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It's not easy running a live-music venue in 2018. The rise of EDM over guitars has left bands with fewer bars to play. And in Vancouver, where commercial rents have skyrocketed, profit margins are thinner than ever.

In recent years, the city lost the Media Cub and the Electric Owl, to name just two. And so cautious entrepreneurs can maybe be forgiven for shying away from the live-music business.

But a Canadian entertainment company just gave a big vote of confidence to one events venue in Vancouver.

Today (July 6) MRG Group—owner of the Biltmore Cabaret and the Yale, among other properties—announced it has purchased the Imperial Vancouver located at 319 Main Street.

“I’ve admired the work that the Imperial team has done to create a unique and thriving event space," said MRG president Matthew Gibbons, quoted in a media release. "Their passion for service, entertainment and hospitality has established the Imperial as a leading facility in the marketplace. We see the Imperial as a perfect complement to the Vogue and the Biltmore, and we look forward to creating memorable experiences for fans, artists, and clients across all these properties.”

Located just south of the intersection of Main Street and East Hastings, the Imperial is an old space that was renovated in 2007 and since then has hosted a variety of events ranging from hip-hop concerts to yoga sessions.

Today's release states that under MRG Group's management, the Imperial will continue to take bookings for live music and whatever else the building can accommodate.