Summa Corporation
Encyclopedia
Summa Corporation was the name adopted for the business interests of Howard Hughes
after he sold the tool division of Hughes Tool Company
in 1972. The tool division would merge with Baker International
in 1987 to form Baker Hughes
, the world's third-largest oil-services company. The name "Summa", Latin for "highest", was allegedly chosen by several of Hughes' employees without consulting him first. Hughes was allegedly dissatisfied, and preferred the name "HRH Properties" - with the initials standing for both "Howard Robard Hughes" and "Hughes Resort Hotels". His suggestions were never implemented, and the company remained Summa for 18 years following Hughes' death.
This new holding company contained Hughes' varied investments including:
Howard Hughes died in 1976 at the age of 71, intestate. Administrators were appointed led by his cousin William Lummis. Most of Summa's operations were gradually liquidated. Summa's Nevada money losing mining interests were sold by the end of 1976, while KLAS-TV and Hughes Sports Network were both sold in 1978. Hughes Air West was sold to Republic Airlines
in 1981, Hughes Helicopters was sold to McDonnell Douglas
for $500 million in 1984. The hotel and casino properties were gradually sold off during the 1980s. As its original businesses were sold, Summa recast itself as a real estate developer, using the vast tracts of undeveloped land Hughes had amassed around Las Vegas as a starting point.
In September 1994 Summa Corporation was renamed The Howard Hughes Corporation
, both to honor Howard Hughes and to fulfill his original intentions of keeping his name on the business.
Howard Hughes Corp. was acquired by the Rouse Company in 1996. Rouse was, in turn, acquired by General Growth Properties
in November, 2004. Howard Hughes Corporation was spun off in 2010 and is now a developer and operator of master-planned communities.
Howard Hughes
Howard Robard Hughes, Jr. was an American business magnate, investor, aviator, engineer, film producer, director, and philanthropist. He was one of the wealthiest people in the world...
after he sold the tool division of Hughes Tool Company
Hughes Tool Company
Hughes Tool Company was established in 1908 as Sharp-Hughes Tool Company when Howard R. Hughes, Sr. patented a roller cutter bit that dramatically improved the rotary drilling process for oil drilling rigs. He partnered with longtime business associate Walter Benona Sharp to manufacture and market...
in 1972. The tool division would merge with Baker International
Baker International
Baker International was established 1907 when Reuben C. Baker developed a casing shoe that revolutionized cable tool drilling.In 1987, the company merged with Hughes Tool Company to form Baker Hughes Incorporated....
in 1987 to form Baker Hughes
Baker Hughes
Baker Hughes Baker Hughes provides the world's oil & gas industry with products and services for drilling, formation evaluation, completion, production and reservoir consulting. Baker Hughes operates in over 90 countries worldwide mainly based in countries with a mature petroleum industry as is...
, the world's third-largest oil-services company. The name "Summa", Latin for "highest", was allegedly chosen by several of Hughes' employees without consulting him first. Hughes was allegedly dissatisfied, and preferred the name "HRH Properties" - with the initials standing for both "Howard Robard Hughes" and "Hughes Resort Hotels". His suggestions were never implemented, and the company remained Summa for 18 years following Hughes' death.
This new holding company contained Hughes' varied investments including:
- KLAS-TVKLAS-TVKLAS-TV, virtual channel 8 , is the CBS-affiliated television station serving the Las Vegas, Nevada market; it is owned and operated by Landmark Media Enterprises...
- the Las VegasLas Vegas, NevadaLas Vegas is the most populous city in the U.S. state of Nevada and is also the county seat of Clark County, Nevada. Las Vegas is an internationally renowned major resort city for gambling, shopping, and fine dining. The city bills itself as The Entertainment Capital of the World, and is famous...
CBSCBSCBS Broadcasting Inc. is a major US commercial broadcasting television network, which started as a radio network. The name is derived from the initials of the network's former name, Columbia Broadcasting System. The network is sometimes referred to as the "Eye Network" in reference to the shape of...
affiliate - Hughes Air West
- Hughes Sports Network
- Hughes HelicoptersHughes HelicoptersHughes Helicopters was a major manufacturer of military and civil helicopters from the 1950s to the 1980s.The company began in 1947, as a unit of Hughes Aircraft, then was part of the Hughes Tool Company after 1955. It became the Hughes Helicopter Division, Summa Corporation in 1972, and was...
- a former division of Hughes Aircraft Company retained by Summa when the remainder of the aircraft business was donated to the Howard Hughes Medical InstituteHoward Hughes Medical InstituteHoward Hughes Medical Institute is a United States non-profit medical research organization based in Chevy Chase, Maryland. It was founded by the American businessman Howard Hughes in 1953. It is one of the largest private funding organizations for biological and medical research in the United...
as its endowment - Sands HotelSands HotelThe Sands Hotel was a historic Las Vegas Strip hotel/casino that operated from December 15, 1952 to June 30, 1996. Designed by architect Wayne McAllister, the Sands was the seventh resort that opened on the Strip....
- Frontier Hotel and CasinoNew Frontier Hotel and CasinoThe New Frontier was a hotel and casino located on the Las Vegas Strip that had operated continuously since October 30, 1942. Actually located within the unincorporated suburb of Paradise, Nevada, USA, it was the second resort that opened on the Las Vegas Strip. The Frontier closed its doors for...
- Landmark Hotel and Casino
- Castaways Hotel and Casino
- Desert InnDesert InnThe Desert Inn was a Paradise, Nevada, hotel/casino that operated from April 24, 1950, to August 28, 2000. Designed by noted New York architect Jac Lessman, it was the fifth resort to open on the Las Vegas Strip. The property included an 18-hole golf course. Locals nicknamed the resort "The D.I."...
- Silver Slipper Casino
- Xanadu Princess Resort
- Hughes Nevada Mining
Howard Hughes died in 1976 at the age of 71, intestate. Administrators were appointed led by his cousin William Lummis. Most of Summa's operations were gradually liquidated. Summa's Nevada money losing mining interests were sold by the end of 1976, while KLAS-TV and Hughes Sports Network were both sold in 1978. Hughes Air West was sold to Republic Airlines
Republic Airlines
Republic Airline, Inc., operating as Republic Airlines is a regional airline subsidiary of Republic Airways Holdings that operates service as Frontier Airlines, Midwest Airlines and US Airways Express using a fleet of Bombardier Q400, Embraer 170, Embraer 175 and Embraer 190 aircraft...
in 1981, Hughes Helicopters was sold to McDonnell Douglas
McDonnell Douglas
McDonnell Douglas was a major American aerospace manufacturer and defense contractor, producing a number of famous commercial and military aircraft. It formed from a merger of McDonnell Aircraft and Douglas Aircraft in 1967. McDonnell Douglas was based at Lambert-St. Louis International Airport...
for $500 million in 1984. The hotel and casino properties were gradually sold off during the 1980s. As its original businesses were sold, Summa recast itself as a real estate developer, using the vast tracts of undeveloped land Hughes had amassed around Las Vegas as a starting point.
In September 1994 Summa Corporation was renamed The Howard Hughes Corporation
The Howard Hughes Corporation
The Howard Hughes Corporation is a major real estate development and management company based in Dallas, Texas, which was founded by Howard Hughes. Later sold to the Rouse Company, it became a separate company again in 2010, as a spinoff of General Growth Properties .Upon exiting bankruptcy, GGP...
, both to honor Howard Hughes and to fulfill his original intentions of keeping his name on the business.
Howard Hughes Corp. was acquired by the Rouse Company in 1996. Rouse was, in turn, acquired by General Growth Properties
General Growth Properties
General Growth Properties, Inc. is a publicly traded real estate investment trust in the United States. It is based in Chicago, Illinois at 110 North Wacker Drive, a historic building designed by architectural firm Graham, Anderson, Probst & White...
in November, 2004. Howard Hughes Corporation was spun off in 2010 and is now a developer and operator of master-planned communities.