Paragon Gaming and Parq Holdings LLP Congratulated as Marriott International’s North American Developers of the Year
Vancouver (January 11, 2016) – Arne Sorenson, President and Chief Executive Officer of Marriott International, Inc. (NASDAQ: MAR) and Don Cleary, President, Marriott Hotels of Canada introduced parq Vancouver at a luncheon hosted by the Vancouver Board of Trade and congratulated Paragon Gaming Corporation and Parq Holdings LLP, developers of parq Vancouver who were recently named Marriott’s North American Development Partner of the Year.
Sorenson spoke about the importance of international travel to Vancouver, maintaining that the destination is one of the most important gateways for Asian travel to North America,” and that parq Vancouver will be an important driver in bolstering visitation.
Cleary called parq Vancouver, British Columbia’s largest private development, a “game changing project,” and cited it as the “one of the most exciting developments in Canada, if not North America.” parq Vancouver will feature Canada’s first JW Marriott and Autograph Collection properties in one integrated resort when JW Marriott parq Vancouver and The Douglas open. Combined, the two hotels will feature 517 rooms and the most diverse suite options at any hotel in Vancouver, filling a void in the growing market for luxury lifestyle options.
He spoke about the “thriving” hospitality industry and in particular the international appeal of Vancouver, saying that “parq Vancouver will enhance the already stellar reputation of Vancouver as a world-class destination.” For the first time, he also shared details of the 30,000 square foot rooftop ‘parq,’ a unique feature of the entertainment destination with its flexible event and leisure space, urban forest, integrated restaurants, lounges and lifestyle characteristics. Its design will replicate the natural beauty of the region, with native trees, foliage and other celebrated West Coast features. He also revealed that:
- the JW Marriott parq Vancouver will feature a rooftop spa, offering the ultimate in spa luxury
- parq Vancouver is being constructed to meet Leadership in Energy and Environmental Design (LEED) Gold Certification, the first hotel project of this kind in Canada with this designation.
- W Marriott parq Vancouver will feature the largest hotel ballroom in Vancouver at nearly 16,000 square feet.
Cleary also announced that James Beard nominated restaurateur, investor on CNBC’s Restaurant Startup and renowned international culinary consultant Elizabeth Blau, and her husband award-winning chef Kim Canteenwalla will oversee the development of parq Vancouver’s eight restaurants and lounges. Blau and Canteenwalla are widely credited with transforming Las Vegas’ dining scene and the food and beverage program is destined to rival the world’s best.
Parq Vancouver is expected to open in early 2017.
Parq Holdings Limited Partnership, a joint venture between Paragon Development Ltd., Dundee Corporation (TSX:DC.A), and PBC VUR Limited Partnership is developing parq, Vancouver’s new entertainment destination adjacent to BC Place, British Columbia’s largest multi-purpose venue. Upon completion, parq Vancouver will be downtown Vancouver’s premier destination for entertainment. The approximately 775,000 sq ft. resort will comprise the largest ballroom in Vancouver, two luxury hotels, 30,000 square foot elevated park, eight restaurants and lounges, 60,000 square feet of meeting space and rooftop spa.
About Paragon Gaming Corporation
Paragon and its affiliates is one of North America’s leading destination resort developers. The Company’s principals are responsible for the successful development and operation of numerous landmark projects throughout North America, with emphasis on gaming-based destinations.
About Dundee Corporation
Dundee Corporation is a public Canadian independent holding company listed on the Toronto Stock Exchange under the symbol “DC.A”. Through its operating subsidiaries, Dundee Corporation is engaged in diverse business activities in the areas of its core competencies including investment advisory and corporate finance, energy, resources, agriculture, real estate and infrastructure. Dundee Corporation also holds, directly and indirectly, a portfolio of investments mostly in these core focus areas, as well as other select investments in both publicly listed and private companies.
About PBC Real Estate Advisors Inc.
PBC Real Estate Advisors Inc., as an asset manager is engaged through limited partnerships to pursue, develop, acquire, fund and manage various real estate assets including land, real property and mortgages on behalf of its institutional limited partners. PBC Real Estate Advisors Inc. currently manages assets in Ontario, Québec, Nova Scotia, Alberta and British Columbia.
About Marriott International
Marriott International, Inc. (NASDAQ: MAR) Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda, Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and Moxy Hotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at www.marriott.com and for the latest company news, visit www.marriottnewscenter.com.
This press release contains “forward-looking statements” within the meaning of applicable securities laws that are intended to be covered by the safe harbours created by those laws, including statements that use forward-looking terminology such as “may”, “will”, “expect”, “anticipate”, “believe”, “continue”, “potential”, or the negative thereof or other variations thereof or comparable terminology. Such forward-looking statements may include, without limitation, statements regarding the completion of the proposed project and other statements that are not historical facts. While such forward-looking statements are expressed in good faith and believed to have a reasonable basis, they are subject to important risks and uncertainties including, without limitation, the negotiation and completion of definitive agreements relating to the project, financing of the project, approval of applicable governmental authorities and changes in applicable laws or regulations, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. As a result of these risks and uncertainties, the proposed project could be modified, restructured or not be completed, and the results or events predicted in these forward-looking statements may differ materially from actual results or events. These forward-looking statements are not guarantees of future performance, given that they involve risks and uncertainties. Neither Dundee Corporation, Paragon Development Ltd., PBC VUR Limited Partnership, Marriott International Inc. or any of their affiliates affirm or adopt any statements made by any other person in respect of the proposed project and each expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws or to comment on expectations of, or statements made by any other person in respect of the proposed project. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Reliance on forward-looking statements is at the investors’ own risk.