Paragon Entertainment Holdings, LLC (“Paragon”) was formed in 2009 by key former Muvico Entertainment, LLC (“Muvico”) executives who sought to own and operate movie theaters and related entertainment ventures. Michael F. Whalen, Jr. and Mike Wilson own Paragon, which includes five movie theaters, as well as MyPi Custom Pizza & Craft Beer and The Lot Bar & Lounge.
The world of theater exhibition is changing rapidly. Given competitive pressures of narrowing DVD windows, leading to quick playtimes of movie runs (i.e. the need for fewer screens per theater), the advent of digital technology, sophisticated home entertainment, and other forms of competitive entertainment, theaters must offer an integrated entertainment experience that is not “just about the movie” but where the “movie is part of the overall entertainment experience.” Paragon seeks to create a true entertainment brand and destination for its guests by offering premium luxury leather seats with extended legroom, reserved seating, expansive food menus and concepts, a bar/lounge, and digital projection. Also, in keeping with technological advances and their ongoing pursuit of enhancing the guest experience, most Paragon Theaters have added electric recliners that can be fully extended with the simple push of a button.
Paragon’s strategy is two-fold: (1) Retrofitting existing theaters, as well as existing retail space that has become available as a result of high vacancy rates; (2) Identifying new build opportunities to create entertainment venues that include movies, dining, and other forms of entertainment, such as bowling. Paragon has significant strategic relationships with companies and investment funds in the media and entertainment industries to create value for its partners and clients and continued growth of the Paragon brand. These relationships include major investor and brand partners such as Start Media, iStar Financial, Starwood Group, Pepsi Co. and Sony Electronics.
The company has a proven track record of successfully retrofitting theaters. In 2010 they acquired Paragon Grove in Coconut Grove, FL and the next year they acquired Paragon Deerfield in Deerfield Beach, FL. Each location saw significant increases upwards of 60% after complete renovations that included high definition digital projection with 3D, luxury and reserved seating, expanded concessions, and a bar concept, The Lot Bar & Lounge. Both locations were sold in 2014 to Cinepolis USA, the fourth largest theater exhibitor in the world and largest in Latin America.
In March 2011, Paragon completed an acquisition of two theaters in Minnesota. The first, Paragon Odyssey in Burnsville, is a 15-screen theater including a Club Level VIP Lounge, Extreme Theater, expanded concession menu, and Sony 4K digital projection. An IMAX screen was added in 2014. The second, Paragon Chateau, is located in nearby Rochester. Paragon renovated the theater lobby and auditoriums, added Sony 4K digital projection, opened The Backlot Bar and Lounge, and expanded the food offerings. In 2015, Paragon added electric recliners to both theaters. Both locations were sold in August 2017 to CMX, a wholly owned subsidiary of Cinemex, the sixth largest cinema chain in the world with more than 310 sites.
In 2012, Paragon acquired a theater in Daytona Beach, FL at Ocean Walk Shoppes. Paragon Ocean Walk 10was fully renovated to include Sony 4K Digital projection, a private screening room, an extreme theater, and electric recliners. Extensive renovations were also completed throughout the lobby and auditoriums. As of late 2018, Satellite Theaters now operates this location.
Paragon Pavilion opened in Naples, FL in May of 2014 after a full renovation of the existing Pavilion Cinema Theater. Paragon Pavilion opened with new luxury electric recliners providing ample legroom, online reserved seating, full renovations throughout including the lobby and bathrooms, Digital Projection with RealD 3D (the best projection in the Naples area) and an expanded food menu featuring small plates, flat breads and salads from The Lot Bar & Lounge, located in the lobby. In 2016, a lease amendment allowed for expansion from six to 10 screens.
In the beginning of 2015, Paragon acquired Paragon Ridge in Davie, FL. All auditoriums have been renovated and retrofitted with electric recliners with footrests, new screens, and enhanced sound and digital projection. The common area decor and restrooms have been modernized and fully updated with pieces such as those vintage turkish rugs.
The entire exterior was renovated and MyPi Custom Pizza was added as an additional dining option for theater guests. Since Paragon took ownership, attendance at this location has already doubled year over year.
In late 2016, Paragon acquired the Star Cinema Grill movie theater in Arlington Heights, IL. Paragon added luxury electric recliner seating with footrests and swivel tables in all six of the auditoriums. Paragon Arlington Heights was purchased by CMX in August 2017.
Renovations are currently taking place at two locations. Paragon Coral Square in Coral Springs, Florida was acquired in May 2018 and has already been retrofitted with reserved electric recliners. Paragon Sandhills, in Southern Pines, North Carolina has also been retrofitted with electric recliners. Both locations will soon include all the usual Paragon Theaters amenities like reserved seating, beer & wine at concession, and enhanced concession offerings.
Paragon excels at new builds as well as retrofits; this is evident in three locations: Village 12 in Fredericksburg, Virginia, City Center 12 in Newport News, Virginia (purchased by Cinemark in June 2017), and Wellington 10 in Wellington, Florida (purchased by CMX in August 2017).
Village 12, Paragon’s first theater, opened in April 2010. It is a 70,000 sq. foot entertainment center consisting of a movie theater, upscale bowling facility, and a restaurant. The theater has 12 high-definition digital screens, three of which include Premier VIP Luxury Recliners for guests 21 and over, and The Chatterbox, a bar & lounge serving beer, cocktails, and food. Electric recliners with footrests were added to all auditoriums in late 2018. Thanksgiving weekend the Dolby Atmos at the Extreme Theater opened as well. The luxury bowling facility has 16 lanes of bowling with a signature gourmet restaurant.
In May of 2014, Paragon opened its second new build, City Center 12, in Newport News, VA. The theater was built from the ground up and is located in City Center at Oyster Point. Theater amenities include electric reclining seats with footrests and tray tables, Dolby Atmos at the Extreme Theater, reserved seating, digital projection and sound as well as two onsite restaurants, MyPi Custom Pizza & Craft Beer and Neo Kitchen + Bar. Paragon City Center was sold in 2017 to the Cinemark movie theater chain.
In December of 2016, Paragon opened its third new build at The Mall at Wellington Green in Wellington, FL. That location includes 10 screens with approximately 1,100 seats and features electric recliners with footrests and tray tables. Cask + Shaker Craft Bar and Kitchen is the adjacent gastropub. Paragon Wellington was purchased by CMX in August 2017.
Learn more: www.paragontheaters.com
