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BOSTON—Mandarin Oriental International Limited reports it hopes to secure court approval sometime in the first quarter of this year for its $140-million acquisition of the Mandarin Oriental Boston hotel.

The international hotel group has managed the 148-room hotel located at 776 Boylston St. since its opening in 2008. The hotel was offered for sale in a bankruptcy auction and Mandarin Oriental says it has exercised its right under a long-term management contract to acquire the hotel from CWB Hotel Limited Partnership for a sum equivalent to the highest bid. The hotel purchase will be funded through a mixture of existing cash reserves and debt, the hotelier reports. The $140-million proposed purchase price for the property matches the highest bid submitted last month by Hilton Worldwide, according to a report in the Boston Globe.

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