HLT was effective at bridging different expectations, finding areas of common understanding and working around barriers.
Paragon Gaming – Vancouver Urban Resort (2013)
Las Vegas-based Paragon Gaming acquired downtown Vancouver’s Edgewater Casino in 2006. Shortly after the acquisition, Paragon began investigating relocation options for the casino in order to provide a more complete gaming destination experiences including extensive food and beverage, high-end accommodation, retail, entertainment and related amenities.
In 2009 Paragon entered and won a competitive bid process for a leasehold site adjacent to the BC Place Stadium, however, the proposed casino/hotel/entertainment centre was rejected by City Council in 2011. Paragon engaged HLT to assist with repositioning the project and in obtaining capital to complete the development.
HLT took on the role of advisor/negotiator for Paragon on the basis of understanding the B.C. gaming environment (i.e., potential financial returns, competitive environment, government expectations) as well as the R.O.I. expectations of a privately owned gaming operator. HLT was effective at bridging different expectations, finding areas of common understanding and working around barriers.
Vancouver City Council unanimously approved the “form of development” for the Parq Vancouver in January, 2015. The $600 million project is being undertaken by Paragon Development Ltd., Dundee Corporation and PBC VUR Limited Partnership. The approved project will contain the relocated casino as well as a 288-room/41-suite JW Marriott and a 178-room/10-suite Autograph hotel named “The Douglas”, a 62,000-square foot conference centre, 55,000 square feet of food, beverage and retail space, a spa and substantial underground parking.
The complex is scheduled to open in 2016.