Houston Rockets Owner Tilman Fertitta Just Dropped $450 Million on a Luxury Mall in Texas
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Tilman Fertitta is expanding his footprint in Houston.
The billionaire owner of the Golden Nugget casino chain, Landry’s hospitality group, and the Houston Rockets splashed out $450 million on a luxury mall in the Texas city, Bloomberg reported on Friday. The River Oaks District was previously owned by JPMorgan Chase’s asset-management arm.
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“This is the perfect moment in time to add this premier mixed-use development to our luxury portfolio,” Fertitta told Bloomberg, adding that there are opportunities to increase “the standard for luxury dining and shopping.”
The River Oaks District encompasses more than 300,000 square feet in Houston’s wealthiest neighborhood. It’s home to brands such as Cartier and Hermès, restaurants including Steak 48 and Le Colonial, and an Equinox gym. There’s also more than 67,000 square feet of office space and 279 apartments. The financial-services firm U.S. Capital Advisors is the main tenant, with the office space fully leased and the apartments 90 percent leased.
Fertitta’s acquisition of the mall follows his purchase of California’s Montage Laguna Beach resort in late 2022. In that deal, he reportedly spent $650 million for the property. Around Houston, he also owns the five-star Post Oak Hotel, just a mile from the River Oaks District, as well as a luxury car dealership selling Bentleys and Rolls-Royces. All of that contributes to his $11.6 billion net worth, according to the Bloomberg Billionaires Index.
As a big name in Texas, Fertitta has worked to bring more money to the state and Houston in particular. He’s lobbying for Texas to overturn a gambling ban, which would potentially allow him to open Golden Nugget casinos in the Lone Star State. “Let’s do something to bring tourism and the business traveler and conventions to Texas—and these need to be billion-dollar properties that do that,” he said last month. “We need to do it right and build the casinos, and not have a bunch of slot machines at every single little grocery store.”
And while Fertitta already owns a basketball team, he told Bloomberg last month that he has been speaking with the National Hockey League about bringing a hockey team to Houston’s downtown.
As they say, everything’s bigger in Texas, and Fertitta’s business interests in the state just got a little bit larger.
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