Development firm Howard Hughes Holdings has set a 2027 opening for the first standalone Ritz-Carlton Residences in Texas.
The company said late Monday it contracted to sell five units at The Ritz Carlton Residences, The Woodlands, during the quarter ended Sept. 30. Through the third quarter, Howard Hughes has presold 77 of 111 condos, representing future revenue of more than $333 million, according to the company.
Howard Hughes broke ground on The Ritz Carlton Residences in October. At the time, the developer did not give a timeline for competing it.
Still, the company has yet to announce individual unit prices for the project in The Woodlands, about 30 miles north of downtown Houston.
Howard Hughes owns, manages and develops residential, commercial and mixed-use projects across the country.
The Federal Reserve's decision in September to cut interest rates by half a percentage point is expected to boost home and condo sales across the U.S., although mortgage rates have been trending up recently.
Licensing agreement
The Ritz Carlton units range from more than 1,800 square feet for a one-bedroom condo to nearly 5,100 square feet for a penthouse on the 15th floor. The development is on an 8.6-acre site with 1,250 feet of private shoreline, the company said. Douglas Elliman Development Marketing is the exclusive listing brokerage.
From the Homes.com blog: Buying a Condo: A Comprehensive Guide
Howard Hughes uses the Ritz-Carlton name as part of a licensing agreement with the Ritz-Carlton Hotel Co.
Marriott International, owner of the Ritz-Carlton, opened the first standalone Ritz-Carlton Residences in 2009 in Baltimore’s Inner Harbor.
Howard Hughes also announced sales contracts for 20 units at The Launiu, part of condo development in Hawaii. The contracts represent more than $31 million of future revenue, the company said.
CEO David O'Reilly has repeatedly said he is optimistic about new home sales, even though they've fallen short of analyst expectations. O'Reilly said the government tends to revise the data higher in subsequent months, but the initial negative impression remains and can offer a misleading account of what's really happening.
“Howard Hughes continued to defy the market’s national narrative in the third quarter," O'Reilly said in a statement to announce company earnings.