The theater, which opened in December 1991 with its five-story-high screen, was the last theatrical facility operated by Consolidated Amusement Co. in Waikiki.

In the fall of 2002, Consolidated ceased operations of three adjoining movie houses, the Waikiki 1, 2 and 3.

The theater, which cost $7 million to build, is a 17,500-square-foot facility with 420 seats.

Consolidated took over operations of the Hawai'i IMAX in October 2001, said Eileen Mortenson, Consolidated spokesperson. "It was our hope that by broadening programming channels to include major studio releases such as "Lion King" and adding 3-D films, local attendance would improve to make this a viable business in Waikiki," she said. "While tourists and group shows contributed to the theater attendance, the local attendance was never realized. Therefore, we made the business decision to close the facility."

Mortenson said that the parcel would be incorporated into the Waikiki redevelopment plan, with a retail mix that would include shops and restaurants but not movie theaters.

"It's indicative of a national trend, with free-standing theaters all closing," Mortenson said.