Howard Hughes Acquires $55M Stake In Jean-Georges Restaurants, Plans Expansion
The Howard Hughes Corp. has acquired a minority stake in Jean-Georges Restaurants for $55M. The investment will allow the upmarket restaurant company, which has over 40 restaurants worldwide, including 12 in New York City and others in Philadelphia, Las Vegas and Miami Beach, to pursue further expansion.
Later this year, Jean-Georges Restaurants, run by famed chef Jean-Georges Vongerichten, will open the Tin Building by Jean-Georges, a marketplace in the Tin Building development, a Howard Hughes project in New York's Seaport neighborhood. The 53K SF marketplace will include six fine-dining restaurants, six fast-casual ones and a number of bars.
The Tin Building takes inspiration from the old Fulton Fish Market, reconstructing a new version of the 1907 building on Pier 17 at South Street Seaport, Wine Spectator reports.
Under the terms of the investment, Houston-based Howard Hughes has the right to acquire an additional ownership stake in Jean-Georges Restaurants. The existing Jean-Georges management team will retain control of the day-to-day running of the business.
"We see significant runway for Jean-Georges Restaurants to expand its worldwide capital-light restaurant management platform of food and beverage and other hospitality offerings," Howard Hughes CEO David O'Reilly said in a statement.