AMC Theatres® to Open a State-of-the-Art 10 Screen Movie Theatre at Tech Ridge in Austin, Texas
July 06 2017 - 7:00AM
Business Wire
Construction of AMC Tech Ridge 10 is scheduled
to begin later this year with an anticipated opening in 2019
AMC Theatres® (NYSE:AMC) (“AMC”) and Seritage Growth Properties
(NYSE:SRG) today announced that AMC’s newest theatre in Austin,
Texas, will be AMC Tech Ridge 10, which is scheduled to begin
construction later this year and is anticipated to open in
2019.
The 45,000-square-foot, 10-screen movie theatre is expected to
feature more than 1,000 AMC Signature Recliners, a MacGuffins adult
beverage concept, AMC’s expanded food and beverage offerings, and
the latest in sight and sound technology.
“Through AMC’s greater comfort and convenience like our AMC
Signature Recliners and reserved seating, enhanced food and drinks,
and the best in sight and sound presentation, we’re excited to
deliver an amazing movie-going experience to our guests as the
entertainment anchor at Tech Ridge,” said Mark McDonald, executive
vice president, Development, AMC.
“We are pleased to expand our relationship with AMC and bring a
state-of-the-art theatre to our Tech Ridge property,” said Benjamin
Schall, President and CEO of Seritage. “We look forward to
delivering a multi-tenant retail destination that provides
customers with great shopping and first-rate entertainment and
creates enduring value for our shareholders.”
About AMC Entertainment,
Inc.
AMC is the largest movie exhibition company in the U.S., in
Europe and throughout the world with approximately 1,000 theatres
and 11,000 screens across the globe. AMC has propelled innovation
in the exhibition industry by: deploying more plush power-recliner
seats; delivering enhanced food and beverage choices; generating
greater guest engagement through its loyalty program, web site and
smart phone apps; offering premium large format experiences and
playing a wide variety of content including the latest Hollywood
releases and independent programming. AMC operates among the most
productive theatres in the United States’ top markets, having the
#1 or #2 market share positions in 22 of the 25 largest
metropolitan areas of the United States, including the top three
markets (NY, LA, Chicago). Through its Odeon subsidiary AMC
operates in 14 European countries and is the # 1 theatre chain in
Estonia, Finland, Italy, Latvia, Lithuania, Spain, Sweden and UK
& Ireland. amctheatres.com
About Seritage Growth
Properties
Seritage Growth Properties is a publicly-traded,
self-administered and self-managed retail REIT with 235
wholly-owned properties and 31 JV properties totaling over 42
million square feet of space across 49 states and Puerto Rico.
Pursuant to a master lease, 201 of the Company’s wholly-owned
properties are leased to Sears Holdings and are operated under
either the Sears or Kmart brand. The master lease provides the
Company with the right to recapture certain space from Sears
Holdings at each property for retenanting or redevelopment
purposes. At multiple properties, third-party tenants under direct
leases occupy a portion of leasable space alongside Sears and
Kmart, and 24 properties are leased only to third parties. The
Company also owns 50% interests in 31 properties through JV
investments with General Growth Properties, Inc., Simon Property
Group, Inc., and The Macerich Company. A substantial majority of
the space at the Company’s JV properties is also leased to Sears
Holdings under master lease agreements that provide for similar
recapture rights as the master lease governing the Company’s
wholly-owned properties.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170706005390/en/
AMC Media ContactRyan Noonan,
913-213-2183rnoonan@amctheatres.comorSeritage Media
ContactAngela Bonnici,
646-277-1276Angela.bonnici@icrinc.com
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