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Howard Hughes Hotel Income Drops 90% In 2020, But Office Income Up 37% Courtesy of Howard Hughes Corp. An aerial view of Hughes Landing in The Woodlands, Howard Hughes Corp. s master-planned community in north Houston.
Master-planned community developer Howard Hughes Corp. reported a net income loss of $26.2M in 2020, a departure from the net income gain of $74M in 2019, according to the firm’s Q4 2020 earnings report.
Howard Hughes Corp. posted a loss of $6.6M in the fourth quarter, compared with a loss of $1.1M during the same quarter in 2019.
Like many other companies in the commercial real estate sector, the coronavirus pandemic took a significant toll on the performance of Howard Hughes’ portfolio. For its operating assets, the developer reported a loss of $24.3M in 2020, down 11% from 2019.