Downtown Houston location included as Sundance Cinemas sold



Continue clicking to see the popular actors and actresses that supported Sundance films in the past. The Sundance Cinemas Houston has been sold for $36 million to Carmike Cinemas.

Continue clicking to see the popular actors and actresses that supported Sundance films in the past. The Sundance Cinemas Houston has been sold for $36 million to Carmike Cinemas. Photo: Cody Duty, Houston Chronicle Photo: Cody Duty, Houston Chronicle Image 1 of / 75 Caption Close Downtown Houston location included as Sundance Cinemas sold 1 / 75 Back to Gallery

Carmike Cinemas has agreed to buy Sundance Cinemas from Robert Redford's Sundance Group for $36 million. Sundance Cinemas Houston, at 501 Texas Ave. downtown in Bayou Place, was included in the transaction.

The purchase will add to profit immediately, Carmike said in a statement Tuesday. When the deal is complete, the Columbus, Ga.-based company will have 274 theaters with 2,909 screens in 41 states. Billionaire Howard Marks's Oaktree Capital Group is the primary investor in the Sundance chain, according to Carmike.

The acquisition gives Carmike, the No. 4 domestic theater operator, opportunities to expand its upscale cinemas, an area of growth for the industry. The largest chains have been buying up regional operators in recent years. Sundance specializes in independent films.

The deal will "provide additional luxury expansion opportunities and meaningful cost synergies as we increase scale," Carmike Chief Executive Officer David Passman said in the statement.