Howard Hughes Holdings Inc., formerly the Howard Hughes Corporation, is a real estate development and management company based in The Woodlands, Texas. It was formed in 2010 as a spin-off from General Growth Properties (GGP). Most of its holdings are focused on several master-planned communities. It took its name from the original Howard Hughes Corporation, which had developed the planned community of Summerlin, Nevada, and later became a subsidiary of GGP.
History
General Growth Properties filed for Chapter 11 bankruptcy protection in 2009. The company proposed a reorganization plan that included spinning off a new company named General Growth Opportunities, which would include those properties that had long-term development potential but little or no income. The name of the proposed spin-off was later changed to The Howard Hughes Corporation (HHC). The spin-off of HHC to GGP's shareholders was completed on November 9, 2010, when GGP exited bankruptcy. The new company held a portfolio that included GGP's master planned communities, mixed-use developments, and undeveloped land. Hedge fund manager Bill Ackman was appointed chairman of the new company.
In 2019, in response to investor disappointment with the company's stock price, HHC conducted a review of strategic options, including the possibility of selling the company. Ultimately, the company announced a "transformation plan", under which it would focus on its master-planned communities and sell off $2 billion of non-core assets. HHC moved its headquarters from Dallas to The Woodlands in 2020 as a cost-cutting measure under this plan.
In 2023, HHC reorganized itself as a holding company named Howard Hughes Holdings, with the Howard Hughes Corporation as a subsidiary. It then moved its entertainment-related properties into a new division, Seaport Entertainment, which it planned to spin off to shareholders by the end of 2024. Seaport Entertainment's assets would include the South Street Seaport in Manhattan, the Las Vegas Aviators baseball team, the air rights to develop a casino at Fashion Show Mall on the Las Vegas Strip, and a minority stake in Jean-Georges Restaurants.
Current properties
The company divides its properties into four segments: master planned communities, operating assets, the Seaport District, and strategic developments.
Master planned communities
The company has six master planned communities, with a total of approximately of land remaining to be developed or sold. Bridgeland, Texas Columbia, Maryland Summerlin, Nevada Teravalis, Arizona The Woodlands, Texas The Woodlands Hills, Texas
Operating assets
This category comprises 75 revenue-generating assets, including retail, office, and multi-family residential properties, most of which are located in the company's five master planned communities. The portfolio includes 12 retail properties with 2.2 million square feet of space; 35 office properties with 6.5 million square feet of space; and 15 apartment complexes with a total of 5,030 units. Notable properties include:
Downtown Summerlin – Summerlin, Nevada
Kewalo Basin Harbor – Honolulu, Hawaii
Las Vegas Aviators baseball team
Las Vegas Ballpark – Summerlin, Nevada
Summerlin Hospital – Summerlin, Nevada (5 percent interest) Ward Village retail – Honolulu, Hawaii
Seaport District
This segment consists of properties at the South Street Seaport in Manhattan, with of usable space, including Pier 17, 250 Water Street, and the Tin Building.
Strategic developments
The company lists 20 strategic projects, in various stages of development. Notable projects include:
Air rights over Fashion Show Mall – Las Vegas, Nevada (80 percent interest) Ward Village condominiums – Honolulu, Hawaii West End Alexandria – Alexandria, Virginia
Former properties
110 North Wacker – Chicago, Illinois
Outlet Collection at Riverwalk – New Orleans, Louisiana
The Woodlands Resort – The Woodlands, Texas
References
External links
Light-duty/civilian part of Hughes Helicopters, sold off by McDonnell-Douglas in 1995