Friday, September 22, 2006

Muvico Secures $64 Million in Lease Financing for Two New Theatres

Miami Herald - September 21, 2006

Muvico Theaters has secured $64 million worth of real estate financing that will help the Fort Lauderdale-based company build theaters in Boynton Beach and the Chicago area, the company said Wednesday.

The financing, from iStar Financial, will allow the movie theater chain to expand its luxury-style theater experience to the Chicago suburb Rosemont. That 4,000-seat cinema will include a separate wing devoted to its ''premier'' concept, which includes valet parking, a private restaurant/bar outside the theater and oversized love seat-style seating inside.

Unlike the premier section at its Boca Raton facility, where the seats are in the balcony, the Rosemont premier section will be in an extended separate section of the auditorium.

The company's premier seats, which in Boca Raton cost $18 rather the regular $9, include all-you-can-eat popcorn, valet parking and access to the VIP section and restaurant/bar.

The iStar financing will speed up the opening of the 14-screen megaplex theater in Boynton Beach at the Boynton Beach Mall on Congress Avenue. The Boynton Beach and Rosemont theaters are scheduled to open next summer.

Under the terms of the agreement, iStar will own the land and the buildings that Muvico will lease and operate. Muvico Theaters operates 12 theaters throughout Florida and has theaters in Baltimore and Memphis. Sphere: Related Content

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