Howard Hughes Inc Entertainment Spin-off Notes

October 16, 2023 Update

Howard Hughes Inc (HHH) announced on October 5, 2023 that it is going to separate its entertainment related assets into a new company called Seaport Entertainment. Howard Hughes intends to spin off the new company by the end of 2024.

Seaport Entertainment’s assets will include Seaport in Lower Manhattan, 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.

The spin-off will leave behind Howard Hughes as a pure-play real estate company focused solely on its portfolio of acclaimed master planned communities.

Bill Ackman has been buying HHH aggressively lately. Here is the Howard Hughes investment case from Boyar as well as a good thread on the stock.