The Howard 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 | www.howardhughes.com |
The Howard Hughes Corporation (: HHC), co-founded by Howard R. Hughes, Sr. in 1913, is a major real estate development and management company based in Dallas, Texas. Later sold to the Rouse Company, it became a separate company again in 2010, as a spinoff of General Growth Properties (GGP). At that point, HHC assumed ownership of all of the GGPs planned developments, including Columbia, Maryland, one of the country's original master planned communities; The Woodlands, Texas; and The Shops at Summerlin Centre.
The company dates 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 Sharp and Hughes. It retained that name until 1915 when Hughes became the sole owner and renamed the company Hughes Tool Company.
Originally known as Summa Corporation, 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 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.
Following the death of Howard 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 estate development, selling all noncore business holdings.
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Wikipedia