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.