US-based firm The Howard Hughes Corporation (HHC) has acquired a minority stake in Jean-Georges Restaurants by investing $55m.
Jean-Georges Restaurants, which is owned by chef Jean-Georges Vongerichten, will use the new investment to expand its business globally.
HHC CEO David O’Reilly said: “Working in close partnership with Jean-Georges at the Seaport in New York City, we experienced first-hand his team’s exceptional ability to execute at the highest levels while growing a global business.
“We see significant runway for Jean-Georges Restaurants to expand its worldwide capital-light restaurant management platform of food and beverage and other hospitality offerings.
“We look forward to contributing to their growth across HHC’s national portfolio of large-scale, mixed-use communities.”
According to the terms of the deal, HHC will have the option to purchase a further additional stake in Jean-Georges Restaurants.
The restaurant’s existing management team will continue to retain all day-to-day decision-making power.
With a pipeline of new concepts, Jean-Georges Restaurants currently has more than 40 hospitality offerings.
Chef Jean-Georges Vongerichten said: “Over the past five years we have partnered with The Howard Hughes Corporation to create an extraordinary culinary destination at the Seaport in Lower Manhattan, including The Fulton restaurant and the new Tin Building culinary marketplace which will soon open.
“Today we have expanded our partnership with HHC.
“I could not imagine a better company with which to introduce new Jean-Georges concepts and expand our restaurant and hospitality business while ensuring that the unmatched food, service and experience of a Jean-George restaurant will remain unchanged.”