Second location for innovative dining and movie entertainment concept
MILWAUKEE --(BUSINESS WIRE)--Aug. 28, 2017-- Marcus Theatres®, a division of The Marcus Corporation (NYSE:MCS), today announced it has reached an agreement with CBL & Associates Properties Inc. (NYSE:CBL) to build a new BistroPlex5M dining and movie entertainment concept at Brookfield Square in Brookfield, Wis. The 40,000-square-foot building will be attached to the center as part of the future redevelopment of the Sears building. Construction on the new theatre is expected to begin in 2018.
“Brookfield Square is the perfect location for our second BistroPlex. We have long been attracted to this area given its favorable demographics, long-established recognition as a shopping and entertainment destination, ample parking and easy freeway access. Moreover, the parcel is ready made for a development of this type, with no obvious infringements to traffic flow patterns or challenging construction hurdles. This announcement has been long in the works, and we are excited to finally share with the community our vision to bring our newest theatre concept to Brookfield Square,” said Rolando Rodriguez, chairman, president and chief executive officer of Marcus Theatres.
Described as a restaurant that serves movies, the new BistroPlex is slated to include amenities featured in the company’s first BistroPlex, whichopened June 30th at Southridge Mall in Greendale, Wis. The dining and entertainment experience extends throughout every auditorium and continues into the bar and lounge space. The Brookfield Square BistroPlex will have all-DreamLounger5M recliner seating, in-theatre dining in every auditorium and a stand-alone bar and lounge. It will also feature an outdoor dining option.
“BistroPlex is the first key component to our plans for the overall redevelopment of Brookfield Square and we look forward to making additional announcements in the near future. This unique combination of dining and movies will provide an exceptional entertainment option for shoppers and area residents alike,” said Stephen Lebovitz, president and CEO of CBL & Associates Properties, Inc. “We are thrilled to partner with the region’s dominant theatre operator on this project. The market knowledge, strength, loyal customer base and operating expertise of Marcus Theatres will transform the movie-going experience at Brookfield Square.”
“BistroPlex is a new entertainment offering that will complement our existing locations, which include our flagship Majestic Cinema in the Town of Brookfield, Ridge Cinema in New Berlin, Menomonee Falls Cinema, Hillside Cinema in Delafield and our new Southridge Mall property,” said Rodriguez. “This investment in our home market is a win-win-win for Marcus Theatres, Brookfield Square and the growing market area.”
About Marcus Theatres
Marcus Theatres®, a division of The Marcus Corporation, is the fourth largest theatre circuit in the United States and currently owns or operates 895 screens at 69 locations in Wisconsin, Illinois, Iowa, Minnesota, Missouri, Nebraska, North Dakota and Ohio. For more information, please visit www.marcustheatres.com and follow the company on Facebook and Twitter (@Marcus_Theatres).
About The Marcus Corporation
Headquartered in Milwaukee, Wisconsin, The Marcus Corporation is a leader in the lodging and entertainment industries, with significant company-owned real estate assets. In addition to its Marcus Theatres division, its lodging division, Marcus® Hotels & Resorts, owns and/or manages 18 hotels, resorts and other properties in nine states. For more information, please visit the company’s website at www.marcuscorp.com.
About CBL & Associates Properties, Inc.
Headquartered in Chattanooga, TN, CBL is one of the largest and most active owners and developers of malls and shopping centers in the United States. CBL owns, holds interests in or manages 121 properties, including 78 regional malls/open-air centers. The properties are located in 27 states and total 75.5 million square feet including 6.3 million square feet of non-owned shopping centers managed for third parties. Additional information can be found at cblproperties.com.
Certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements include words such as we “believe,” “anticipate,” “expect” or words of similar import. Similarly, statements that describe our future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties which may cause results to differ materially from those expected, including, but not limited to, the following: (1) the availability, in terms of both quantity and audience appeal, of motion pictures for our theatre division, as well as other industry dynamics such as the maintenance of a suitable window between the date such motion pictures are released in theatres and the date they are released to other distribution channels; (2) the effects of adverse economic conditions in our markets, particularly with respect to our hotels and resorts division; (3) the effects on our occupancy and room rates of the relative industry supply of available rooms at comparable lodging facilities in our markets; (4) the effects of competitive conditions in our markets; (5) our ability to achieve expected benefits and performance from our strategic initiatives and acquisitions; (6) the effects of increasing depreciation expenses, reduced operating profits during major property renovations, impairment losses, and preopening and start-up costs due to the capital intensive nature of our businesses; (7) the effects of weather conditions, particularly during the winter in the Midwest and in our other markets; (8) our ability to identify properties to acquire, develop and/or manage and the continuing availability of funds for such development; and (9) the adverse impact on business and consumer spending on travel, leisure and entertainment resulting from terrorist attacks in the United States or other incidents of violence in public venues such as hotels and movie theatres. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Source: Marcus Theatres
The Marcus Corporation
Douglas A Neis, (414) 905-1100
Megan Hakes, (414) 788-6599
CBL Media Contact:
Stacey Keating, (423) 490-8361