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Original Source: FD (FAIR DISCLOSURE) WIRE
OPERATOR: Welcome to the Boykin Lodging conference call and Webcast to discuss the third quarter 2003 financial results and business outlook for the remainder of 2003. This conference call is also being broadcast over the Internet at the Company's website, www.BoykinLodging.com. If you do not have a press release and would like one, you can call the Company's offices at 216-430-1200, and ask for veronica; she will fax a copy to you or you can find it on the Internet. Before introducing Mr. Robert Boykin, Chairman and Chief Executive Officer, I would like to remind you that you will hear management make forward-looking statements during this conference call. While management believes its business plans are based on reasonable assumptions, there can be no assurance that any expectations that might arise from today's forward-looking statements and their underlying assumptions will be met. Comments and responses made during this conference call, or discussion relating to broadening the Company's capabilities, its future growth, the potential impact of acquisitions, business plans and goals and operating results, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Additionally, words such as seek, intend, believe, plan, estimate, expect, and anticipate, or (indiscernible) of those words and other similar expressions, are forward-looking statements within the meaning of the act. Some or all the results anticipated in these forward-looking statements may not occur. Factors that could cause actual results to differ materially from expectations include -- financial performance; real estate conditions; execution of hotel acquisition and disposition plans; changes in local and national economic conditions; military action; terrorism; hurricane; changes in interest rates; and other similar risks. Further information on the Company's risk factors is contained in the Company's annual report on Form 10-K and other filings with the Securities and Exchange Commission.
I would now like to turn the floor over to Mr. Robert Boykin.
ROBERT BOYKIN, CEO, BOYKIN LODGING: Thank you and good afternoon everyone. Joining me today on the call are Rich Conti, our President and COO, and Shereen Jones, our Executive Vice President, Chief Financial and Investment Officer.
Today we continue to face a fragile economy and an unprecedented and unpredictable time for the hotel industry. Our FFO per share for the third quarter was at the high end of our guidance and exceeded analyst consensus estimates. We also continued to make progress on our strategic activities, specifically upgrading our portfolio through selected acquisitions and dispositions, moving forward with our ancillary conference center initiative and working towards bringing gaming to French Lick. To highlight the major events of the third quarter for you, we continued our sales of targeted assets, selling our Springfield and Spokane hotels for a combined 11.9 million. Noncore asset dispositions for the year have totaled nearly $30 million to date. These sales provided the capital to acquire the Radisson Suite Beach Resort on Marco Island, located directly on the beach of the Gulf of Mexico. This all-suite resort is an excellent fit within our strategy of investing in upscale resort hotels located in destination beach markets. And it adds to our condominium hotel inventory pipeline.
Speaking of our progress with condo hotels, during the quarter we closed on the sale of the remaining two Sanibel View Villa units at our Pink Shell Beach Resort. Overall, we experienced a 29.3 percent margin on the entire Sanibel View condo hotel project. Construction of the White Sands Villa Tower, also at the Pink Shell, continue during the quarter, and sales remain strong. By quarter end, we sold out the project, having all 91 units available for sale under binding contracts. While slightly behind schedule due to weather delays, we anticipate that the Tower will become operational during the first quarter of '04.
We also have very exciting news to share with you regarding the passage of the county-wide referendum in Orange County, Indiana, home to our French Lick Springs Resort and Spa. (indiscernible) this will permit riverboat gaming. The vote of support, which residents approved by a 2 to 1 margin, now paves the way for gaming in a historic district which will include our property. We anticipate that the …