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Future of River Oaks Theatre uncertain as lease negotiations stall KTRK
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The future of River Oaks Theatre appears to be uncertain.
The lease between Landmark Theatres, which owns and operates River Oaks Theatre, and Weingarten Realty, the landlord, is coming to an end, and ABC13 has been told negotiations to renew or extend the lease have stalled. Talks with the landlord have been periodic and intermittent, and as of late, we just have not been able to get them to try to work with us, said Paul Serwitz, the CEO and president of Landmark Theatres.
The niche venue specializes in independent films, foreign language movies and documentaries. Serwitz calls it an arthouse tailored to cult classics.
River-oaks-shopping-center
Texas
United-states
Houston
River-oaks
Ginger-rogers
Paul-serwitz
David-niven
Landmark-theatres
Museum-district-business-alliance
Silver-cinema-acquisition-company
Weingarten-realty
Future of River Oaks Theatre uncertain as lease negotiations stall
KTRK
HOUSTON, Texas (KTRK) The future of River Oaks Theatre appears to be uncertain.
The lease between Landmark Theatres, which owns and operates River Oaks Theatre, and Weingarten Realty, the landlord, is coming to an end, and ABC13 has been told negotiations to renew or extend the lease have stalled. Talks with the landlord have been periodic and intermittent, and as of late, we just have not been able to get them to try to work with us, said Paul Serwitz, the CEO and president of Landmark Theatres.
The niche venue specializes in independent films, foreign language movies and documentaries. Serwitz calls it an arthouse tailored to cult classics.
River-oaks-shopping-center
Texas
United-states
Houston
River-oaks
Ginger-rogers
Paul-serwitz
David-niven
Landmark-theatres
Museum-district-business-alliance
Silver-cinema-acquisition-company
Weingarten-realty
Paul Serwitz, Landmark Theatres president and chief operations officer, said the ongoing COVID-19 crisis has not helped. Obviously, the government-mandated closure during the COVID-19 crisis had an enormous impact on our revenue, and we are trying to work with Weingarten on a proposal that will be to the benefit of both parties as well as the Houston community, Serwitz said in a release.
ABC13 reached out to Weingarten Realty and received the following statement: Silver Cinema Acquisition Company has been a key component to River Oaks Shopping Center. We have continued to work with the Company who has not paid rent since March of 2020. Conversations have indicated that their business model does not support paying more than a fraction of the previous rent going forward. Unfortunately, the pandemic has caused many businesses in the entertainment industry, such as theaters, to fail. We cannot comment on lease negotiations at this time.
River-oaks-shopping-center
Texas
United-states
Houston
River-oaks
Ginger-rogers
Paul-serwitz
David-niven
Landmark-theatres
Museum-district-business-alliance
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A-community-impact-newspaper
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