Film-Tech Forum ARCHIVE: Hawaii's Consolidated Theatres will be sold

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Posted by Claude S. Ayakawa (Member # 1401) on 10-11-2007, 01:23 AM:

The Honolulu Advertiser reported Pacific Theatres intent to sell all of it's Hawaii Theatres and a few others in California to Reading International, Inc. Reading is based in Commerce California and they are expected to take over the Hawaii theatres by the end of the year as soon as financial arrangements are made. I understand Reading has theatres in Australia and I think New Zealand as well as a few others in the United States. I have never heard of this company and wonder what kind of theatres they have and how well they operate them. I knew of Pacific's intention of selling their Hawaiian theatres as soon as they could find a buyer a few years ago and I was hoping Regal would have bought the chain because they are doing a fantastic job operating their theatres here in Hawaii after they bought them from Signature Theatres about two years ago.

-Claude

Posted by Chad M Calpito (Member # 3736) on 10-11-2007, 09:05 PM:

Well, I had a meeting with my manager today and received information that has been confirmed that Reading International will also buy all of the San Diego locations as well as the Bakersfield and the Rohnert Park locations. Has anyone here on this site been to one of the Reading International locations? I know they operate the Angelika Film Center.

Posted by Christopher Crouch (Member # 3784) on 10-12-2007, 03:23 AM:

From the Associated Press

quote:
LOS ANGELES — Reading International Inc. on Tuesday said it agreed to buy the leasehold interests in 15 Pacific Theatres Exhibition Corp. and affiliates' cinemas for $72 million.

The assets, which represent almost half of Pacific Theater's cinemas, include 181 screens and generate revenue of about $81 million.

The deal will be funded by seller financing and debt financing from GE Capital Corp.

Shares of Reading International ended at $9.85 Monday.

I had heard Decurion Corp. (Pacific's parent company) was interested in focusing on the Arclight concept/brand for it's theatre holdings. This sale would seem to support that.

Posted by John Joseph Fink (Member # 3619) on 10-12-2007, 04:55 PM:

Reading International also owns a 12-screen mutliplex in Manville, NJ, City Cinemas - a chain that has greatly reduced as property value has climbed in New York, and of coarse The Angelika Film Centers in New York and Texas. I've been to City Cinemas and the Angelika, they are for the most part well run.

This is pretty much another example of a property management type of company with deep pockets and a small chain breaking in to a larger market. Last year on the East Coast, more spacifically in CT we had the regional chain Crown Theaters aquired by Bow Tie Partners, a company with a decent enough vision of running higher end cinemas. Bow Tie's cinemas are well run from what I've seen.

Posted by Ky Boyd (Member # 23) on 11-10-2007, 02:11 PM:

Any news on when this transaction is expected to close?

Posted by Chad M Calpito (Member # 3736) on 11-10-2007, 02:54 PM:

Hi Ky. Well, I was informed that the expected, yet tentative date, is on or around December 13 or 14 when it will be official. Of course, from what I was told as well that it could be a week later. But, December 13 is more likely to be the official date.

So far, most of the San Diego area Managers, including GM's, went through Reading Cinemas Management interview process. The rest of the theatre staff won't be going through the interview process.

Posted by Chad M Calpito (Member # 3736) on 12-10-2007, 09:55 AM:

Well, after talking with my Technician on Friday night while doing a service call because of a projector #1 Xenon bulb problem, he informed me that Reading International has decided to wait until January of next year to buy-out Pacific Theatres. The exact date isn't officially set. I would guess that they want to wait until after the Holiday Season.

Posted by Chad M Calpito (Member # 3736) on 01-02-2008, 10:04 AM:

Here is the definate official date of the Sale Finalization and Take-Over. The date is January 10 and as of January 11, the theatre will be Reading Cinemas.

There will be uniform changes, obviously as well as for me to update the trailer packs from the Pacific Theatres A-Logo and Feature Presentation Logo to the Reading Cinemas Logos. That'll be fun. [Big Grin]

Posted by Claude S. Ayakawa (Member # 1401) on 02-16-2008, 11:21 PM:

The Honolulu Advertiser reported this morning, the sale of all of Pacific Theatres Hawaii operation has been finalized and Reading International is now officially operating the theatres. The theatres were under Pacific's banner since 1959 when William Forman bought the locally owned Consolidated Amusement Company. Consolidated was founded in 1917 and under Pacific's ownership, they have provided the people of Hawaii with excellent motion picture entertainment in houses that were well equipped and managed. Some of them including all three Waikiki theatres and the Cinerama were considered among the best in the country. During Consolidated operation I had the opportunity to enjoy 3-D and three Strip Cinerama and a lot of 70mm films up until the time the studios stopped making them when digital sound was introduced.

-Claude

Posted by Chad M Calpito (Member # 3736) on 02-22-2008, 03:50 PM:

Well, as of today, the Sale is complete. We are now known as Reading Cinemas.