As of December 31, 2020, we owned or managed approximately 5,100 hotel and resort rooms. Both of these business segments are discussed in detail below. These investments include:New theatres. This new theatre became the first Movie Tavern by Marcus in Wisconsin. Initially, 12 of the 22 acquired Movie Tavern theatres had recliner seating. UltraScreen DLX® and SuperScreen DLX® (DreamLounger eXperience) conversions. We also offer full liquor service through the concession stand at two theatres. We closed one Movie Tavern by Marcus theatre in the fourth quarter of fiscal 2020. Our new Movie Tavern by Marcus in Brookfield, Wisconsin includes a Real Sizzle. We currently have approximately 4.0 million members enrolled in the program. We converted these members to our Magical Movie Rewards program during fiscal 2017. The acquired Movie Tavern theatres did not offer a loyalty program to their customers. We continue to pursue additional strategies to increase our ancillary revenue sources. The hotel currently holds the TripAdvisor® Travelers' Choice distinction. We manage the Crowne Plaza-Northstar Hotel in Minneapolis, Minnesota. It also features a plaza for events and concerts. Most of our facilities are located in close proximity to competing facilities. We announced the closing of our remaining three company-owned hotels on April 8, 2020. As a result, our quarterly results may be unpredictable and somewhat volatile. Piracy of motion pictures is prevalent in many parts of the world. We rely on the film distributors for the motion pictures shown in our theatres. We expect to derive most of our business from traditional channels of distribution. However, consumers now use internet travel intermediaries regularly. We lease the remainder of our facilities. Mr. Marcus has worked at our company for 59 years. In September 1996, Mr. Neis was promoted to Chief Financial Officer and Treasurer. Prior to May 2011, he served in various positions with Wal-Mart for five years. It is also important to note our significant real estate ownership. We will continue to monitor market demand and adjust our operating plans as appropriate. 2018-11, Leases (Topic 842): Targeted Improvements, amended ASU No. Topic 842 also provides practical expedients for an entity's ongoing accounting. Our fiscal 2019 effective income tax rate was 22.7%. These strategies include the following:Marketing initiatives. As a result, most transactional activity in the hotel industry has temporarily stopped. change in Marcus theatre attendance -19.5% -99.8% -95.6% -90.1% -77.1% Pct. Most industry experts believe the pace of recovery will be steady, but relatively slow. The Convertible Notes bear interest from September 22, 2020 at a rate of 5.00% per year. The fair value of our fixed interest rate debt is subject to interest rate risk. Actual results may differ from these estimates under different assumptions or conditions. All intercompany accounts and transactions have been eliminated in consolidation. See Note 8 for further discussion. Cost has been determined using the first-in, first-out method. The Company performs its annual impairment test on the last day of its fiscal year. On December 27, 2019, the Company adopted ASU No. In December 2019, the Financial Accounting Standards Board (FASB) issued ASU No. 2020-14 is effective as of March 12, 2020 through December 31, 2022. The Company then used the information to determine fair value. 85 THE MARCUS CORPORA
