Thank you for sharing!

Your article was successfully shared with the contacts you provided.

IRVINE, CA-Timeshare developer MPTV Inc. says its Lake Trop LLC filed for voluntary Chapter 11 protection for its principal asset, the Lake Tropicana Timeshare Resort Property in Las Vegas, to protect itself from recent actions by its lender.

MPTV says it didn’t want to file the bankruptcy petition because it thought it had reached an agreement with its lender on a means to satisfy its outstanding mortgage debt. According to the MPTV announcement, however, its lender’s delay in funding the project, along with other actions, prompted the bankruptcy filing.

MPTV has been granted building permits for Phase I of the Lake Tropicana resort, which includes the conversion and remodeling of the property. Lake Tropicana is the principal asset of MPTV. The development is in Las Vegas, between the MGM Grand Hotel/Casino and the Aladdin Hotel/Casino on the Las Vegas Strip as well as near the Hard Rock Cafe at Paradise and Harmon avenues.

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

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.