Mandarin Oriental Boca Raton hotel development site Acquisition | Construction Deal in FL

Penn-Florida Companies has completed the acquisition of the Mandarin Oriental Boca Raton hotel development site, a construction other business in Florida, for $130.2 million. The 1-acre Boca Raton property supports a 12-story, 164-key Mandarin Oriental hotel under construction, with the development in advanced stages and structurally completed. Penn-Florida’s construction M&A strategy uses the site to monetize a topped-off hotel asset through divestiture acquisition processes, including a planned auction and potential refinancing or recapitalization. The Chapter 11 bankruptcy sale framework involves proposed bid procedures, a June 18 bid deadline and June 22 auction date, with major creditor claims including $80 million secured debt and $24.6 million in unsecured claims.