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Howard Hughes Corp. Takes Minority Stake in Jean-Georges Restaurants
The Howard Hughes Corporation (HHC) has invested $55 million in chef Jean-Georges Vongerichten’s Jean-Georges Restaurants to acquire a minority stake and to fund growth capital for Jean-Georges’ expanding global business. HHC will have the right to acquire an additional ownership stake.
The existing Jean-Georges Restaurants management team, based on the Upper West Side, will retain control of all day-to-day decision making. Jean-Georges Restaurants currently has more than 40 hospitality offerings and a strong pipeline of new concepts, including the upcoming Tin Building restoration at HHC’s Seaport development in Lower Manhattan.
“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,” said David O’Reilly, HHC’S CEO. “We see significant runway for Jean-Georges Restaurants to expand its worldwide capital-light restaurant management platform of food & beverage and other hospitality offerings.”
- ◦Sale/Acquisition
