HHH Intends to Spinoff New Division, Seaport
Entertainment, to Shareholders by Year-End 2024
HOUSTON, Oct. 5, 2023
/PRNewswire/ -- Howard Hughes Holdings Inc. (NYSE: HHH) announced
today that Anton D. Nikodemus has
been appointed Chief Executive Officer of Seaport Entertainment, a
newly formed division comprising the company's
entertainment-related assets in New
York and Las Vegas—including the Seaport in Lower Manhattan
and the Las Vegas Aviators® Triple-A Minor League
Baseball team, as well as the company's ownership stake in
Jean-Georges Restaurants and its 80% interest in the air rights
above the Fashion Show Mall, which are intended to be used to
create a new casino on the Las Vegas Strip.
Nikodemus, a veteran of the entertainment and hospitality
industries, will serve as CEO of a newly formed, independent
subsidiary, Seaport Entertainment, which will hold the company's
award-winning entertainment and culinary assets. Nikodemus
will focus on delivering a world-class guest experience,
accelerating growth and operating performance, and exploring
new strategic opportunities for expansion.
Howard Hughes Holdings Inc. is establishing Seaport
Entertainment with the intention of completing its spinoff as
a publicly traded company by year-end 2024. The planned separation
of Seaport Entertainment from Howard Hughes will refine the
identity of HHH as a pure-play real estate company focused solely
on its portfolio of acclaimed master planned communities.
"Anton is an outstanding leader in the entertainment and resort
world. It speaks to the quality of our entertainment assets that we
have been able to recruit an executive of his caliber to Howard
Hughes," said Bill Ackman, Chairman
of the Board of Howard Hughes Holdings Inc. "Anton's experience,
track record, and superb leadership skills will facilitate the
creation, management, and eventual spinoff of Seaport
Entertainment, positioning it and Howard Hughes for greater success
as more-focused, easier-to-understand companies."
In his over thirty-year career in the entertainment and
hospitality industries, Nikodemus has led the development and
operations of many of the travel industry's premier destination
brands. He most recently served as President & COO of
CityCenter for MGM Resorts International, where he oversaw
operations for The Cosmopolitan of Las
Vegas, Vdara Hotel & Spa, and ARIA Resort &
Casino. He was also responsible for the creation and
development of the MGM National Harbor Hotel &
Casino in Maryland
and the MGM Springfield in Massachusetts.
Prior to joining MGM in 2005, Nikodemus oversaw the
redevelopment and management of the Boca Raton Resort & Club.
He previously held management roles at luxury resorts including The
Arizona Biltmore Resort & Spa and The Phoenician Resort.
Nikodemus earned a B.S. in Business Management and Marketing
from Arizona State University. He
completed the Advanced Finance Program at the Wharton School of the
University of Pennsylvania.
"I am excited to lead this new division of Howard Hughes and
join the outstanding team that is forming Seaport Entertainment,"
said Nikodemus. "There is tremendous opportunity ahead as we
harness the potential and unlock the value inherent in these
one-of-a-kind assets located in New
York and Las Vegas—two of our country's most dynamic
entertainment destinations—and pursue new opportunities for
accelerated growth."
The anticipated spinoff of Seaport Entertainment would allow the
new company to operate independently as a pure-play entertainment
enterprise, equipped with a robust team of industry leaders to
ensure its long-term success. The spinoff is expected to be
completed year end 2024, but there can be no assurance regarding
the ultimate timing of the spinoff or that the spinoff will
ultimately occur.
"The assets of the Seaport Entertainment lie at the intersection
of real estate and entertainment," said David R. O'Reilly,
Chief Executive Officer of Howard Hughes. "Anton brings tremendous
experience building some of the country's most-acclaimed
entertainment destinations, and we are fortunate to have him taking
the helm of this exciting new division of Howard Hughes."
About Howard Hughes Holdings Inc.
Howard Hughes
Holdings Inc. owns, manages, and develops commercial, residential,
and mixed-use real estate throughout the U.S. Its award-winning
assets include the country's preeminent portfolio of master planned
communities, as well as operating properties and development
opportunities including: the Seaport in New York City; Downtown Columbia® in Maryland; The
Woodlands®, Bridgeland® and The
Woodlands Hills® in the Greater Houston, Texas area;
Summerlin® in Las
Vegas; Ward
Village® in Honolulu, Hawaiʻi; and Teravalis™ in the
Greater Phoenix, Arizona area. The
Howard Hughes portfolio is strategically positioned to meet and
accelerate development based on market demand, resulting in one of
the strongest real estate platforms in the country. Dedicated to
innovative placemaking, the company is recognized for its ongoing
commitment to design excellence and to the cultural life of its
communities. Howard Hughes Holdings Inc. is
traded on the New York Stock Exchange as HHH. For
additional information visit www.howardhughes.com.
Safe Harbor Statement
Statements made in this press
release that are not historical facts, including statements
accompanied by words such as "will," "believe," "expect,"
"enables," "realize," "plan," "intend," "assume," "transform" and
other words of similar expression, are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements are based on management's expectations,
estimates, assumptions, and projections as of the date of this
release and are not guarantees of future performance. Actual
results may differ materially from those expressed or implied in
these statements. Factors that could cause actual results to differ
materially are set forth as risk factors in filings made by Howard
Hughes Holdings Inc. with the Securities and Exchange Commission,
including its Quarterly and Annual Reports. The company can provide
no assurance that the proposed spinoff will proceed on the timing
contemplated or at all or that, if completed, the separation of the
Seaport Entertainment from Howard Hughes would have the effect on
each of the two separated entities that is anticipated by the
company. Howard Hughes Holdings Inc. cautions you not to place
undue reliance on the forward-looking statements contained in this
release. Howard Hughes Holdings Inc. does not undertake any
obligation to publicly update or revise any forward-looking
statements to reflect future events, information or circumstances
that arise after the date of this release.
Media Contact
Cristina Carlson, 646-822-6910
SVP, Head of Corporate Communications
cristina.carlson@howardhughes.com
Investor Relations Contact
Eric Holcomb, 281-475-2144
SVP, Investor Relations
eric.holcomb@howardhughes.com
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SOURCE Howard Hughes Holdings Inc.