Alamo Drafthouse Cinemas Announces New Development Agreement
AUSTIN, Texas, Oct. 5 // PRNewswire // -- Alamo Drafthouse Cinemas, the nation's oldest cinema-eatery concept showing first-run films, has recently signed an agreement to convert two existing company-run facilities into franchisee-owned properties and develop at least seven new locations throughout Texas.
Triple Tap Ventures LLC has acquired two existing company-owned Alamo Drafthouse Cinemas in the Houston metropolitan area, which were named "Best Movie Theater with Dinner" by the Houston Press. Triple Tap has plans to construct new properties in the Houston market as well as Amarillo, Corpus Christi, Lubbock, Midland/Odessa and San Marcos.
Triple Tap's principals - Norman Abdallah and Neil Billingsley-Michaelsen - have more than 40 years of restaurant, franchise, corporate finance, management, entertainment and concept development experience between them. Abdallah is currently CEO and president of Restaurants Unlimited Inc., a Sun Capital Partners portfolio company. He is also the co-founder of Fired Up Inc., parent of Carino's Italian where he served as CEO for 11 years, and previously headed the worldwide franchise system for Brinker International for brands including Chili's Grill & Bar, Macaroni Grill and On the Border. Billingsley-Michaelsen brings a wealth of corporate finance and management experience covering a wide range of industries. His positions include senior executive and partner-level positions with TM Capital Corp., APS Financial Corporation and International Development Management, a real estate development and investment firm.
"Norman and Neil are the ideal Alamo franchisees and will play an integral role in the brand's expansion," said John Martin, Alamo Drafthouse's president and CEO. "Their backgrounds make them the perfect fit for this concept - they're like a dream team, really - and we're looking forward to welcoming them into the Alamo family."
Abdallah said, "I have been a fan of Alamo Drafthouse for years and feel it is one of the strongest emerging brands in the unique 'cinema eatery' segment. We look forward to building Triple Tap into a solid regional entertainment management and development company."
Austin, Texas-based Alamo Drafthouse Cinemas is the only franchised movie theater chain and the only franchise concept that offers the combination of theater and restaurant, with the best first-run and independent films and other special events. Alamo Drafthouse Cinemas currently has seven locations and is opening two more in the fall of 2009.
SOURCE Alamo Drafthouse Cinemas
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