"We have renewed all of our building permits with Clark County so that we may remain in a state of readiness to begin construction as soon as our funding closes. We look forward to initiating construction and realizing timeshare revenues," stated Mr. Hurley Reed, MPTV's CEO.
The Lake Tropicana Timeshare Resort and Towers is located in Las Vegas between the MGM Grand Hotel/Casino and the Aladdin Hotel/Casino on the "strip" and the Hard Rock Cafe on Paradise and Harmon Avenue.
Since 1994, MPTV has been renovating its Lake Tropicana Las Vegas timeshare resort, with financial and permit problems delaying the project's completion. In 1997, MPTV resumed the renovation of the resort through joint venture, Lake Trop LLC, with All Star Resorts. In 2000, MPTV bought All Star's interest in the property, regaining 100% ownership of the property.
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.
Currently, the resort is operating as an apartment complex with 144 in 22 buildings until the renovations are complete. When the project is finished, MPTV plans to sell its network of timeshare resorts through custom infomercials.
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
Already have an account? Sign In Now
*May exclude premium content© 2024 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.
