The Howard Hughes Corporation (HHC), a Texas-based real estate development and management company, announced a $55 million investment in Jean-Georges Restaurants to acquire a minority stake in the brand.
The funds will provide growth capital for global expansion, said HHC, which has rights to acquire additional ownership. Meanwhile, the existing Jean-Georges management team will retain control of all day-to-day decision making.
The restaurant company is the namesake of world-famous chef Jean-George Vongerichten. The group is responsible for some of the most recognizable fine-dining establishments in the country, such as Jean-Georges (NYC), Prime Steakhouse (Las Vegas), and the Matador Room (Miami). Overall, Jean-Georges Restaurants has more than 40 hospitality concepts and a sizable pipeline of new establishments.
Born in France, Jean-George was an apprentice to chef Paul Haeberlin before working under chefs Paul Bocuse and Louis Outhier at L’Oasis in Southern France. He opened his first restaurant, Jean-Georges, in 1997, and has since opened dozens more while also publishing a handful of cookbooks.
HHC and Jean-Georges Restaurants have partnered for past projects, including the Seaport neighborhood in Lower Manhattan, comprising The Fulton restaurant and soon-to-open Tin Building culinary marketplace. The 53,000-square-foot Tin Building brings Jean-George’s view of global cuisine to life, with six new full-service restaurant concepts, six fast-casual counters, beverage outposts, retail outlets and Central Market, a marketplace filled with sustainably sourced and local seafood, meats, cheeses and more.
“Today we have expanded our partnership with HHC,” Vongerichten said in a statement. “I could not imagine a better company with which to introduce new Jean-Georges concepts and expand our restaurant and hospitality business, while ensuring that the unmatched food, service, and experience of a Jean-George restaurant will remain unchanged.”
HHC manages and develops a variety of properties including residential, retail, and commercial spaces throughout several regions, with focuses in Texas, Nevada, Arizona, New York, and Hawaii.
“Working in close partnership with Jean-Georges at the Seaport in New York City, we experienced first-hand his team’s exceptional ability to execute at the highest levels while growing a global business,” HHC CEO David O’Reilly said in a statement. “We see significant runway for Jean-Georges Restaurants to expand its worldwide capital-light restaurant management platform of food & beverage and other hospitality offerings. We look forward to contributing to their growth across HHC’s national portfolio of large-scale, mixed-use communities.”
