EXCLUSIVE: There are signs of movement at Landmark Theatres, which is planning extensive remodeling at three of its top locations — Bethesda Row, Lagoon and Kendall Square – and has elevated President Kevin Holloway to chief executive.
In partnership with their respective landlords, Landmark said, the three locations will “imminently undergo extensive remodels, blending modern design with the rich history of each unique venue.”
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Exhibition veteran Holloway, formerly of Alamo Drafthouse, ArcLight Cinemas and Pacific Theatres, will retain his president title.
Landmark, once the go-to chain to launch independent films, fell on hard times as did many during Covid, was strapped for cash and pivoted to add big studio fare to its lineup. The chain was slow to upgrade. Nicer theaters with new features are especially critical now as a slowly rebounding box office tries to draw fickle audiences, especially younger moviegoers, back.
The chain has closed 32 locations since the pandemic. It now owns and operates 26 theaters remaining, six opened since Covid and several have been renovated.
Landmark made headlines last year amid a flurry of court filings when it was sued by lender Fortress after the chain’s owner Charles Cohen defaulted on a $534 million loan. That loan was backed by a handful of Cohen properties including Landmark and UK chain Curzon, a design center, hotel, office tower and golf club. A New York State Supreme Court judge set a bankruptcy auction for last November, where creditor Fortress acquired a handful of the assets, including Curzon. There were no bids for loss-making Landmark, which remained in Cohen’s portfolio.
As for the imminent renovations: Bethesda Row (Bethesda, MD) will feature a new LED marquee, a historically-inspired lobby design, upgraded auditoriums with luxury recliner seating, a new gaming area, and expanded concessions and bar offerings
Lagoon (Minneapolis, MN) will undergo a complete transformation with hand-painted murals, a new full-service bar, modernized lobby, and upgraded auditoriums featuring luxury recliner seating and updated projection and sound technology
Kendall Square (Cambridge, MA), with a long-term lease renewal, will undergo a major refresh including the addition of a large format auditorium for screenings and live events, a new full bar and lounge, and enhanced auditoriums with updated projection and sound technology.
It’s not clear how the planned renovations are being financed but Landmark did imply that landlords are footing some of the bill. It may be possible the chain’s financial profile has improved after pruning the theater count.
Holloway will be overseeing the upgrades. “I look forward to building upon the work we’ve done to adapt the Landmark brand to the evolving marketplace, while maintaining the essence that’s made it so successful over the past 50 years. These theatre renovations will enable us to enhance these core venues to ensure each remains a cultural pillar of its community,” he said.
Cohen praised the executive’s leadership and vision and said his “deep experience in exhibition, marketing, and guest experience will continue to propel us forward as we invest in the future of moviegoing.”
A side drama continues as Fortress tries to claw out a $187 million personal loan guarantee by the New York real estate mogul after auction proceeds fell short of what was due. Fortress last fall accused Cohen of shielding his assets to avoid honoring the payment. An appeals court ruled last month that Cohen is on the hook for the $187 million, but this is still being litigated.