Penn-Florida sets stage for Mandarin Oriental hotel dev site auction
Penn-Florida Companies has set the stage for an auction of its Mandarin Oriental hotel development site in Boca Raton, though it’s still angling for a recapitalization or refinancing. Boca Raton-based Penn-Florida’s affiliate filed proposed bid procedures this week for its 1-acre site where the 12-story, 164-key Mandarin Oriental is under construction, the South Florida Business Journal reported. The firm’s attorney, Bradley Shraiberg, said the development is in “advanced stages,” with several prospective investors and lenders. A refinancing or a recapitalization could still void an auction. Bankruptcy Judge Erik Kimball in West Palm Beach is yet to approve the proposed bid […]This article originally appeared on The Real Deal. Click here to read the full story.
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