Updated: After Ribbon Cutting, Cinépolis is Invite Only

Update: The ribbon cutting at 5 p.m. is open to the public, but the event afterward with appetizers and beverages is by invite-only.

Cinépolis is almost open for business. The luxury theater chain will open its fifth U.S.-based movie house in Rancho Santa Margarita on Friday to coincide with the opening of an anticipated blockbuster, "The Hobbit: The Unexpected Journey."

Residents can participate in the grand opening festivities a day earlier during a ribbon cutting ceremony on Thursday, 5 p.m. Not only will local dignitaries be on hand, after the ceremony the movie house will offer invited guests appetizers, beer, wine and champagne to celebrate the opening.

Cinepolis is in the former site of the Edwards Cinemas 6, and underwent a complete remodel. Delays in remodeling of the courtyard have pushed the anticipated opening back more than three months. All aspects of the outdoor remodel still are not complete, but the inside has been ready to go for several weeks.

Tickets can be purchased online at the Cinepolis USA website.

Cinepolis, which is based in Mexico and is the fourth-largest movie house worldwide, has dumped more than $7 million ito this project. The theater is unique in that it offers food and adult beverage service in its theaters, which will have some showings that are off-limits to anyone under 21 years of age.

It also has overstuffed reclining leather chairs, and tables, as well as a bar in the lobby. It is not necessary to purchase a ticket to get inside the lobby to order drinks or food.