The Walhalla (Mauritiusstrasse/corner of Hochstättenstrasse) was opened in 1897 as the "Walhalla Variety and Specialty Theater with Grand Restaurant" and had a capacity of 1,400 seats. It was built and financed by Wiesbaden building contractor Jakob Rath, who died shortly before the opening. Initially, the program alternated between variety shows, operas and operettas. From 1919, it became a movie theater run by cinema owner and projectionist August Zickenheimer and his son Wilhelm.

During the British occupation, the building was used as a cultural center and "Army Circuit Cinema". In 1930, the Walhalla reopened as a sound film theater. After the Second World War, the Walhalla was initially confiscated by the American occupation authorities (USAFE) and used as a cinema, canteen, theater and meeting place. It then served as an interim venue for the State Theater for Opera and Operetta until March 1947.

At the end of 1948, it reopened as a cinema and theater for the German population. In 1950, the "Bambi-Studio-Kino für anspruchsvolle Filmkunst" was installed. In 1948-53, a Bavarian beer cellar was established in the vault. In 1962, the era of "Germany's number one musicians' exchange" began there. 1957-72 Musicians met to exchange ideas and find other engagements. The best big bands and bands were engaged. At the end of the 1960s, Wolfgang Schott opened the trendy discotheque "Big Apple". It was a crowd-puller until the 1990s.

In the mid-1970s, Manfred Ewert took over the Walhalla-Filmtheater, including the Bambi cinema, and modernized it. At the same time, he and the owner Wilhelm Zickenheimer undertook renovations to preserve the listed building. During the renovation of the Hessisches Staatstheater Wiesbaden in 1975-78, the Walhalla once again served as an alternative stage.

It closed its doors at the end of 1988 and various plans for its use circulated. In 2007, the Stadtentwicklungsgesellschaft der Stadt Wiesbaden (SEG) acquired the property.