The permits, which were approved by Clark County, NV, will allow MPTV to renovate five buildings at the development. MPTV will initiate the building permits after its $13.4-million construction loan closes in the beginning of February.
The developer is planning a major overhaul of Lake Tropicana, which is located on the strip between the MGM Grand Hotel/Casino and the Aladdin Hotel/Casino. The renovations will result in 48 timeshare units to be sold in one-week increments at an average price of $14,000.
"We look forward to initiating construction," says Hurley Reed, MPTV's CEO. He says the contractor selection process is currently underway, while the application for the Nevada Timeshare Public Permit is being prepared for submittal. "When the permit process is complete and the public permit is granted, sales of timeshares will begin immediately," Reed adds.
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