The three 16-screen theaters, which includes one in Atlanta as well as the two Twin Cities theaters, feature stadium seating and are less than four years old.

"This acquisition is consistent with AMC's strategy of acquiring top quality assets in major markets," says Peter Brown, AMC's chairman and CEO. He says the theaters "will be a great complement to our modern, high performance theatre circuit."

The MegaStar theaters acquired by AMC are the MegaStar 16 at the Stonecrest Mall in Lithonia, GA; the MegaStar 16 in Maple Grove, MN, and the MegaStar Southdale Center 16 in Edina, MN. Including the newly acquired theaters, AMC now operates seven theaters with 83 screens in the Minneapolis-St. Paul area and nine theaters with 147 screens in the Atlanta area.

AMC will begin operating the theaters immediately, and plans to complete its rebranding of the theaters early next year. In 2002, AMC acquired Gulf States Theatres, consisting of 68 screens in five locations, and the General Cinema circuit, which consisted of 621 screens in 66 locations. AMC recently disclosed that it was engaged in preliminary discussions with Loews Cineplex Entertainment Corp. about a possible business combination.

Kansas City, MO-based AMC Entertainment operates 235 theaters with 3,565 screens in the US, Canada, France, Hong Kong, Japan, Portugal, Spain and the United Kingdom.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Retail