BOSTON—Mandarin OrientalInternational Limited reports ithopes to secure court approval sometime in the first quarter ofthis year for its $140-million acquisition of the MandarinOriental Boston hotel.

The international hotel group has managed the 148-room hotellocated at 776 Boylston St. since its opening in 2008. The hotelwas offered for sale in a bankruptcy auction and Mandarin Orientalsays it has exercised its right under a long-term managementcontract to acquire the hotel from CWB Hotel LimitedPartnership for a sum equivalent to the highest bid. Thehotel purchase will be funded through a mixture of existing cashreserves and debt, the hotelier reports. The $140-million proposedpurchase price for the property matches the highest bid submittedlast month by Hilton Worldwide, according to a report in the BostonGlobe.

The auction was held in connection with bankruptcy proceedingsinvolving the dissolution of Anglo Irish BankCorp., which is now owned by the Irish government. Thebank reportedly had a controlling interest in the property.