Howard Hughes Corp., the property developer whose chairman is hedge fund manager Bill Ackman, rose to a record on investor optimism over the company’s U.S. real estate projects.
Howard Hughes’s One Ala Moana development in Honolulu sold out 206 luxury condominiums in 29 hours, the Dallas-based company said today in an investor presentation that was included in a regulatory filing. Chief Executive Officer David Weinreb made the presentation at the Harbor Investment Conference in New York. The event is co-chaired by Ackman, the founder of Pershing Square Capital Management LP.
“Anytime Bill Ackman is introducing a company, that makes news,” Wilkes Graham, an analyst at Compass Point Research & Trading in Washington, said in a telephone interview. “Everything seems to be going well right now.”
Howard Hughes rose 7.6 percent to $78.23, the highest closing price since the stock began trading in November 2010. The shares have advanced 49 percent in the past 12 months.
Howard Hughes plans to build more than 4,000 condominiums at Ward Village in Honolulu. Its other projects include the redevelopment of South Street Seaport in New York and expansion of the Woodlands Resort and Conference Center in Texas.