Long-time HHH Board Member Scot Sellers to Succeed Bill Ackman as Chairman

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Howard Hughes Holdings Inc. announced that Scot Sellers, a long-time board member, will be named Chairman of its Board of Directors at the company’s upcoming annual meeting. Sellers will succeed Bill Ackman, the founder and CEO of Pershing Square Capital Management, who will retire from the board after serving as Chairman since the founding of Howard Hughes in 2010. The move comes as Pershing Square partner Ben Hakim is nominated to join the Howard Hughes board to replace Ackman.

Sellers has been on the Howard Hughes board since the company’s inception and has a career spanning over 40 years in real estate development. He was previously the Chairman and CEO of Archstone, one of the largest multi-family housing companies in the world. Sellers is currently on the board of The Irvine Company and is the Chairman of the Board of Maui Land & Pineapple Company.

In a statement, Sellers expressed his excitement about the company’s future and its growth opportunities. He highlighted the collaboration between the board and the executive leadership team and pledged to support the continued success of the company.

Ackman, who has served as Chairman since the spinoff of Howard Hughes from General Growth Properties, will step down from the board. The company has focused on developing large-scale mixed-use communities, such as The Woodlands® and Bridgeland® in the Greater Houston area, Summerlin® in Las Vegas, Ward Village® in Honolulu, and Downtown Columbia® in Maryland. Additionally, the company plans to spin off its non-core, entertainment-based assets in New York City and Las Vegas into a separate publicly traded company in 2024.

Pershing Square intends to remain a major shareholder of HHH, and Ackman expressed confidence in the company’s transformation into a pure-play real estate company focused on master planned communities. Ben Hakim, the Pershing Square partner nominated to the board, brings considerable real estate expertise to the company.

Howard Hughes Holdings Inc. operates in the real estate development industry, specializing in the creation of large-scale mixed-use communities. The company has a track record of successful projects such as The Woodlands®, Bridgeland®, Summerlin®, Ward Village®, and Downtown Columbia®.

The real estate industry is experiencing growth and demand for master planned communities. These communities provide a comprehensive living experience, offering a mix of residential, commercial, and recreational spaces. With the increasing urbanization and desire for integrated living, the market for such developments is expected to continue to thrive.

Market forecasts indicate that the demand for master planned communities will remain strong in the coming years. The shift towards sustainability and a focus on creating vibrant, inclusive communities is driving the growth of this sector. The trend towards remote work and the desire for spacious, well-designed living spaces further contribute to the demand for these developments.

However, the industry also faces challenges. Land acquisition and development costs can be significant, requiring substantial investments of both time and capital. Additionally, regulatory and zoning constraints can impact the feasibility and timeline of projects. Economic fluctuations and changing consumer preferences also pose risks to the industry.

Despite these challenges, Howard Hughes Holdings Inc. has been successful in navigating the real estate market and delivering high-quality developments. The company’s expertise and experience, combined with the strong leadership of Chairman Scot Sellers and the collaboration between the board and executive team, positions it for continued growth and success.

To learn more about the real estate industry and market trends, you can visit National Association of Realtors or Urban Land Institute. These organizations provide valuable insights and research on the real estate market and industry-related issues.