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PINK SHELL BEACH RESORT & SPA’S CAPTIVA VILLAS REACHES CONSTRUCTION MILESTONE

New Upscale Accommodations Cap Off Pink Shell’s Transformation
ESTERO ISLAND, Fla.– June xx, 2006 – Captiva Villas, the luxurious 43-unit condo hotel tower at the Pink Shell Beach Resort & Spa, recently achieved significant construction milestones and is estimated to be completed by February 2007.

Work on the building is ahead of schedule and has moved from the foundation to a vertical construction of ___ feet, Captiva Villas will be topped off at seven stories in October 2006.

“We are pleased with the progress of Captiva Villa’s construction schedule,” stated Robert W. Boykin, Chairman of the Board and Chief Executive Officer of Boykin Lodging Company. “This marks another milestone in the renaissance of the Pink Shell Beach Resort & Spa, a Fort Myers Beach institution for more than 50 years. We are confident that Captiva Villas will play a pivotal role in the resort’s continued success as a landmark in the area,”

Captiva Villas will be located on prime gulf-front property and feature one-bedroom, villa-style, accommodations with an unprecedented array of amenities. With four floor plans, each unit will have sweeping views of the Gulf of Mexico and will be fully furnished with elegant, maple wood furnishings and yacht theme décor. Select units will have a private, oversized sunning deck, while corner units will enjoy Gulf and Bay view lanais and private Jacuzzi®. Other room features include galley-style kitchens with custom cabinetry, top-of-the-line appliances and dining bars, premium porcelain tile floors and Sisal rugs, plantation shutters, granite counters, walk-in showers, soaking tubs and built-in vanities. Captiva Villas will also feature a private fitness center and keyless entry systems.

Captiva Villas also offers the full-range of Pink Shell resort services and amenities, including concierge, three pools, water sport activities, restaurants such as JoJo’s…at the Beach and Bongo’s Bar & Grill, tennis courts, Aquagēne Spa, a full service spa with services for the entire family, and Audrey’s an upscale boutique, while maintaining a private, residential look and feel. Captiva Villas concludes Pink Shell’s recent redevelopment plans which included the 2004 opening of the resort’s White Sand Villas, a whimsically designed building with 92 one- and two-bedroom villa-style accommodations, and the renovation of the property’s deluxe Sanibel View Villas and Beach Villas.

Located on Estero Island along the beaches of Fort Myers and Sanibel, the 12-acre Pink Shell Beach Resort & Spa caters to families and small groups seeking a memorable four-star resort experience. The property features a broad range of facilities and amenities, including Aquagene, a 6,000 square foot, state of the art full-service spa, meetings facilities, 180 deluxe rooms, two restaurants, KiddsKampp®, a specialized children’s program with separate activities for teens, and a myriad of water sports activities. The resort is owned by Boykin Lodging Company and is managed by Boykin Management Company. For information and reservations, contact your travel agent or the Pink Shell Beach Resort & Spa, 275 Estero Boulevard, Fort Myers Beach, FL 33931, Telephone: 1-888-309-2912 or visit the web site at www.pinkshell.com.