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MPTV Granted Building Permits for Its Lake Tropicana Timeshare Resort

Thu January 31, 2002 - National Edition
Construction Equipment Guide

MPTV Inc., an company specializing in Timeshare Resort Development, has announced the granting of Building Permits by Clark County, NV, for the renovation of the five buildings at its Lake Tropicana timeshare development.

MPTV will initiate the building permits when the $13,440,000 ICF construction loan closes. After the loan closing, scheduled for February 8th of this year, and awarding the construction contract, the Phase I renovations and property enhancements will begin immediately.

The major renovation process will yield 48 world-class timeshare units to be sold in one-week increments producing approximately 2,496 timeshare units. Each of the timeshares will be sold at an average price of approximately $14,000.

MPTV’s CEO, Hurley Reed stated, "We look forward to initiating construction. We have moved the timeframe for design and construction drawings forward in order to be poised to initiate construction immediately upon closing of the loan and after contractor selection. Currently, the contractor selection process is under way. The contractors are reviewing the plans and submitting bid proposals and construction schedules for the Lake Trop Phase I development. Simultaneously, the application and documentation necessary for the Nevada Timeshare Public Permit is being prepared for submittal to the State of Nevada upon loan closing. When the permit process is complete and the Public Permit is granted, sales of timeshares will begin immediately."

MPTV develops and markets timeshare resort properties. The company’s principal asset is a multi-million dollar resort property called Lake Tropicana. MPTV’s current project is the Lake Tropicana Timeshare Resort and Towers ( located in Las Vegas, NV, between the MGM Grand Hotel/Casino and the Aladdin Hotel/Casino on the "strip" and the Hard Rock Cafe on Paradise and Harmon Avenue. The "Harmon Corridor" is undergoing transformation with two new casino hotels and three large timeshare projects planned for this area.

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