Entertainment Properties Trust : Latitude Global Closes on $25 Million in Funding for the Next Phase of Expansion
03/12/2012| 09:50am US/Eastern
JACKSONVILLE, FL -- (MARKET WIRE) -- 03/12/12 -- Latitude
Global, Inc., ("LGI" or "Latitude
Global"), has announced the formal establishment of a
strategic financial partnership with Entertainment Properties
Trust (NYSE: EPR). Entertainment Properties Trust (EPR), is a
self-administered real estate investment trust (REIT) that
develops, owns, leases and finances megaplex theatres,
entertainment retail centers (centers generally anchored by
an entertainment component, such as a megaplex theatre and
containing other entertainment-related or retail properties),
public charter schools and destination recreational and
specialty properties. This partnership, which was arranged by
LGI's financial advisor, EFA Partners LLC, will fund
Latitude Global's expansion into new cities as well as a
parking garage at their Jacksonville, FL location (Latitude
30), to meet increasing customer traffic.
Brent Brown, Latitude Global CEO, stated, "We are
thrilled about our new relationship with Entertainment
Properties Trust, which fuels our rapid growth and the next
phase of our expansion plans, that includes new venues
already under construction. These new sites include Latitude
39 in Indianapolis, Latitude 40 in Pittsburgh and an exciting
new hybrid location in Chicago (Latitude 42). Chicago's
location will occupy 34,000 square feet within an existing
Regal Cinemas megaplex with over 900,000 walk-in customers a
LGI is a full service entertainment corporation founded in
2009 and offers the latest in cutting-edge entertainment
venues that include state-of-the-art video games, luxury
bowling lanes, movie screening rooms with food service, a
Vegas-style showroom, a high-tech sports bar and a variety of
Nuevo-American casual dining areas.
"Our team has been involved with financing entertainment
venues for over a decade so we have visited many sites across
the country and as soon as we entered LGI's Jacksonville
site, it was clear that there was a uniquely exciting
atmosphere with a great mixture of live events, attractions
for all ages and excellent dining options," stated Kenny
Favre, a founding partner with EFA Partners. "The team
at Entertainment Properties Trust also recognized this and
with their backing, LGI is well positioned for tremendous
On the heels of public offerings of companies offering
similar, one or two dimensional venues, LGI continues to
develop superior, next-generation family entertainment
centers, where studies show that many markets are
under-served for revolutionary establishments of this type.
Recent research suggests that there are many cities in the
United States alone that could support a
"Latitude-type" restaurant/entertainment facility.
LGI's flagship venue, located in Jacksonville, FL, serves
as the platform to open three centers in 2012 and as many as
seven additional locations over the next two to three years.
The President of Latitude Global, Greg Garson, concludes
that, "Entertainment Properties Trust embraced the
vision of the Latitude Global concept as the next-generation
entertainment center and the opportunity it presents to
investors. We look forward to a strong partnership that
executes on all levels."
For more information on Latitude Global, please visit www.Latitude-Global.com.
About Latitude Global, Inc.
LGI is a privately-held, independent, full-service
entertainment company founded in 2009 to plan, develop,
construct and operate state-of-the-art, 40,000 to 100,000
square foot premier entertainment venues. LGI and its future
locations, fuse the magic of an exceptional food & beverage
experience with multiple entertainment options in an upscale
and contemporary designed venue. Latitude 30 (www.Latitude-30.com), the
flagship location opened in January 2011, Latitude 39 in
Indianapolis, IN and Latitude 40 in Pittsburgh, PA are
scheduled to open in 4th quarter 2012. Our first hybrid
location, Latitude 42 in Chicago, IL is expected to open in
August 2012 and will occupy 34,000 square feet within an
existing Regal Cinemas megaplex.
To watch a 2 minute LGI corporate overview, please visit http://www.youtube.com/watch?v=sUwoFazl3rg.
About Entertainment Properties Trust
Entertainment Properties Trust (NYSE: EPR) is a specialty
real estate investment trust (REIT) that invests in
properties in select categories which require unique industry
knowledge, while offering the potential for stable and
attractive returns. Our total investments exceed $2.9 billion
and include megaplex movie theatres and adjacent retail,
public charter schools and other destination recreational and
specialty investments. We adhere to rigorous underwriting and
investing criteria, centered on key industry and property
level cash flow standards. We believe our focused niche
approach provides a competitive advantage, and the potential
for higher growth and better yields. Further information is
available at www.eprkc.com or from Brian
Moriarty at 888-EPR-REIT.
About EFA Partners
EFA Partners is a specialized advisory and financial
consulting firm focused on providing services in select
entertainment industries including the film and leisure
sectors. EFA was founded by Kenny Favre, Ralph Willis and
Brandt Gully, three former executives of GE Capital's
entertainment group, who collectively have over 40 years of
entertainment finance experience and have closed and managed
more than $3 billion in entertainment transactions. The
group's focus is to lead its clients' efforts with
arranging senior debt, equipment leasing, junior capital,
mergers and acquisitions, restructurings, and general
business strategy. EFA's offices are located in New York
Philip A. Alia
Director of Marketing
Latitude Global, Inc.
Source: Latitude Global, Inc.