AMC Entertainment Holdings, Inc. Reaches Agreement to Reopen The Grove Theatre & The Americana at Brand Theatre in the Los An...
July 19 2021 - 4:30PM
Business Wire
AMC reaches lease agreement terms with Caruso,
one of the largest and most admired privately held real estate
companies in the US, to acquire The Grove Theatre and The Americana
at Brand Theatre, both formerly Pacific Theatres locations
AMC expects to begin welcoming guests at both
locations in the coming weeks
AMC Entertainment Holdings, Inc. (NYSE: AMC) (“AMC” or “the
Company”), announced today that it has reached an agreement with
Caruso, a privately owned, industry-renowned real estate company,
to add under long term lease two Los Angeles area locations: The
Grove Theatre, a 14-screen theatre located in Los Angeles and The
Americana at Brand Theatre, an 18-screen theatre located in
Glendale. AMC is expected to reopen the theatres in August.
The theatres, both formerly Pacific Theatres locations, have
been closed for more than a year due to the COVID-19 pandemic. In
full calendar year 2018, The Grove Theatre was the second highest
grossing movie theatre and The Americana at Brand Theatre was the
fifth highest grossing movie theatre in the Los Angeles area.
AMC remains in active discussions with other property owners
regarding additional currently closed locations.
Upon reopening, guests at both locations can also expect many of
AMC’s most popular amenities, including enhanced food and beverage
offerings, and AMC Stubs, a world class loyalty and subscription
service that includes AMC Stubs A-List. In the coming months, AMC
will significantly enhance the premium movie-going options by
renovating three auditoriums and introducing three premium large
format screens at each theatre. An IMAX at AMC, Dolby Cinema at AMC
and PRIME at AMC all will be offered at The Grove and also all will
be offered at The Americana at Brand theatres.
Commenting on the agreement, AMC CEO and President Adam Aron
said, “The Grove and The Americana at Brand theatres are among the
most successful theatres in the greater Los Angeles area, and we
look forward to delivering the high-quality experience for guests
visiting these theatres that AMC is known for in the Los Angeles
area and nationally. AMC is proud to be expanding in the
movie-making capital of the world. And we are eager to get started
as soon as possible, showcasing for our guests at these two
theatres the exciting lineup of movies scheduled throughout the
rest of 2021.”
Aron added, “These two theatres each are located in world-class
lifestyle centers offering the best in retail, dining and
entertainment options. Each was conceived and is run by Caruso, one
of the largest and most admired privately-held real estate
companies in the United States. It is a distinct honor and
privilege for AMC to be included in these successful and beautiful
Caruso developments, which literally strive for perfection in every
detail.”
“Nothing can replace the movie-going experience. Even with the
advancement of technology bringing content to us in the comfort of
our homes, going to the movies remains an important part of our
lives because nothing can ever replace the shared experience of
being in a movie theater. Simply put, some movies are made to be
enjoyed together,” said Rick Caruso, Founder and CEO of Caruso. “We
are excited to partner with AMC – the best management team in the
business with a laser focus on the guest experience. AMC has the
largest footprint of theaters in the world, giving them global
authority on innovation. As we look ahead to reopening, we are
confident that we will continue to see audiences at our movie
theaters creating cherished memories for years to come. Los
Angeles, welcome back to the movies!”
About AMC Entertainment Holdings, Inc.
AMC is the largest movie exhibition company in the United
States, the largest in Europe and the largest throughout the world
with approximately 950 theatres and 10,500 screens across the
globe. AMC has propelled innovation in the exhibition industry by:
deploying its Signature power-recliner seats; delivering enhanced
food and beverage choices; generating greater guest engagement
through its loyalty and subscription programs, web site and mobile
apps; offering premium large format experiences and playing a wide
variety of content including the latest Hollywood releases and
independent programming. For more information, visit
www.amctheatres.com.
About Caruso
Caruso is one of the most successful, productive and profitable
real estate development and hospitality companies in the world.
Headquartered in Los Angeles, California, the privately held
company owns and operates a diverse portfolio of retail,
residential and mixed-use properties known for their award-winning
architecture, unparalleled quest experiences, and dedication to
their local communities. Caruso’s expertise in creating beloved
town centers has made its properties desired locations for retail
flagships, new to brick-and-mortar tenants, and innovative dining
and entertainment concepts. Consistently ranked among the top
shopping centers in the world, Caruso’s properties continue to
outperform the industry standards for occupancy rates and average
sales per square foot. Included in Caruso’s world-class portfolio
and marquee shopping and dining destinations are The Grove and The
Americana at Brand; luxury residential building 8500; and The
Masonic Temple, a restored 1929 Art Deco landmark converted into
innovative Class-A office space. The company continues to focus on
expansion and currently has invested more than a billion dollars in
new lines of business, including the newly opened,
first-of-its-kind retail, dining and entertainment destination
Palisades Village, as well as the ultra-luxury five-star beachfront
resort Rosewood Miramar Beach in Montecito, California.
Category: Company Release
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INVESTOR RELATIONS: John Merriwether, 866-248-3872
InvestorRelations@amctheatres.com
MEDIA CONTACTS: Ryan Noonan, (913) 213-2183
rnoonan@amctheatres.com
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