HOUSTON — A favorite playground and shopping center for Houston's rich and famous -- or visitors who dream of dripping with diamonds, dressing in designer clothing, or showing off a Birkin handbag -- is changing hands.
Houston billionaire tycoon Tilman Fertitta has acquired the River Oaks District with its top-tier retailers, high-end restaurants, luxury apartments and boutique office space.
The 13-acre mixed-use mecca on Westheimer is home to over 300,000 square feet of luxury retail, including Hermès, Dior, Cartier and Rolex, to name a few. Shoppers can also unwind with a craft cocktail or dine at one of a dozen high-end restaurants.
Fertitta paid $450 million for the property.
Fertitta also owns the Post Oak Hotel at Uptown, which earned a five-star rating from Forbes Travel Guide.
“Adding River Oaks District to our Post Oak Hotel family of offerings seamlessly complements the curated experience we have created for the luxury-seeking consumer,” Fertitta said. “This is the perfect moment in time to add this premier mixed-use development to our luxury portfolio, creating incredible cross-promotional opportunities and elevating the standard for luxury dining and shopping for Houstonians and international travelers alike.”
The River Oaks District follows Fertitta’s acquisition of Montage Laguna Beach, spending a total of more than a billion dollars for both luxury properties in the last 16 months.
Fertitta, a Houston native with a Midas touch, owns more than 600 properties in 36 states and more tban 15 countries, according to his website. He is also one of the largest employers in the nation with more than 50,000 employees.
His hospitality, entertainment and gaming properties include five Golden Nugget Casinos and Hotels and The Signature Group, made up of a long list of steakhouses and seafood restaurants, among others.
Forbes dubbed him “the world’s richest restaurateur.”
Fertitta also owns the Houston Rockets.
