Hurley Reed, MPTV's CEO, said in the company's announcement that the company hopes to begin the renovation project "as soon as our funding closes," but did not mention the amount of funding. MPTV filings earlier this year with the Securities and Exchange Commission, however, said the company was seeking a $13.44 million construction loan.

MPTV has been working on its Lake Tropicana Las Vegas timeshare resort since 1994 thanks to financial and permit problems delaying the project's completion. In 1997, MPTV resumed work on the resort through a joint venture (Lake Trop LLC) with All Star Resorts. In 2000, MPTV bought All Star's interest in the property, regaining 100% ownership.

Two months ago, MPTV announced that it had received a commitment to refinance its current mortgage on Lake Trop for $9.5 million. Approximately $6.5 million of this funding will be used to refinance the current mortgage and the balance of $3 million will be used to commence Phase I of the Lake Trop renovations. When the financing is complete, new construction will begin, say company representatives.

Recommended For You

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.