The building used for the exteriors of the Metropol theater still stands in Berlin. It's a club called Goya that's been host to several horror conventions thanks to its appearance in this film.
In Germany, this was released as sequel ("Dämonen 2") to the second film which was released as the first part ("Dämonen").
The building that serves for the exterior shots of the cinema Metropol was in fact the club Metropol at the time of the shooting. The title/logo on the invitation and the name/logo on the building were not designed for the movie, it was the actual one of this club.
The name of the cinema (Metropol) can be seen as a building in the first Silent Hill video game.