$600M DESTINATION RESORT WILL RE-ENERGIZE DOWNTOWN VANCOUVER’S ENTERTAINMENT DISTRICT
JW Marriott and Autograph Collection Hotels to Anchor Canada’s Most Exciting New Urban Resort
VANCOUVER, BC — (JUNE 04, 2015) — Parq Holdings Limited Partnership, a joint venture between Paragon Development Ltd., Dundee Corporation (TSX:DC.A), and PBC VUR Limited Partnership, announced today that construction is underway on parq, the highly anticipated $600M multi-faceted entertainment resort adjacent to BC Place Stadium. The project is British Columbia’s largest private development.
Parq Holdings Limited Partnership, alongside Marriott International Inc. (NASDAQ: MAR), revealed that parq will be the centerpiece of a re-envisioned entertainment district adjacent to BC Place Stadium. The destination will be a catalyst for the area’s revitalization, bringing residents and visitors the largest hotel convention facility in Vancouver with nearly 62,000 square feet of meetings, conference and special event space – including Vancouver’s largest ballroom. The flexible function areas and convention space will enable Vancouver to compete with North America’s most popular and successful destination convention properties with an inimitably Canadian spirit. parq is expected to attract international meetings, conferences, conventions and special events, strengthening Vancouver’s reputation throughout the Pacific Rim and bolstering visitation and business opportunities.
Marriott International is a global hospitality industry leader, with brands known worldwide for exceptional quality and service. As part of Marriott and parq’s partnership, Marriott will operate parq’s multiple hospitality touch points, including two spectacular luxury lifestyle hotels, convention and meeting space, and select food and beverage venues.
“Vancouver is one of the world’s most desirable travel destinations, and this remarkable property will not only reinvigorate part of downtown Vancouver, but also provide visitors and residents with an entertainment destination that rivals the best anywhere,” said Scott Menke, President, Paragon Development. “We are excited to build a landmark that will maintain the integrity of Vancouver’s unique local culture and are thrilled to see this important resort come to life in the coming months.”
parq will feature British Columbia’s first JW Marriott hotel, offering a luxury guest experience with refined design and intuitive service. The property will feature 288 guest rooms and 41 suites. Adjacent to the JW Marriott will be The Douglas, which is part of Marriott International’s Autograph Collection.
Named for the celebrated Canadian botanist and explorer David Douglas, namesake of the stately Douglas Fir trees abundant in BC, The Douglas will offer 178 rooms and 10 suites. As part of the Autograph Collection’s global portfolio of lifestyle hotels, guests at The Douglas will experience a “living lobby” that complements parq’s impressive nature retreat—a serene urban oasis with structured and natural gardens in an arboretum setting.
A new home for the Edgewater Casino will ensure gaming enthusiasts are enjoying a modern, friendly atmosphere, which includes private salons and table games.
Nearly 1,100 new parking spots will supplement the existing parking options at BC Place as well as a 24-hour valet service for guests.
An exciting mix of entertainment and leisure offerings, a spa and wellness sanctuary and world-class restaurant program with unique culinary experiences will round out the project. More information on these key elements will be shared as the project comes to life.
Construction is expected to be complete in late 2016. For updates please visit www.parqvancouver.com
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 urban resort adjacent to BC Place, British Columbia’s largest multi-purpose venue. Upon completion, parq 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, rooftop nature retreat, casino, restaurants and lounges, spa and wellness retreat and retail space.
About Paragon Development
Paragon Development 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.
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