Mandarin Oriental Boca Raton Project Owner Files for Chapter 11

On December 24, 2025, Via Mizner Owner II, LLC, the developer spearheading the Mandarin Oriental Boca Raton project, filed for Chapter 11 bankruptcy protection. The filing, lodged in the U.S. Bankruptcy Court for the Southern District of Florida, also includes debtor affiliate Via Mizner Owner II, LLC.

Bondoro reports that the action was prompted by the developer's default on substantial loans. They were reportedly unable to repay approximately $130.2 million owed to TIG Romspen US Master Mortgage LP and another $80 million to Via Mizner Funding, L.P. The developers aim to leverage the Chapter 11 process to negotiate a consensual restructuring with their secured creditors, ultimately preserving the project's reported value of over $450 million upon completion.

Via Mizner Owner II, LLC has declared assets and liabilities each falling within the $100 million to $500 million range. The bankruptcy filing suggests that some funds will be available for distribution to unsecured creditors.

Our take: While Mandarin Oriental is the flag, it's crucial to distinguish between brand management and property ownership. This bankruptcy affects the developer, not the Mandarin Oriental hotel group directly. The brand's involvement typically shifts to management once a property is operational. The question now becomes whether a new owner will step in, or if this marks the end for a project that has long tantalized the South Florida luxury market.