Rave Theater at Promenade Shops to become Carmike Cinema
The Rave Theater in Center Valley, Lehigh Co., will have to change its signs and color schemes soon.
Carmike Cinemas of Columbus, Ga., announced Monday that it is buying 16 Rave theaters in seven states and 13 individual markets, including the one at the Promenade Shop.
The Rave in Center Valley is the only one in Pennsylvania that will become a Carmike property.
According to Carmike officials, the purchase price consists of $19 million in cash, and more than $100 million of assumed lease obligations and financing obligations.
“The addition of these 16 state-of-the-art theatres and 251 screens from Rave is a key, opportunistic development for Carmike as we recently embarked on a corporate mission of expanding our footprint to 300 theatres and 3,000 screens through attractive acquisitions," said Carmike President and CEO David Passman.
Carmike already operates a 16-screen theater on Catasauqua Road in Allentown, the Coventry 8 Theatre on Schuylkill Road in Pottstown, and the Wyomissing 8 Theatre on Berkshire Road in Reading.
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