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Digital Cinema Destinations Corp., which operates theaters under the Digiplex Destinations brand, has signed a purchase agreement for the Paragon Ocean Walk 10 in Daytona Beach, Florida from Paragon Entertainment Group, according to a press release issued recently by the company.
The theater is part of the Ocean Walk Shoppes dining and entertainment center and was taken over by Paragon in February 2013. The agreement at the time was for a 15-year lease.
Digiplex will be licensing the "My Pi" concept from Paragon, which offers custom pizza and craft beers, which is the company's first foray into the theater-restaurant combination that has become very popular in the past couple of years.
Mike Whalen, President of Paragon Theaters, stated, “We are very pleased that our Daytona location will be in good hands under Digiplex’s innovative management. Their team has a proven track record and a growing reputation for bringing expanded entertainment options to appreciative audiences around the country. Daytona cinemagoers will soon have the chance to enjoy opera, live sports, curated DigiNext content and much more, as well as the finest in Hollywood tent-poles and smaller, independently produced titles.”
The deal is expected to be finalized sometime during the first quarter of 2014. As part of the deal, Digiplex has the right of first-refusal on the Paragon Deerfield 8 in Deerfield Beach.
Paragon Entertainment currently operates seven locations in Florida. Digital Cinema Destinations Corp. currently has 20 locations around the country. This will be its first location in Florida to be open, but a new location in New Smyrna Beach was announced by the company in October 2013.
Source: Digital Cinema Destinations Corp. Press Release. Photo above courtesy Paragon Ocean Walk 10 at Daytona Beach.
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