Time-Share Firm in Newport Purchased
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NEWPORT BEACH — MPTV Inc. in Minneapolis said Friday that it has bought Reefshare Ltd., a vacation time-share company, for an undisclosed price. Reefshare owns the right to purchase dwelling units and sell time-shares in Kona Reef Condominiums in Hawaii.
MPTV also picked up $300,000 in accounts receivable owed to Reefshare, which is based in Newport Beach. It said it hopes to garner revenue of $90 million in the next 24 months from sales of 6,500 unit-weeks at the Kona Reef.
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