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AMC Entertainment has reached lease deals for two major-market, former ArcLight locations. In the San Diego market, AMC will reopen AMC UTC 14 at Westfield UTC, located in La Jolla, on Thurs., February 10. In the Washington, D.C. market, the giant chain will reopen AMC Montgomery 16 at Westfield Montgomery, with an expected opening date in March.
It struck the deal with global developer Unibail-Rodamco-Westfield.
AMC said it remains in active discussions with other property owners regarding additional currently closed locations.
“AMC continues to play offense and aggressively seek out opportunities to strengthen our company through strategic acquisitions. We look forward to bringing the AMC experience to even more guests in and around San Diego and Washington D.C., at these previously high-traffic, well known theatres,” said CEO Adam Aron.
The additions bring the number of former ArcLight/Pacific theatres being added into the AMC orbit to six.
Aron said recent acquisitions of AMC The Grove 14 and AMC Americana at Brand 18 “are already showing their success as those locations routinely finish in the top 10 theatres in box office performance among more than 150 theatres in the LA market, and in the top 30 in the entire United States.”
AMC, which carries a hefty debt load, recently secured $950 million in debt refinancing that will free up some cash for operations in a sector that still hasn’t bounced back to normal after being slammed by Covid.
As reported, the company will pay interest of 7.5% on the fresh funds, with principal due in 2029. Management had initially planned to raise $500 million but demand from lenders was evidently strong enough to increase the amount.