The Howard Hughes Corporation
Encyclopedia
The Howard Hughes Corporation is a major real estate development
and management company based in Dallas
, Texas
, which was founded by Howard Hughes
. Later sold to the Rouse Company, it became a separate company again in 2010, as a spinoff of General Growth Properties
(GGP).
Upon exiting bankruptcy, GGP spun off The Howard Hughes Corporation as a public company on November 9, 2010. GGP stockholders received 0.098344 shares of The Howard Hughes Corporation common stock for every 1 share of GGP common stock held. At that point, HHC assumed ownership of all of the GGPs planned developments, including one of the country's original master planned communities of Columbia, Maryland, and The Shops at Summerlin Centre
.
and Hughes. It retained that name until 1915 when Hughes became the sole owner and renamed the company Hughes Tool Company
.
, The Howard Hughes Corporation was formed in 1972 when the oil tools business of Hughes Tool Company, then owned by Howard Hughes, Jr., was floated on the New York Stock Exchange
under the Hughes Tool name. This forced the remaining businesses of the "original" Hughes Tool to adopt a new corporate name - Summa. The name "Summa", Latin for "higher", was adopted without the approval of Hughes himself, who preferred to keep his own name on the business and suggested HRH Properties (for Hughes Resorts and Hotels, and also his own initials), but his executives paid no attention.
development, selling all noncore business holdings.
Holdings sold off were:
Summa also owned a wide array of hotels and casinos, primarily in Las Vegas, that constituted the bulk of Summa's business in the 1970s.
being built in stages by The Howard Hughes Corporation on the Las Vegas outskirts.
in downtown Las Vegas currently undergoing a major redevelopment. Included in its properties under the GGP reorganization is the mixed-use Town Center of Columbia, Maryland, for which a world-class redevelopment plan was recently approved that incorporates modern environmental and smart growth principles.
Most of The Howard Hughes Corporation's past projects have been business park
s in the Las Vegas area, including The Crossings, The Canyons, The Plazas, Corporate Pointe, and Hughes Center.
Real estate development
Real estate development, or Property Development, is a multifaceted business, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of improved land or parcels to others...
and management company based in Dallas
Dallas, Texas
Dallas is the third-largest city in Texas and the ninth-largest in the United States. The Dallas-Fort Worth Metroplex is the largest metropolitan area in the South and fourth-largest metropolitan area in the United States...
, Texas
Texas
Texas is the second largest U.S. state by both area and population, and the largest state by area in the contiguous United States.The name, based on the Caddo word "Tejas" meaning "friends" or "allies", was applied by the Spanish to the Caddo themselves and to the region of their settlement in...
, which was founded by Howard Hughes
Howard Hughes
Howard Robard Hughes, Jr. was an American business magnate, investor, aviator, engineer, film producer, director, and philanthropist. He was one of the wealthiest people in the world...
. Later sold to the Rouse Company, it became a separate company again in 2010, as a spinoff of General Growth Properties
General Growth Properties
General Growth Properties, Inc. is a publicly traded real estate investment trust in the United States. It is based in Chicago, Illinois at 110 North Wacker Drive, a historic building designed by architectural firm Graham, Anderson, Probst & White...
(GGP).
Upon exiting bankruptcy, GGP spun off The Howard Hughes Corporation as a public company on November 9, 2010. GGP stockholders received 0.098344 shares of The Howard Hughes Corporation common stock for every 1 share of GGP common stock held. At that point, HHC assumed ownership of all of the GGPs planned developments, including one of the country's original master planned communities of Columbia, Maryland, and The Shops at Summerlin Centre
The Shops at Summerlin Centre
The Shops at Summerlin Centre was supposed to be an outdoor shopping center that was part of a mixed use development in Summerlin Centre, a Summerlin village. The mall will provide about of retail space with a scheduled opening date of October 16, 2009....
.
Early origins
The company date to 1909 when Howard Hughes, Sr. received two patents for his revolutionary oil well drilling bits. Incorporated as the Sharp-Hughes Tool Company in 1913 owned by Walter SharpWalter Benona Sharp
Walter Benona Sharp was an American oil drilling pioneer, innovator and philanthropist.Born in Tipton County, Tennessee, Sharp's mother died when he was eight and his father moved the family to Texas. By the age of twenty Sharp was operating a water well drilling company with his brother...
and Hughes. It retained that name until 1915 when Hughes became the sole owner and renamed the company Hughes Tool Company
Hughes Tool Company
Hughes Tool Company was established in 1908 as Sharp-Hughes Tool Company when Howard R. Hughes, Sr. patented a roller cutter bit that dramatically improved the rotary drilling process for oil drilling rigs. He partnered with longtime business associate Walter Benona Sharp to manufacture and market...
.
Formation as Summa Corporation
Originally known as Summa CorporationSumma Corporation
Summa Corporation was the name adopted for the business interests of Howard Hughes after he sold the tool division of Hughes Tool Company in 1972. The tool division would merge with Baker International in 1987 to form Baker Hughes, the world's third-largest oil-services company...
, The Howard Hughes Corporation was formed in 1972 when the oil tools business of Hughes Tool Company, then owned by Howard Hughes, Jr., was floated on the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
under the Hughes Tool name. This forced the remaining businesses of the "original" Hughes Tool to adopt a new corporate name - Summa. The name "Summa", Latin for "higher", was adopted without the approval of Hughes himself, who preferred to keep his own name on the business and suggested HRH Properties (for Hughes Resorts and Hotels, and also his own initials), but his executives paid no attention.
Company refocused on real estate
Following the death of Howard Robard Hughes Jr. in 1976 at age 70, most of Summa's remaining business were sold off. Howard Hughes had amassed vast holdings of undeveloped land both in Las Vegas and in the desert surrounding the city that had gone unutilized during his lifetime. His successors at Summa refocused the company on real estateReal estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
development, selling all noncore business holdings.
Holdings sold off were:
- Hughes Nevada Mining (sold off in 1977)
- KLASKLAS-TVKLAS-TV, virtual channel 8 , is the CBS-affiliated television station serving the Las Vegas, Nevada market; it is owned and operated by Landmark Media Enterprises...
Inc. (holding company for the Las Vegas CBSCBSCBS Broadcasting Inc. is a major US commercial broadcasting television network, which started as a radio network. The name is derived from the initials of the network's former name, Columbia Broadcasting System. The network is sometimes referred to as the "Eye Network" in reference to the shape of...
affiliate, sold to the founders of the The Weather Channel in 1979) - Hughes Air Corporation (holding company for Hughes Air West; sold to Republic Airlines in 1979)
- Hughes Helicopters Inc. (sold to McDonnell-Douglas in 1984 and renamed McDonnell-Douglas Helicopters)
- Hughes Sports Network (a production company specializing in the broadcast of sporting events, sold in the mid 1980s).
Summa also owned a wide array of hotels and casinos, primarily in Las Vegas, that constituted the bulk of Summa's business in the 1970s.
Company renamed and sold off
Hughes' heirs eventually renamed the company in his honor, Summa became Howard Hughes Corporation in 1994. Hughes' heirs sold The Howard Hughes Corporation to the Rouse Company in 1996, and the company survives as a Rouse subsidiary. Rouse was acquired by General Growth Properties in 2004. Hughes' heirs, primarily the Lummis family, continue to hold an equity interest in Summerlin, a giant planned residential communityResidential community
A residential community is a community, usually a small town or city, that is composed mostly of residents, as opposed to commercial businesses and/or industrial facilities, all three of which are considered to be the three main types of occupants of the typical community.Residential communities...
being built in stages by The Howard Hughes Corporation on the Las Vegas outskirts.
Hotels and casinos formerly owned by Summa
- Desert InnDesert InnThe Desert Inn was a Paradise, Nevada, hotel/casino that operated from April 24, 1950, to August 28, 2000. Designed by noted New York architect Jac Lessman, it was the fifth resort to open on the Las Vegas Strip. The property included an 18-hole golf course. Locals nicknamed the resort "The D.I."...
Hotel and Casino (demolished in 2001, replaced by Wynn Las VegasWynn Las VegasWynn Las Vegas is a resort and casino located on the Las Vegas Strip in Paradise, Nevada. The US $2.7 billion resort is named after casino developer Steve Wynn and is the flagship property of Wynn Resorts Limited. The resort covers . It is located on Las Vegas Boulevard and Sands Avenue Wynn Las...
Resort and Casino) - Sands HotelSands HotelThe Sands Hotel was a historic Las Vegas Strip hotel/casino that operated from December 15, 1952 to June 30, 1996. Designed by architect Wayne McAllister, the Sands was the seventh resort that opened on the Strip....
and Casino (demolished in 1996, replaced by The Venetian Resort Hotel Casino) - The Landmark Hotel and CasinoThe Landmark Hotel and CasinoThe Landmark Tower was a hotel/casino located in Las Vegas, Nevada. The Landmark opened on July 1, 1969 and closed on August 8, 1990.The Landmark played host to famous celebrities such as Danny Thomas, Elvis Presley, Frank Sinatra and Freddy Fender's first appearance.With just 525 rooms, the...
(demolished in 1993 to expand parking lot of Las Vegas Convention CenterLas Vegas Convention CenterThe Las Vegas Convention Center is owned and operated by the Las Vegas Convention and Visitors Authority in Las Vegas, Nevada....
) - Castaways hotel and casinoCastaways hotel and casinoThe Castaways hotel and casino was a hotel and casino located at the north end of the Boulder Strip in Las Vegas, Nevada. The hotel consisted of a 19 story tower containing 445 rooms, a casino and an adjacent RV park.-History:...
(demolished in 1987, replaced by the Mirage Casino and Treasure island casino) - Silver Slipper Casino (demolished in 1986 to expand parking lot of Frontier Hotel and Casino)
- Frontier Hotel and CasinoNew Frontier Hotel and CasinoThe New Frontier was a hotel and casino located on the Las Vegas Strip that had operated continuously since October 30, 1942. Actually located within the unincorporated suburb of Paradise, Nevada, USA, it was the second resort that opened on the Las Vegas Strip. The Frontier closed its doors for...
(demolished in November, 2007, to make way for construction of a new resort that will resemble the Plaza HotelPlaza HotelThe Plaza Hotel in New York City is a landmark 20-story luxury hotel with a height of and length of that occupies the west side of Grand Army Plaza, from which it derives its name, and extends along Central Park South in Manhattan. Fifth Avenue extends along the east side of Grand Army Plaza...
in New York CityNew York CityNew York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
) - Xanadu Princess Hotel (Grand Bahama Island, Bahamas)
- Britannia Beach Hotel (Paradise IslandParadise IslandParadise Island is an island in the Bahamas formerly known as Hog Island. The island is located just off the shore of the city of Nassau, which is itself located on the northern edge of the island of New Providence. It is best known for the sprawling 'Vegas-by-the-sea resort' Atlantis.Paradise...
, Bahamas) - now the Coral Towers Hotel at Atlantis Paradise IslandAtlantis Paradise IslandThe Atlantis Paradise Island is a resort and waterpark located on Paradise Island, The Bahamas. Officially opened in 1998, the resort was created by South African hotel magnate Sol Kerzner and Kerzner International Limited. Paradise Island first opened its Coral and Beach Towers as the Trump... - Harolds's Club in Reno, NevadaReno, NevadaReno is the county seat of Washoe County, Nevada, United States. The city has a population of about 220,500 and is the most populous Nevada city outside of the Las Vegas metropolitan area...
Development projects
The Howard Hughes Corporation's current projects are Summerlin, a massive master planned community that houses over 80,000 residents and will eventually house 160,000; Summerlin Centre, a mixed-use town center for Summerlin, and Fashion Show, a giant retail centerShopping mall
A shopping mall, shopping centre, shopping arcade, shopping precinct or simply mall is one or more buildings forming a complex of shops representing merchandisers, with interconnecting walkways enabling visitors to easily walk from unit to unit, along with a parking area — a modern, indoor version...
in downtown Las Vegas currently undergoing a major redevelopment. Included in its properties under the GGP reorganization is the mixed-use Town Center of Columbia, Maryland, for which a world-class redevelopment plan was recently approved that incorporates modern environmental and smart growth principles.
Most of The Howard Hughes Corporation's past projects have been business park
Business park
A business park or office park is an area of land in which many office buildings are grouped together. All of the work that goes on is commercial, not industrial or residential....
s in the Las Vegas area, including The Crossings, The Canyons, The Plazas, Corporate Pointe, and Hughes Center.