and resort hotels. The Company currently owns 29 hotels containing a total of 8,430 rooms located in 18 states, and operating under such internationally known brands as Doubletree, Marriott, Hilton, Radisson, Embassy Suites, and Courtyard by Marriott among others. For more information about Boykin Lodging Company, visit the Company’s website at www.boykinlodging.com.

This news release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934 regarding the Company, including those statements regarding the Company’s future performance or anticipated financial results, among others. Except for historical information, the matters discussed in this release are forward-looking statements that involve risks and uncertainties that may cause results to differ materially from those set forth in those statements. Among other things, factors that could cause actual results to differ materially from

those expressed in such forward-looking statements include financial performance, real estate conditions, execution of hotel acquisition programs, changes in local or national economic conditions, and other similar variables and other matters disclosed in the Company’s filings with the SEC, which can be found on the SEC’s website at http://www.sec.gov.

The Company believes that FFO is helpful to investors as a measure of the performance of an equity REIT because it provides investors with another indication of the Company’s performance prior to deduction of real estate related depreciation and amortization. The Company believes that EBITDA is helpful to investors as a measure of the performance of the Company because it provides an indication of the operating performance of the properties within the portfolio and is not impacted by the capital structure of the REIT.

The Company has made revisions to the calculation of FFO and EBITDA as a result of the new Securities and Exchange Commission rules and regulations regarding the reporting of non-GAAP financial information. Historically, the Company has reversed the impact of deferred lease revenue in its calculation of FFO and EBITDA. Effective January 1, 2003 and forward, these adjustments will no longer be made and any prior-period amounts disclosed have been recalculated using the new method.

Neither FFO nor EBITDA represent cash generated from operating activities as determined by GAAP and should not be considered as an alternative to GAAP net income as an indication of the Company’s financial performance or to cash flow from operating activities as determined by GAAP as a measure of liquidity, nor is it indicative of funds available to fund cash needs, including the ability to make cash distributions.

BOYKIN LODGING COMPANY
STATEMENTS OF OPERATIONS, FUNDS FROM OPERATIONS ATTRIBUTABLE TO COMMON SHAREHOLDERS, AND EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION
(UNAUDITED, AMOUNTS IN THOUSANDS)

				Three Months Ended						Nine Months Ended
				September 30,						September 30,
				2003			2002			2003			2002
OPERATING DATA:
	Revenues:
		Hotel revenues
			Rooms	$	38,838		$	40,552		$	112,579		$	114,221
			Food and beverage		16,383			16,325			51,619			50,448
			Other		3,710			3,929			10,002			10,081
		Total hotel revenues			58,931			60,806			174,200			174,750
		Lease revenue			501			1,378			1,175			4,046
		Revenues from condominium development and unit sales			12,436			445			29,532			4,120
			Total revenues		71,868			62,629			204,907			182,916
	Expenses:
		Hotel operating expenses
			Rooms		9,697			9,806			28,099			26,975
			Food and beverage		11,553			11,569			36,978			34,555
			Other direct		2,297			2,226			6,283			6,226
			Indirect		19,931			18,013			55,278			51,134
			Management fees to related party		1,315			891			3,465			2,894
			Management fees to third parties		146			807			1,260			2,270
		Total hotel operating expenses			44,939			43,312			131,363			124,054
		Property taxes, insurance and other			4,085			3,586			11,484			11,311
		Cost of condominium development and unit sales			8,135			311			19,820			3,084
		Real estate related depreciation and amortization			7,880			8,262			23,517			21,407
		Corporate general and administrative			1,831			1,666			5,653			5,417
			Total operating expenses		66,870			57,137			191,837			165,273
			Operating income		4,998			5,492			13,070			17,643
		Interest income			55			113			174			273
		Other income			93			228			284			588
		Interest expense			(3,579	)		(5,107	)		(12,270	)		(14,799	)
		Amortization of deferred financing costs			(295	)		(506	)		(1,704	)		(1,511	)
		Minority interest in earnings of joint ventures			(34	)		(68	)		(74	)		(107	)
		Minority interest in loss of operating partnership			134			165			1,217			266
		Equity in loss of unconsolidated joint ventures			(109	)		(439	)		(818	)		(1,428	)
	Income (loss) before gain (loss) on disposal of assets and discontinued operations				1,263			(122	)		(121	)		925
		Gain (loss) on disposal of assets			(28	)		—			348			—
	Income (loss) before discontinued operations				1,235			(122	)		227			925
		Discontinued operations:
		Operating income (loss) from discontinued operations, net of minority interest income (expense) of $13 and $328 for the three and nine months ended September 30, 2003, and $(37) and $(21) for the three and nine months ended September 30, 2002, respectively			(76	)		210			(1,851	)		116
		Gain (loss) on sale of assets, net of minority interest income (expense) of $26 and $(116) for the three and nine months ended September 30, 2003, respectively			(148	)		—			654			—
	Net income (loss)			$	1,011		$	88		$	(970	)	$	1,041
		Preferred dividends			(1,188	)		—			(3,563	)		—
	Net income (loss) attributable to common shareholders			$	(177	)	$	88		$	(4,533	)	$	1,041

FUNDS FROM OPERATIONS ATTRIBUTABLE TO COMMON SHAREHOLDERS (FFO):

					Three Months Ended						Nine Months Ended
					September 30,						September 30,
					2003			2002			2003			2002
	Net income (loss)				$	1,011		$	88		$	(970	)	$	1,041
				Real estate related depreciation and amortization		7,880			8,262			23,517			21,407
				Real estate related depreciation included in discontinued operations		7			463			627			1,362
				Minority interest		(139	)		(60	)		(1,355	)		(138	)
				(Gain)/loss on disposal/sale of assets		202			—			(1,118	)		—
				Equity in loss of unconsolidated joint ventures		109			439			818			1,428
				FFO adjustment related to joint ventures		331			(193	)		731			(708	)
			Funds from operations			9,401			8,999			22,250			24,392
		Preferred dividends				(1,188	)		—			(3,563	)		—
	Funds from operations after preferred dividends					8,213			8,999			18,687			24,392
	Less: Funds from operations related to minority interest					(1,113	)		(1,224	)		(2,533	)		(3,322	)
	Funds from operations attributable to common shareholders				$	7,100		$	7,775		$	16,154		$	21,070
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (EBITDA):
	Operating income				$	4,998		$	5,492		$	13,070		$	17,643
		Interest income				55			113			174			273
		Other income				93			228			284			588
		Real estate related depreciation and amortization				7,880			8,262			23,517			21,407
		EBITDA attributable to discontinued operations				(82	)		905			(1,232	)		2,085
		Company’s share of EBITDA of unconsolidated joint ventures				736			325			1,863			561
		EBITDA attributable to joint venture minority interest				(45	)		(97	)		(106	)		(156	)
			EBITDA		$	13,635		$	15,228		$	37,570		$	42,401

BOYKIN LODGING COMPANY
PER-SHARE DATA
(UNAUDITED)

			For the Three						For the Nine
			Months Ended						Months Ended
			September 30,						September 30,
			2003			2002			2003			2002
PER-SHARE DATA:
	Income (loss) attributable to common shareholders before discontinued operations per share:
		Basic	$	0.00		$	(0.01	)	$	(0.19	)	$	0.05
		Diluted	$	0.00		$	(0.01	)	$	(0.19	)	$	0.05
	Discontinued operations per share:
		Basic	$	(0.01	)	$	0.01		$	(0.07	)	$	0.01
		Diluted	$	(0.01	)	$	0.01		$	(0.07	)	$	0.01
	Net income (loss) attributable to common shareholders per share (a):
		Basic	$	(0.01	)	$	0.01		$	(0.26	)	$	0.06
		Diluted	$	(0.01	)	$	0.01		$	(0.26	)	$	0.06
	FFO attributable to common shareholders per share:
		Basic	$	0.41		$	0.45		$	0.93		$	1.22
		Diluted	$	0.41		$	0.45		$	0.93		$	1.21
	Weighted average common shares outstanding — Basic			17,344,380			17,262,316			17,333,521			17,239,889
	Effect of dilutive securities:
		Common stock options		12,531			56,964			14,068			54,944
		Restricted share grants		87,673			65,500			89,921			65,500
	Weighted average common shares outstanding — Diluted			17,444,584			17,384,780			17,437,510			17,360,333
	(a) Per-share amounts may not add due to rounding

BOYKIN LODGING COMPANY
SELECTED HOTEL STATISTICS AND BALANCE SHEET INFORMATION
(UNAUDITED, AMOUNTS IN THOUSANDS EXCEPT STATISTICAL DATA)

			For the Three						For the Nine
			Months Ended						Months Ended
			September 30,						September 30,
			2003			2002			2003			2002
HOTEL STATISTICS:
	All Hotels (29 hotels) (a) (b)
		Hotel revenues	$	67,936		$	71,453		$	203,269		$	209,045
		RevPAR	$	59.78		$	62.83		$	59.24		$	60.43
		Occupancy		63.9	%		66.7	%		61.7	%		62.4	%
		Average daily rate	$	93.56		$	94.14		$	96.07		$	96.77
	Comparable Hotels (24 hotels) (c)
		Hotel revenues	$	54,207		$	59,277		$	162,489		$	173,233
		RevPAR	$	56.47		$	62.09		$	56.13		$	59.60
		Occupancy		63.4	%		68.0	%		61.8	%		63.7	%
		Average daily rate	$	89.10		$	91.24		$	90.76		$	93.58

(a)	Includes all hotels owned or partially owned by Boykin at the end of the quarter.
(b)	Results calculated from including 35 lock-out rooms at the Radisson Suite Beach Resort on Marco Island.
(c)	Includes all consolidated hotels operated under the TRS structure for both periods and owned or partially owned by Boykin at the end of the quarter.

			September 30,			December 31,
			2003			2002
SELECTED BALANCE SHEET INFORMATION:
	Assets
		Investment in hotel properties	$	630,127		$	588,432
		Accumulated depreciation		(144,235	)		(124,990	)
		Investment in hotel properties, net		485,892			463,442
		Cash and cash equivalents including restricted cash		34,990			38,945
		Accounts receivable		34,154			8,917
		Investment in unconsolidated joint ventures		16,525			17,156
		Other assets		12,614			17,616
		Assets of discontinued operations, net		—			29,433
	Total Assets		$	584,175		$	575,509
	Liabilities and Shareholders’ Equity
		Outstanding debt	$	290,981		$	257,952
		Accounts payable and accrued expenses		43,033			41,782
		Deferred lease revenue		427			—
		Minority interest in joint ventures		2,438			2,419
		Minority interest in operating partnership		12,283			14,202
		Liabilities of discontinued operations		—			18,863
		Shareholders’ equity		235,013			240,291
	Total Liabilities and Shareholders’ Equity		$	584,175		$	575,509