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The Majestic was a new theater built in 1916 by Crescent Amusement as a replacement for the Elite. As we don’t have an address for the Elite we don’t know if the Majestic was on the same site or not. It’s possible that the Elite was at another location and was merely closed and converted to another use when the Majestic opened.
Archives are missing for late 1916. Was this theatre renamed Majestic during this period?
Correction. It reopened on May 10th, 1912. It opened (or mentioned in the newspaper) in 1911.
Opened May 5th, 1912
Elite theatre opening · Thu, May 9, 1912 – 1 · The Leaf-Chronicle (Clarksville, Tennessee) · The Leaf Chronicle
The May 13, 1916, issue of The Moving Picture World said that the Crescent Amusement Company had been operating the Elite Theatre at Clarksville for several years. The company was planning to replace the theater with a new building, which was being designed by architects Marr & Holman. The new theater, to be located at Third and Franklin Streets, and seating about 1000, was to be completed within four months.
I’ve been unable to discover whether the new theater was built or not. If it was, it might have opened under a different name. In any case, the Elite Theatre was still in operation at least as late as May, 1916.