Tilman Fertitta, owner of the Landry’s Inc. restaurant group and the Golden Nugget properties, has acquired the River Oaks District in Houston, a spokesperson said Friday.
Houston-based Fertitta paid about $450 million for the 13.87-acre luxury restaurant, retail and mixed-use development, according to the Houston Chronicle. JPMorgan Asset Management had bought the property for $550 million in 2016, the newspaper said.
“This marks Fertitta’s second luxury property acquisition in the last 16 months totaling more than a billion dollars, including the earlier purchase of the Montage Laguna Beach,” a spokesperson said. That Southern California acquisition was for a reported $660 million.
The River Oaks District includes such foodservice concepts as Loch Bar, MAD (a Spanish restaurant), Steak 48 and Toulouse.
Fertitta already owns The Post Oak Hotel at Uptown and its adjacent upscale restaurants in Houston.
“Adding River Oaks District to our Post Oak Hotel family of offerings seamlessly complements the curated experience we have created for the luxury-seeking consumer,” said Fertitta in a statement.
“This is the perfect moment in time to add this premier mixed-use development to our luxury portfolio, creating incredible cross-promotional opportunities and elevating the standard for luxury dining and shopping for Houstonians and international travelers alike,” he said.
River Oaks District covers more than 300,000 square feet of retail space, more than 67,000 square feet of offices, and 279 apartment units.
“In addition, River Oaks District attracts the attention of preeminent fine-dining and service-oriented concepts, many of which are market exclusive,” according to a press release.
Through the Landry’s restaurant and hospitality company, Fertitta owns more than 600 properties across more than 80 brands in 36 states and in more than 15 countries. His brands include: Atlantic Grill, Bill’s Bar & Burger, Brenner’s Steakhouse, Bubba Gump Shrimp Co., Chart House, Del Frisco’s Double Eagle Steakhouse, Del Frisco’s Grille, Dos Caminos, Grotto, Joe’s Crab Shack, La Griglia, Landry’s Seafood, Mastro’s Steakhouse and Ocean Club, McCormick & Schmick’s, Mitchell’s Fish Market, Morton’s The Steakhouse, The Oceanaire, Rainforest Café, Saltgrass Steak House, Vic & Anthony’s, and Willie G’s,
Fertitta also owns Restaurant’s Unlimited with 13 concepts, including Portland City Grill, Kincaid’s, Simon and Seaford’s, and Henry’s Tavern. Additionally, Fertitta owns 50% of Catch Hospitality. He is one of the principal shareholders in Waitr, the online ordering and delivery platform.
Fertitta also owns and operates gaming, hospitality and entertainment venues, including the Golden Nugget Casino and Hotel brand.
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