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.

The auction was held in connection with bankruptcy proceedings involving the dissolution of Anglo Irish Bank Corp., which is now owned by the Irish government. The bank reportedly had a controlling interest in the property.