General Growth Properties filed for
Chapter 11 bankruptcy protection in 2009. The company proposed a reorganization plan that included
spinning off a new company named General Growth Opportunities, which would include those properties that had long-term development potential but little or no income. The name of the proposed spin-off was later changed to The Howard Hughes Corporation (HHC). The spin-off of HHC to GGP's shareholders was completed on November 9, 2010, when GGP exited bankruptcy. The new company held a portfolio that included GGP's
master planned communities,
mixed-use developments, and undeveloped land. Ultimately, the company announced a "transformation plan", under which it would focus on its master-planned communities and sell off $2 billion of non-core assets. HHC moved its headquarters from Dallas to The Woodlands in 2020 as a cost-cutting measure under this plan. The company acquired its sixth master-planned community in 2021, purchasing the 37,000-acre
Douglas Ranch development in the
Phoenix area (later renamed to Teravalis) for $600 million. In 2023, HHC reorganized itself as a holding company named Howard Hughes Holdings (HHH), with the Howard Hughes Corporation as a subsidiary. It then moved its entertainment-related properties into a new division, Seaport Entertainment, which it planned to spin off to shareholders by the end of 2024. Seaport Entertainment's assets would include the
South Street Seaport in Manhattan, the
Las Vegas Aviators baseball team, the
air rights to develop a casino at
Fashion Show Mall on the
Las Vegas Strip, and a minority stake in
Jean-Georges Restaurants. In May 2025, HHH agreed to a $900 million investment from Bill Ackman's company,
Pershing Square Capital Management, raising Pershing's ownership stake to 47 percent. Ackman rejoined HHH as executive chairman and described plans to transform it into a diversified holding company, modeled on
Berkshire Hathaway. In a step toward this strategy, HHH agreed later that year to acquire Vantage Group Holdings, a
reinsurance and specialty insurance firm, for $2.1 billion. Ackman hoped that the finances of an insurance company would serve as a foundation for HHH to acquire controlling stakes in other smaller companies. ==Current properties==