AMC Theatres® to Open a State-of-the-Art 10 Screen Movie Theatre at Tech Ridge in Austin, Texas
Construction of AMC Tech Ridge 10 is scheduled to begin later this year with an anticipated opening in 2019
LEAWOOD, Kan. & NEW YORK--(BUSINESS WIRE)-- 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.
Source: AMC Entertainment, Inc.
Released July 6, 2017