When Howard Hughes assumed control of the family business in 1924, he was uniquely poised to ascend. Essentially debt free, remarkably financed, and in possession of a portfolio of assets, his acumen and vision guided the creation of one of the great American empires of the Twentieth Century. As we launch The Howard Hughes Corporation, the story is much the same. We carry low debt, are well capitalized, and our properties are among the most sought-after in the nation. And while Howard Hughes' passions for aviation and the silver screen are legendary, it was his visionary investments in real estate that form the bedrock of our company today.
The Howard Hughes name comes from the master planned community of Summerlin in Las Vegas, Nevada. Acquired by Hughes in the 1950s, he named the land after his grandmother, Jean Amelia Summerlin. In 1973, the vast Hughes Empire became Summa Corporation, and in 1994, Summa Corporation became The Howard Hughes Corporation, embodying the spirit of Hughes' vision in its real estate development projects – namely the master‐planned community of Summerlin. In early 1995, the board of directors initiated a recapitalization process that culminated on June 12, 1996, in a merger with The Rouse Company of Columbia, Maryland. General Growth Properties, Inc. acquired The Howard Hughes Corporation (and The Rouse Company) in November 2004. Throughout these changes in ownership, Summerlin has continued doing business as The Howard Hughes Corporation. Today, the Howard Hughes Corporation is an independent company, traded on the NYSE under the symbol HHC.