Tilman Fertitta is increasing his presence in Houston.
The billionaire who owns the Golden Nugget casino chain, Landry’s hospitality group, and the Houston Rockets has invested $450 million in a luxury mall in Texas. This mall was previously owned by JPMorgan Chase’s asset-management arm. reported This purchase was announced by Bloomberg on Friday. The River Oaks District was previously owned by JPMorgan Chase’s asset-management arm.
Fertitta told Bloomberg that this is the perfect time to add this top-notch mixed-use development to their luxury collection. He also mentioned the opportunity to elevate the standard for luxury dining and shopping.
The River Oaks District covers over 300,000 square feet in the wealthiest neighborhood of Houston, featuring brands like Cartier and Hermès, and restaurants such as Steak 48 and Le Colonial, as well as an Equinox gym. It also includes over 67,000 square feet of office space and 279 apartments. The main tenant is the financial-services firm U.S. Capital Advisors, with the office space fully leased and the apartments 90 percent leased.
Following his purchase of California’s Montage Laguna Beach resort for $650 million, Fertitta has now acquired the mall. He also owns the Post Oak Hotel and a luxury car dealership selling Bentleys and Rolls-Royces in Houston, contributing to his $11.6 billion net worth, as reported by the Bloomberg Billionaires Index.
Fertitta, a prominent figure in Texas, is advocating for overturning a gambling ban in the state, potentially to allow the opening of Golden Nugget casinos. He aims to attract tourism, business travelers, and conventions with billion-dollar properties, emphasizing the need for proper casinos rather than slot machines at every small grocery store. He is also in discussions with the National Hockey League to bring a hockey team to Houston’s downtown, despite already owning a basketball team.As the saying goes, everything’s bigger in Texas, and Fertitta's business interests in the state just got a bit larger.
Tilman Fertitta has acquired the River Oaks District in Texas, which hosts stores like Cartier and Hermès.
As they say, everything’s bigger in Texas, and Fertitta’s business interests in the state just got a little bit larger.
