Cinemark Holdings, Inc. (NYSE: CNK), the world’s highest attended motion picture exhibitor, today announced plans to construct a 9-screen, all-digital movie theatre that will feature the company’s new Cinemark NextGen design concept in the Los Angeles area. The “Runway at Playa Vista” development will be located south of Santa Monica in the Playa Vista neighborhood.
Cinemark's Playa Vista theatre lobby - rendering (Photo: Business Wire)
Long recognized as a pioneer in the theatrical exhibition industry, Cinemark is taking the cinema entertainment experience to the next level. The new Cinemark NextGen theatre will offer the latest technology, cutting edge amenities and customer-preferred options all under one roof. NextGen amenities will include:
Cinemark will be bringing their exclusive large screen format, Cinemark XD Extreme Digital Cinema, auditorium to the market. Cinemark XD is a complete entertainment environment featuring a 72 foot, wall-to-wall and ceiling-to-floor screen, plush seating and a custom digital surround sound system featuring the latest in sound technology. The digital images will be delivered by a Doremi server and a Barco DLP digital projector, which offers the brightest light standards in the industry. The XD auditorium will exhibit the newest movies every week, including 2D and Real D-3D pictures.
“We are thrilled to introduce our new Cinemark NextGen movie theatre experience with VIP premium seating, that features the latest in digital and sound technologies, to guests in Los Angeles,” states Tim Warner, Cinemark’s Chief Executive Officer. “The Runway at Playa Vista promises to be one of the premier developments in Southern California and our theatre will quickly become recognized as the preferred place in the market to enjoy a great movie-going experience. We plan to move very quickly to open the theatre in early 2014.”
“The Cinemark Playa Vista will provide a convenient opportunity for movie screenings and Premiers as we combine the best technical theatrical experience with dining and cocktails,” states Steve Bunnell, Senior Vice President Global Content Programming. “We will feature ample parking with valet service and a secure environment for red carpet press events. All of this will be conveniently located in an area that is near the studios, the 405 Freeway and LAX.”
“We are ecstatic to have Cinemark open what will be the premier theater experience in Los Angeles at Runway,” added Lincoln Property Company’s Executive Vice President, David Binswanger. “Runway is designed to reflect the Southern California coastal culture and we are pleased to be adding Cinemark to our tenant mix which will also include a gourmet grocer, pharmacy and other neighborhood-serving restaurants and retailers. The open public spaces, landscaped walkways, and outdoor fire places will make Runway a natural community gathering place.”
Cinemark takes pride in creating the best entertainment experience in the industry. In order to make movie-going as easy and enjoyable as possible, Cinemark focuses on offering more choices to their customers. For example, the new theatre will feature online “Print at Home” ticketing, available at www.cinemark.com, which will make it easy for patrons to purchase tickets in advance from the comfort of their home or office. Customers will be able to bypass lines at the box office and go directly to a kiosk in the theatre lobby. Also, guests can download and purchase tickets through Cinemark’s mobile applications that are available for iPhone and Android phones. Finally, to stay connected, customers can sign up online to receive free, weekly showtime emailers that contain online coupons for discounts at the concession stand and other weekly special offers.
About Cinemark Holdings, Inc.
Cinemark is a leading domestic and international motion picture exhibitor, operating 459 theatres with 5,181 screens in 39 U.S. states, Brazil, Mexico, Argentina and 10 other Latin American countries as of March 31, 2012. For more information go to www.cinemark.com.
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 100 million square feet of commercial space and over 185,000 multifamily residential units. Lincoln Property Company is one of the largest commercial real estate companies in the world. Access www.lpc.com for more information.
About Phoenix Property Company (PPC)
Phoenix Property Company (PPC) was formed in 1994 to focus on specific multifamily development opportunities. Since its inception, PPC and the affiliated GrandMarc have developed residential and mixed-use communities with a construction cost of over $1 billion. These properties comprise over 6739 units and 240,835 sf of retail space. PPC develops in partnership with outside equity investors, many of which have chosen to invest in more than one project. Significant institutions such as AIG Global Real Estate, Behringer Harvard, Brookfield Real Estate Opportunity Fund and IBV Real Estate have chosen to invest in several PPC developments.
About Paragon Commercial Group
Paragon Commercial Group is led by an institutional team of senior real estate executives focused on retail acquisition and development opportunities on the West Coast. With over 50 years of collective experience and a retail resume in excess of 10 million square feet of neighborhood and community centers, Paragon's deep market knowledge and extensive tenant relationships provide a constant pipeline of retail investment opportunities. Paragon enters into each development with the expectation of long-term ownership and delivers only the highest quality retail product. This commitment to quality extends to each constituency involved in the development process including government agencies, lenders, property owners, tenants and partners.
Property leasing is handled by CBRE. Contact firstname.lastname@example.org (310) 363-4959.
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