Hughes Corporation
 |
|
| Public | |
| Traded as | : HHC |
| Industry | Real Estate, Development |
| Founded | 1913 |
| Headquarters |
Dallas, Texas United States |
| Revenue |
 US$797.08 million (2015) |
 US$118.76 million (2015) |
|
|
US$130.44 million (2015) |
|
| Total assets |
US$5.72 billion (2015) |
| Total equity |
US$2.36 billion (2015) |
| Website | Howard Hughes Corporation |
The Howard Hughes Corporation (: HHC) is a major real estate development and management company based in Dallas, Texas. It began as part of the oil drilling tool business founded by Howard R. Hughes, Sr., in 1913, which under his son Howard Hughes, Jr., diversified into real estate development. The real estate operations became a separate company, which was acquired by The Rouse Company, which in turn was acquired by General Growth Properties (GGP). In 2010, GGP formed The Howard Hughes Corporation as a separate company.
The company dates to 1909 when Howard Hughes, Sr. received two patents for his revolutionary oil well drilling bits. In 1913, Hughes and Walter Sharp incorporated the Sharp-Hughes Tool Company. In 1915, Hughes became the sole owner and renamed the company Hughes Tool Company. Hughes Sr. died in 1924, and was succeeded by his son Howard Jr. The younger Hughes became involved in many businesses, including aviation, motion pictures, radio and television broadcasting, and real estate. In the 1950s, Hughes acquired some vacant land in and around Las Vegas; in the 1960s, he moved to Las Vegas, where he lived in (and bought) the Desert Inn Hotel and Casino, acquired other casinos and hotels, and bought up more vacant land, which was left undeveloped during his lifetime.
In 1972, Hughes Tool Company was separated from other Hughes interests and became a publicly owned company. The rest of Hughes' businesses were regrouped as Summa Corporation. The name "Summa" (Latin for "highest") was adopted by corporate managers against the wishes of Hughes himself, who wanted to use his name. (He suggested "HRH Properties", for "Hughes Resorts and Hotels" - also his own initials, but was ignored.)
After Hughes died in 1976 at age 70, successors at Summa refocused the company on real estate development and casino operations, selling all non-core business holdings over the next few year.
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Wikipedia