Carmike Forges Commercial Real Estate Development Relationship With Entertainment Properties Trust For New Build-to-Suit Entertainment Complexes

Carmike Cinemas, Inc. (NASDAQ: CKEC), a leading DIGITAL cinema and 3D motion picture exhibitor, today announced that it has launched a new relationship with Entertainment Properties Trust (NYSE: EPR), a leader in the real estate investment trust (REIT) industry, with specialties in the entertainment, education and recreation markets. Carmike and Entertainment Properties Trust recently entered into a build-to-suit arrangement to construct a new 13-plex theatre in the Champaign, IL market.

The Carmike 13 will be built at the same location as the Beverly 18 and will feature seating for over 2,800 guests. The plans include an auditorium featuring Carmike’s state-of-the-art “ BIGD” DIGITAL Experience, its acclaimed premium theatre environment. The new facility will be equipped with stadium-style seating, comfortable high back rocking luxury seats, retractable armrests and convenient cup holders. The entertainment complex will also contain wall-to-wall screens, plus cutting-edge DLP DIGITAL projection and DIGITAL sound. The new theatre will have an upscale lobby and multiple concession areas featuring Coca-Cola Freestyle drink centers. One-stop ticketing and concessions stations are also a unique design feature of the Carmike 13. Patrons will be able to escape the elements and purchase their tickets and favorite concessions on the same line, allowing them to quickly proceed to their comfortable seats. Carmike’s Beverly 18 will continue to serve the Champaign area during development of the new entertainment complex.

“We are already achieving significant progress toward meeting our 2012 full-year investment spending guidance and are truly delighted to include Carmike’s forthcoming Champaign, IL 13-plex as one of three new enhanced experience build-to-suit agreements,” stated Entertainment Properties President and CEO David Brain. “Carmike has done a good job of positioning their organization to take advantage of organic and M&A opportunities and we hope to play an increasing role in their future growth plans.”

Carmike President and CEO David Passman stated, “We are very pleased to forge this new relationship with the Entertainment Properties Trust team for our recently announced Carmike 13 entertainment complex in Champaign, IL. As we have stated in recent months, Carmike is transitioning to a growth mode, focused on further expanding our circuit and geographical footprint in both existing and new markets. We are also actively seeking accretive acquisition opportunities.”

1 2 Next › Last »