Hoyts to extend premium new cinema format

Now under the ownership of ID Leisure Ventures, the Hoyts cinema chain has revealed plans to expand its circuit of premium screens and to introduce a new brand which will be pitched between a standard and top-of-the-range cinema.

Hoyts Chief Executive Damian Keogh recently told IF.com.au that the company will add at least six premium cinemas, branded Lux, in Australia and New Zealand this year.

Keogh likened the new mid-range cinemas to the premium economy section of an aircraft, with reclining seats and more legroom than standard seats, but without the in-cinema dining component of the premium cinemas.

ID Leisure Ventures, a company controlled by Chinese billionaire Sun Xishuang, recently acquired Hoyts for a rumoured $900 million.

The acquisition saw David Kirk stepped down as Chairman of the Hoyts group as his position has been abolished with a new local board is being assembled.

Keogh added “we expect the new owners will have a longer-term view on return on investment than private equity.”

Keogh and his senior management team are to undertake a roadshow of the company’s locations in Australia and New Zealand to prioritise a new capital investment strategy to present to the new owners.

Last November, Hoyts Cinemas began upgrading its premium cinemas to compete with Event Cinemas' and Village Cinemas' Gold Class locations, starting with Hoyts Lux at Hoyts Broadway, consisting of three screens each with 31 reclining seats, a bar and in-cinema waiter service of food and liquor.

Previously its premium offering consisted of La Premiere (rows of seats at the back of auditoria) and Directors Suite bars.

In the past two months the Lux brand has opened at 10 locations including Hoyts Entertainment Quarter, Highpoint, Melbourne Central, Victoria Gardens and Sylvia Park in New Zealand.

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9th February 2015 - HOYTS CINEMAS SOLD TO CHINESE-BACKED ID LEISURE VENTURES 

30th August 2014 - OFFICIAL DEBUT OF THX IN CHINA LAUNCHES A NEW ERA OF MOVIE-VIEWING

1st August 2014 - SHANGHAI FILM CORP TO BUILD 19 IMAX CINEMAS ACROSS CHINA 

7th July 2014 - MOORE PARK’S ENTERTAINMENT QUARTER SOLD TO HIGH PROFILE INVESTOR SYNDICATE 

18th March 2014 - CHINA ON THE EDGE OF LEISURE BUILDING EXPLOSION 

7th January 2014 - CHINA’S WANDA GROUP COMMITS TO BUILD UP TO 120 NEW IMAX SCREENS BY 2021 

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