Digital Cinema Destinations
(also known as Digiplex) announced that it has signed an asset purchase
agreement to acquire a 10-screen entertainment complex in Daytona, FL (DMA 19)
from Paragon Entertainment Group. The 10-plex is part of the Ocean Walk
Shoppes, a premier dining, shopping, and entertainment destination along
Daytona Beach.
The 10-screen entertainment
complex features large screens with high-quality Sony 4K digital projection.
All auditoriums have stadium style seating and VIP luxury recliners. There is
reserved seating available in select auditoriums. The theater also includes a
large screen auditorium with a 50-foot wall-to-wall, floor-to-ceiling screen,
and state-of-the-art Dolby Digital Surround Sound.
Digiplex is also excited to
announce that its new entertainment complex will feature “My Pi” Custom Pizza
and Craft Beer, which marks its entry into the theater-restaurant service
business. The company is licensing the My Pi concept through Paragon
Entertainment, LLC.
The company plans to
complete the all-cash acquisition during the first quarter of 2014. Pursuant to
the agreement, Digiplex will also have right of first refusal for Paragon
Theatres’ 8-plex in Deerfield, FL. Additional terms of the transaction were not
disclosed. This transaction marks Digiplex’s second announced location in Florida.
Digiplex Chairman and CEO
Bud Mayo stated, “Since December 2012, Digiplex has acquired or agreed to
acquire 16 theaters and 158 screens and we remain firmly committed to expanding
our national cinema circuit in top markets through our active M&A program.
Today’s announcement also marks our entry into the theater-restaurant service
business with the ‘My Pi’ Pizza license. With a high-quality and
wallet-friendly made-to-order menu, ‘My Pi’s’ concept has performed
exceptionally well at the Daytona complex.”
He continued, “With a large
pipeline of expansion opportunities we believe there is further capacity to
build upon the tremendous growth Digiplex has achieved in the 2013 calendar
year.”
Mike Whalen, President of
Paragon Theaters, added, “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.”
For more information, please
visit www.digiplexdest.com
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