Summa Corporation Corporate Profile, 1990

S U M M A C O R P O R A T I O N 1 BUILDING ON T R A D I T I O N 1 R.pdR A T E P R O F I ^ f f i ^ ^ Q j THE BEGINNINGS HOLLYWOOD AVIATION I) IV E R S I F I GAT IO N ANI) TRANSITION TODAY: B U I L D I N G ON TRADITION FRONT COVER PHOTO: HOWARD HUGHES, 1947 S U M M A C O R P O R A T I O N B U I L D I N G O N T R A D I T I O N C O R P O R A T E P R O F I L E THREE HUGHES, THE TINKERER. WAS ALWAYS FASCINATED WITH MACHINERY THE SHARP-HUGHES TOOL COMPANY, HOUSTON, TEXAS (CIRCA 1910) It all began with a marvelous invention. On August 10,1909, wildcatter Howard Robard Hughes, Sr. was granted two U.S. patents on a drilling bit that would revolu-tionize the oil industry and provide the cor-nerstone for his son's empire. With the ingenious Hughes rock bit, oilmen could for the first time penetrate the thick rock formations that all too often had kept them from reaching the richest oil deposits. Hughes Sr. and his partner, Walter Sharp, formed the Sharp-Hughes Tool Company and began leasing their bit to oilmen across the nation. The Company was formally incorporated in 1913, and within two years, Howard Hughes, Sr. had acquired 100 percent ownership. On February 3, 1915, the name was changed HOWARD R. HUGHES, SR. (CIRCA 1910) THE SHARP-HUGHES TOOL COMPANY, HOUSTON, TEXAS 1910 THE ORIGINAL DRILL BIT THAT LAUNCHED THE HUGHES FORTUNE FOUR HUGHES EXAMINING DRILL BITS DURING TOOL COMPANY TOUR IN 1930'S SHY AND RETIRING EVEN AS A TEENAGER, HUGHES WAS AN UNINSPIRED STUDENT to the Hughes Tool Company, a name that would become synonymous with the Howard Hughes legend for six decades. Howard Hughes, Jr. was born in Hous-ton on Christmas Eve, 1905. A tinkerer like his father, young Howard was a shy, with-drawn boy with little interest in school. His family's ever increasing wealth allowed him to attend some of the nation's finest private schools but he was, for the most part, an uninspired student. When he was 17 and attending a prep school near Santa Barbara, California, he was stunned to learn his mother had died suddenly and unexpectedly following complications from minor surgery. Allene Hughes was 39 years old at the time of her death. Less than HUGHES ROCK BIT REVOLUTIONIZES OIL WELL DRILLING HOWARD HUGHES, AGE 6, WITH HIS MOTHER HUGHES TOOL COMPANY, HEADQUARTERED IN HOUSTON, TEXAS HUGHES AND HIS CLASSMATES AT FESSENDEN SCHOOL IN 1921 THE FOUNDATION OF THE EMPIRE, THE FAMOUS HUGHES DRILL BIT two years later, Hughes Sr. would die of a heart attack at the age of 54. With both parents struck down, it appeared fate had conspired to make the shy young Howard Jr. one of the world's wealthiest teenagers. Displaying determination and acumen not previously seen by those who knew him, Hughes began immediately to per-suade his relatives to sell to him the 25 percent of the Hughes Tool Company he had not acquired through his inheritance. Within six months of his father's death, he was successful in obtaining 100 percent ownership. The last obstacle to achieving full control was overcome when he was declared an adult by the courts two days after his 19th birthday. The stage was now set for the young millionaire to make his mark on the world. It was 1924. THE HUGHES DRILL BIT DOMINATED THE US MARKET BY THE 1950'S, THE HUGHES DRILL BIT DOMINATES WORLD MARKET A ONE-TIME CHAMPION, HUGHES DISPLAYS PERFECT FORM HOLLYWOOD The young Hughes chose not to involve himself in the day-to-day operations of the Hughes Tool Company and instead took an uncharacteristic sabbatical to consider his options and opportunities. He tinkered with a steam-powered car, played golf and courted and married Ella Rice, a wealthy Houston socialite. In 1925, Howard and his new bride moved to California where he planned to try his hand at making motion pictures. Movie making was not as easy as it appeared to be and Hughes' first attempt was a dismal failure. Undeterred, he applied the lessons he had learned to his second production, a comedy that realized a small profit and caught the attention of some of Hollywood's established directors. In 1926, he teamed with the well-known director, Lewis Milestone, to produce another com-edy entitled "Two Arabian Knights." The film was an overwhelming box office hit and Hughes' director, Milestone, received an Academy Award. It was just the second year the awards were presented. Now Hughes was ready to become more than the "money man" behind the scenes. He was eager to take an active role in his next film, an epic that would revolve around his newest interest?flying. The movie was "Hell's Angels," an epic adventure not about motorcycle outlaws but about pilots of the Royal Air Force. Following disagreements with two directors, Hughes decided to assign that all-important task to the one person in whom he had complete confidence. That person was Howard Hughes. With the almost demonic attention to detail and demand for absolute realism that would become his trademarks, Hughes searched throughout Europe for World War I fighter planes, eventually buying or leasing enough aircraft to assemble the largest private air force in the world. Shunning the advice of stunt pilots hired for the film, he elected to fly one of the HUGHES, THE DIRECTOR, ON THE SET O F " T H E OUTLAW-FIRST WIFE, E L L A RICE, WITH HUGHES, 1925 HUGHES ACQUIRED 87 WWI PLANES FOR ' H E L L ' S ANGELS* HUGHES, THE DIRECTOR J f-A EIGHT HUGHES REVIEWS AERIAL COMBAT SCENES WITH STUNT PILOT ON SET O F " H E L L S A N G E L S ' vintage planes himself and nearly paid with his life. He was pulled from the wreckage following an out-of-control dive into the earth. In spite of serious injuries, Hughes was back on the set within weeks directing his masterpiece. The premier of "Hell s Angels" was repeatedly delayed because of Hughes' demands for absolute perfection. When talking pictures were introduced to the public while his film was still in production, Hughes responded by reshooting all scenes with dialogue and hiring a young un-known named Jean Harlow as his new leading lady. And when the film was finally released in June 1930?at a staggering cost of nearly $4 million?it was acclaimed as one of the best action films of all time. The movie's dramatic "dogfights" are still recog-nized as some of the most realistic aerial warfare scenes ever captured on film. The success of "Hell's Angels" made the shy, handsome 26-year old Hughes one of the most sought after celebrities in the film colony. He also had become one of Holly- FLAMBOYANT ERROL FLYNN CHARMS HELEN GILBERT AS THE BASHFUL HUGHES LOOKS ON THE DASHING HUGHES AT HUGHES' FIRST FILM STARLET AND FRIEND OF A PREMIER WAS A FLOP, HIS SECOND HUGHES, BETTE DAVIS A SUCCESS NINE RELATIONS WAS EVIDENT AT THE PREMIERE OF 'THE OUTLAW* wood's most eligible young men when his wife left him during the marathon produc-tion of his epic. Soon he was romantically linked with the most beautiful actresses of the era, including Billie Dove, Carole Lom-bard, Jean Harlow, Ida Lupino and Katha-rine Hepburn. And he was the frequent houseguest of Hollywood's elite, including Charles Chaplin, Mary Pickford, Douglas Fairbanks and William Randolph Hearst. Hughes went on to produce scores of films after "Hell's Angels," but chose, in nearly all cases, to hire talented directors rather than direct himself. Howard Hawks was hired to direct the classic gangster film, "Scarface," a box office triumph in spite of censorship problems prompted by the film's "excessive violence." Perhaps the most notorious Hughes film was "The Outlaw," released in 1946 and starring the buxom Jane Russell. Con-sidered mild by today's standards, "The Outlaw" was attacked by censors for its blatant sensuality. The master marketer Hughes withheld the film from public release for four years, building public interest to assure the record audiences which did indeed flock to the theaters. Even as his interests turned elsewhere, Hughes continued his involvement in the motion picture industry. He acquired con-trol of RKO Pictures in 1948 and produced films until he sold the Company for $25 million in 1955. MANY HUGHES FILMS WERE EPICS HUGHES WITH AVA GARDNER, 1946 HUGHES GAINED WORKING CONTROL OF RKO STUDIOS IN 1948 ELEVEN AVIATION PILOT POSES WITH THE NORTHROP If film was one of Howard Hughes' great loves, aviation was his obsession. To view the earth from the cockpit of an airplane was, for him, one of life's most exhilarating experiences. In the early 1930 s, he began to actively pursue that interest with the purchase of a small Army Air Corps racer which he redesigned to attain greater speed. Hughes leased a small hangar and hired a crew of designers and mechanics to remodel the plane. As operations grew, he formed the Hughes Aircraft Company, des-tined to become one of the largest defense contractors in the nation. And when he won his first air race with his redesigned Army Air Corps plane, he decided to take the next logical step?to design and build the fastest plane in the world. It was to be called the H-l Racer. The H-l was built for speed. And speed was what it delivered when Hughes set the land-speed record of 352 miles per hour in 1935. Spurred on to still bolder challenges, he set the coast-to-coast record of seven hours and twenty-eight minutes in January of 1937 and was named Aviator of the Year. This was the first of many aviation awards he was to receive during his lifetime. Howard Hughes was now a household name, recognized as both a daring pilot and an innovative designer of aircraft. Now the only remaining record of interest to him was the record for an around-the-world flight. In 1938 he claimed that record as well, circumnavigating the globe in a little over three days and nineteen hours. With this feat he became the most famous avia-tor in America. Hughes did not rest on the laurels he earned as a pilot. In 1939 he began acqui-sition of controlling interest in Trans World Airlines which he would sell 27 years later for $546 million. In 1940 he established the Hughes Aircraft Company Division to conduct research and pursue government contracts in aircraft and radio communications. During this period, the Company devel-oped the D-2, the model for the XF-11 photo reconnaissance aircraft in which Hughes served as test pilot?and in which he nearly lost his life. On July 8, 1946, the XF-11 piloted by Hughes crashed during its test flight. Critically injured, Hughes recovered to successfully test another version of the same aircraft less than a year later. Hughes' company also was awarded the contract to build what would become the most controversial plane in history?the Hercules flying boat to transport combat troops across the ocean. Dubbed the "Spruce Goose," a name detested by Hughes, the huge wooden seaplane had a wing span longer than a football field and weighed 200 tons. It was flown only once. Irritated by ongoing Senate criticism of the giant aircraft, Hughes test flew the Hercules 70 feet above the waters of Long Beach Harbor on November 2, 1947. The Company later acquired the plane which is now on exhibit at Long Beach. A lesser known but highly successful project was the development and manufac-ture of the continuous chain link feeder and booster motor for 20 mm machine guns. The Hughes feeders became the standard on U.S. bombers flown during World War II. The Company also devel-oped fire control radar for use on fighter planes in the late 1940 s and the wire con- HUGHES DEPLANES AFTER SETTING A NEW COAST-TO-COAST RECORD IN II ! HUGHES AND HIS THE SPRUCE GOOSE'S AIRCRAFT DIVISION RECORD-SETTING RACER ONLY FLIGHT IN 1947 EMBLEM OF HUGHES TOOL COMPANY SYMBOLIZES HUGHES' MANY RECORD-THIRTEEN WITH HUGHES AT THE CONTROLS, THE LOCKHEED 14 LEAVES NEW YORK ON ITS RECORD-BREAKING TRIP trolled Falcon missile in the early 1950 s. The latter spurred the growth of the Hughes Aircraft Company. And expansion into helicopter research and development led to the creation of Hughes Helicopters, later to become a principal supplier of helicopters for both military and com-mercial use. Aviation related acquisitions continued as Hughes bought Air West Airlines in 1970, renaming it Hughes Airwest. The Company already had acquired the fixed base operation and charter terminal at Las Vegas' McCarran Airport as well as North Las Vegas Airport in 1967. Particularly when it came to aviation, Howard Hughes was a visionary. But even he must have been surprised and perhaps even astounded at the impact his com-pany had on space exploration. The 1965 Hughes Early Bird was the first communi-cations satellite ever launched for commer-cial use. And in 1966, the first soft landing on the moon was made by the Hughes Surveyor spacecraft. Fitting tributes to one of aviation's pioneers. HUGHES ACKNOWLEDGES ACCOLADES AFTER BEING NAMED "AVIATOR OF THE YEAR" 1965 EARLY BIRD SATELLITE HUGHES SURVEYOR SPACECRAFT MAKES FIRST SOFT LANDING ON THE MOON, 1966 HUGHES HELICOPTERS BEGAN PRODUCTION OF THE APACHE IN THE EARLY 1980 S D I V E R S I F I C A T I O N AND TRANS Always shy and reclusive by nature, Howard Hughes began to withdraw from the public limelight as early as the mid-1950 s. But he continued to make his presence felt even as he withdrew. In 1953, ownership of Hughes Aircraft Company was transferred to the newly formed Howard Hughes Medical Institute, a charitable organization formed to promote medical research and educa-tion. Boosted by the sale of Hughes Aircraft Company to General Motors in 1985 for more than $5 billion, the insti-tute is currently the largest privately endowed medical research organization in the world. Increasingly Hughes conducted his business through intermediaries, further promoting, albeit unconsciously, the Hughes mystique. He and his second wife, actress Jean Peters, resided in California but were frequently apart. He was now very much set in his hermit-like ways. He also became periodically disenchanted with California as a home base and began to eye more suitable TEEN T I O N sites from which he could manage his complex operations while preserving his own jealously guarded privacy. In 1966 he moved to Las Vegas and established residence in the top floor of the Desert Inn Hotel. When Howard Hughes arrived in Las THE LAS VEGAS Vegas, it was at a low economic point in that THAT GREETED city's brief history. Beal estate values were HUGHES IN 1966 in a slump and the city's image as a "sinful, gambling town" was of considerable concern to its citizens. Indeed, many residents credit Hughes, who began purchasing properties along the famous "Strip" and near both of the city's airports, with saving Las Vegas from economic disaster. It is a little known fact that one of Hughes' first acquisitions in Las Vegas was prompted by an unexpected and highly unusual turn of events: he was served with an eviction notice by the owners of the Desert Inn. It seems the billionaire and his staff were occupying space that could be more profitably occupied by out-of-town visitors who would spend money in the HUGHES' NEW HOME IN 1966 HUGHES ACQUIRES THE FRONTIER HOTEL AND CASINO IN 1967 NEVADA, THE SILVER STATE 1 VEGAS A SOMBER HUGHES WEARING THE EVER-PRESENT FEDORA hotel s casino. Faced with eviction, Hughes responded in a characteristic manner. He opened negotiations to acquire the hotel. On April 1, 1967, the operations of the Desert Inn Hotel and Casino were turned over to Hughes. Now 61, he was entering a whole new field of business totally separate from his film and aviation interests. And he v/as to pioneer multiple ownership of gaming properties just as he had earlier pioneered innovations in those industries. Acquisitions became the order of the day as Hughes moved quickly to buy up five more Las Vegas hotels and casinos along with two others in Reno and Freeport, Grand Bahamas. At the same time he began adding to his already impressive real estate holdings by purchasing numerous other Las Vegas properties, virtually absorbing the entire inventory of unimproved real estate then overhanging and depressing the city's glutted real estate market. Since the early 1950 s, he had owned an impressive 25,000-acre parcel of land west of Las Vegas. In addition, he had previously acquired major real estate holdings in California and Arizona. Hughes had become one of the largest landholders in the United States. Real estate, however, was but one part of the Hughes portfolio. Gold and silver mining properties in the West were bought as well. During this period, the Company attempted, and failed, to gain control of the American Broadcasting Company but did acquire what was to become the Hughes Sports Network, the first network to tele-cast PGA golf. And Las Vegas television station KLAS became a company property along with, of course, the airline to be renamed Hughes Airwest. His company's activities in the late 1960 s and early 1970 s tended to obscure the fact that Hughes himself had become a sick man. In failing health and increasingly isolated by his self-imposed hermitage, he had HUGHES BUYS THE SILVER SLIPPER IN 1967, HIS THIRD CASINO MANY LAS VEGAS RESIDENTS CREDITED HUGHES WITH SAVING THE CITY FROM ECONOMIC DISASTER HUGHES BUYS THE CASTAWAYS HOTEL AND CASINO IN 1967 SEVENTEEN essentially delegated responsibility for management of his vast holdings to others by his own default. Much to Hughes' regret, a series of business reversals during this period necessitated the sale of the tool company which had provided the very foundation for his empire. Divorced again, Hughes continued to isolate himself from the rest of the world as he took up residence in first one country, then another. On April 5, 1976, while enroute from Acapulco, Mexico to Houston, Texas, the famed industrialist died of kidney failure. Fittingly, he died aboard an airplane. Howard Hughes was 70 years old when he died. He left behind an incredibly complex organization made up of 26 oper-ating companies involved in 16 different lines of business. It would be the task of the Estate's Administrators to identify and maintain the businesses that were econom-ically viable and dispose in an orderly manner of those that were not. Because Hughes did not leave a will, this process was slowed considerably as the courts sought to determine legal ownership. Although the Administrators, guided by Hughes' first cousin, William Rice Lummis, worked diligently through the years to dispose of surplus properties and businesses that were draining the Company of its reserves, it was not until 1984 that a major breakthrough occurred. On January 6,1984, Hughes Helicopters was sold to McDonnell Douglas for nearly one-half billion dollars and the profit from the transaction was used to settle the Estate's death taxes. Even then, the thoughtful and orderly divestment of non-viable properties would take several more years to complete. The process would not be finished until nearly 14 years after Howard Hughes' death. HUGHES SETS UP RESIDENCE IN THE TOP FLOOR OF THE DESERT INN IN HUGHES PURCHASES KLAS-TV IN 1967 THE HUGHES SPORTS NETWORK WAS THE FIRST TO TELECAST PGA GOLF HUGHES ACQUIRES GOLD AND SILVER MINING INTERESTS IN 1969 I NINETEEN TODAY TOWER IN HUGHES HEADQUARTERS BUILDING ON T R A D I T I In 1973, the Hughes empire was renamed Summa Corporation. But the Summa Cor-poration of today is no longer involved with helicopters or casinos or airlines or motion picture companies. Today's Summa, work-ing through its primary operating arm, Howard Hughes Properties, is involvedonly in real estate and is, in fact, on its way to be-coming one of the most successful regional real estate investment and development companies in America. When Howard Hughes died in 1976, 45,000 acres of real estate were inventoried among his impressive holdings. After the thoughtful and timely disposition of all but the most valuable properties, Summa now owns approximately 26,000 acres and has targeted its development plans to Nevada and Southern California. Evident in each and every one of the Company's properties is the Summa dedi-cation to long-term investment rather than O N short-term profits. One look at the Compa-ny's properties is enough to illustrate the validity of the Summa approach. SUMMERLIN Summerlin, located on the westside of the booming Las Vegas Valley, is more than a real estate development. It is a new commu-nity and a new way of life. Named after Howard Hughes' grandmother, Summerlin incorporates the best in planning, design and quality construction. The 23,000-acre community stretches northwest from Las Vegas to the foot of the Red Rock Moun-tains. Summerlin is being master planned to be developed in phases over a 40-50 year SUMMERLIN, THE MASTER-PLANNED COMMUNITY WILL, WHEN COMPLETED, BOAST MANY GOLF COURSES SUMMA CORPORATION BECOMES THE OFFICIAL COMPANY NAME IN 1973 THE HUGHES EMPIRE IS NOW ENTIRELY REAL ESTATE SUMMERLIN, THE 23,000-ACRE MASTER-PLANNED COMMUNITY NAMED AFTER HUGHES' GRANDMOTHER S U M M E R L I N summa SUMMA PROMOTES WITH NATURE period and will provide the setting for office parks, retail centers, schools, parks and golf courses in addition to 80,000 single and multi-family homes with a permanent pop-ulation in excess of 200,000. The community is planned as a group of 30 villages organized around a central business core or town center. Each village is distinctive?some primarily commercial, some residential and others for mixed use. Housing will be in all price ranges from starter homes and apartments to townhouses to deluxe golf-course condominiums to executive estates. Significant areas have been set aside for open space. Residential neighborhoods, schools, recreation and retail centers are all connected by a community-wide system of parks and trails. Summerlin will be home of Southern Nevada's only PGA Tournament Players Club, a 36-hole complex featuring a stadium golf course and clubhouse for professionals and club members alike. The community will be served by its own high-speed Summerlin Parkway, placing residents only 10 minutes from downtown Las Vegas. HUGHES CENTER Hughes Centeris a 120-acre master-planned, mixed-use business center located in the high growth corridor of central Las Vegas. The Center is highly visible and easily accessible, just minutes from the free-way, McCarran International Airport, the Convention Center and the famous Las Vegas Strip. THE HIGH-SPEED SUMMERLIN PARKWAY PLACES RESIDENTS ONLY 10 MINUTES FROM DOWNTOWN LAS VEGAS ONE OF SEVERAL RECREATIONAL OPPORTUNITIES AT SUMMERLIN SUMMERLIN'S PGA TOURNAMENT PLAYERS CLUB GOLF COURSE JOSHUA TREE, INDIGENOUS TO THE SUMMERLIN COMMUNITY ENVIRONMENT T W E N T Y - 0 N E NIGHTTIME IN LAS VEGAS, ONE OF THE FASTEST-GROWING CITIES IN THE This exceptional business center, when fully built-out, will include 1.5 to 2 million square feet of prime office space and will be complemented by hotels, restaurants and residential uses. The focal point of the Centeris the First Interstate Tower which houses the execu-tive offices of Summa Corporation and First Interstate Bank of Nevada, along with a very prestigious group of leading companies of the region. In Hughes Center, Summa saw an op-portunity to develop a planned, mixed-use environment with especially broad appeal. Hughes Center.. .a place that speaks of concern for the future and Summa's com-mitment to growth for Las Vegas. HUGHES AIRPORT CENTER Hughes Airport Center is a 350-acre master-planned business and industrial park located immediately south of McCarran International Airport with easy access to Interstate 15, the principal arterial from Southern California to Salt Lake City. The park has been planned to accom-modate research and development, light manufacturing, warehouse/distribution, low-rise office and build-to-suit users. Hughes Airport Center, when completed, will be comprised of approximately 4.5 million square feet of buildings with fea-tured amenities such as a regional postal facility, underground utilities, and extensive FIRST INTERSTATE TOWER IN HUGHES CENTER, LAS VEGAS HUGHES AIRPORT CENTER?4.5 MILLION SQUARE FEET OF OFFICE, INDUSTRIAL AND DISTRIBUTION SPACE REGIONAL POST OFFICE FACILITY AT HUGHES AIRPORT CENTER T W E N T Y - T W O FASHION SHOW SHOPPERS THE MOST PRESTIGIOUS DEPARTMENT STORES AND MORE SPECIALTY SHOPS landscaping. The Center has been desig-nated as part of the Foreign Trade Zone for Las Vegas, establishing Hughes Airport Center as the premier planned business and industrial park in Southern Nevada. THE FASHION SHOW MALL The Fashion Show Mall was developed in a joint venture with The Hahn Company in 1981 and is the most elegant shopping devel-opment in Las Vegas. The multi-level enclosed regional mall is home to five of the nation's most prestigious department stores... Neiman Marcus, Saks Fifth Ave-nue, Bullock's, Dillards and May Company. These anchor stores are complemented by more than 140 specialty shops. The popular regional mall is located on a 34-aere site at the northwest corner of Spring Mountain Road and Las Vegas Bou-levard on the Las Vegas Strip, an especially attractive and accessible location for both visiting tourists and Las Vegas residents. P L A Y A VISTA In California, Summa is developing Playa Vista in a joint venture with Maguire Thomas Partners and JMB Realty. The sprawling THE FASHION SHOW MALL, CONSIDERED BY MANY TO BE THE MOST ELEGANT SHOPPING ADDRESS IN LAS VEGAS LUXURY SHOPPING, LAS VEGAS OFFERS EASY CALIFORNIA, CHOSEN LAS VEGAS ACCESS FOR BUSINESS FOR ITS PRIME T W E N T Y - T H R E E MORE THAN 270 SPRAWLING PLAYA VISTA COMMUNITY IN CALIFORNIA ARE PRESERVATION OF 950-acre mixed-use community in west Los Angeles is one of the largest and most valu-able parcels of real estate in an urban setting anywhere in the United States. Playa Vista extends from the Pacific Ocean to the San Diego Freeway and lies between Marina del Rey and Los Angeles International Airport. The master plan calls for a full range of housing, office, recrea-tional, cultural, employment and commer-cial opportunities. Upon completion, Playa Vista will contain approximately 12,000 residential units, 5 million square feet of office space, 670,000 square feet of spe-cialty and neighborhood retail space, 2,400 hotel rooms and a variety of civic, cultural and other uses. More than 270 acres will be dedicated to restoration of the Ballona Wetlands and the protection of birds and other wildlife. A prime example of Summa Corporation's sensitivity to the environment. HOWARD HUGHES CENTER Howard Hughes Center is one of the largest master-planned, mixed-use developments in the prestigious west Los Angeles market-place. Conveniently located on the San Diego Freeway two miles north of the Los Angeles International Airport, the HOWARD HUGHES CENTER'S LANDMARK OFFICE TOWER, TYPICAL OF THE QUALITY THAT MARKS A L L SUMMA DEVELOPMENT PROJECTS THE LEAST TERN, PROTECTED SPECIES AT PLAYA VISTA LANDMARK OFFICE BUILDING AT HOWARD HUGHES CENTER, IN LOS ANGELES HOWARD HUGHES CENTER PROVIDES A SUPERIOR BUSINESS ENVIRONMENT TO MAJOR U.S. CORPORATIONS T W E N T Y - F O U R 70-acre Center offers unparalleled access and visibility. The master plan was designed to pro-vide a superior working environment and to facilitate pedestrian and vehicular traffic movement in and around the Center. The development will ultimately be com-prised of 2.7 million square feet of institu-tional quality mid and high-rise office buildings, the first of which is a distinctive sixteen story tower completed in 1987. Com-plementing the business environment will be 600 hotel rooms, an executive health and athletic club, business related retail services and a variety of restaurants. These are the primary properties from Summa Corporation's diversified devel-opment portfolio. In addition to those described, Summa owns interests in numerous other properties, including busi-ness parks, office buildings, mixed-use projects and undeveloped land holdings in Southern California and Las Vegas. It can be said that virtually all Summa developments have three common traits: they are long-range, multi-phase and investment-quality. Building on the tradi-tions established by Howard Hughes him-self, Summa will be opportunistic when opportunities present themselves but will always focus on long-term, well-planned developments rather than on quick turn-around projects. Currently, build-out times for Summa developments range from 10 years to 50 years. True to the best Howard Hughes tradi-tions, Summa will strive to be selective?to be the best rather than the biggest. THE SIGNATURE COURTYARD AT PARK 2000, A 120-ACRE MIXED-USE CENTER IN LAS VEGAS IMPORTED PALM TREES, ONE OF SUMMA'S LANDSCAPE SIGNATURE STATEMENTS BUILDING ON TRADITION, SUMMA MOVES FORWARD WITH DEVELOPMENT LONG-TERM PLANS INCLUDE RESPECT FOR THE ENVIRONMENT ACKNOWLEDGEMENTS SOURCE MATERIALS AND PHOTOGRAPHY CREDITS Narrative: Servoss-Barnhart Public Relations Historical data and references contained in this narrative were compiled from the following sources: Exclusive interviews with William R. Lummis, Chairman, Summa Corporation Exclusive interviews with John L. Goolsby, President, Summa Corporation Exclusive interviews with Vernon C. Olson, Senior Vice President, Summa Corporation Howard, The Amazing Mr. Hughes by Noah Dietrich and Bob Thomas, Greenwich, Conn: Fawcett Publ. (1972) Empire: The Life, Legend and Madness of Howard Hughes by Donald L. Barlett and James B. Steele, New York: Norton (1979) Howard Hughes by John Keats, New York: Random House (1966 & revised in 1972) Photography Credits: Portrait, Howard Hughes: The Hughes Corporation Sharp-Hughes Tool Company: United Press International Howard Robard Hughes, Sr.: Archives Division, Texas State Librarv Allene Hughes with Howard: Liberty Library Corporation, reprinted from "Empire Hughes Drill Bit: Wide World Photos "Welcome to Las Vegas": Las Vegas News Bureau Desert Inn: Las Vegas News Bureau Least Tern Bird: National Audubon Society, Bill Beebe Archival Photography: The Hughes Corporation ? Copyright 1990, Summa Corporation Architecture/Landscape/ Interior Shots: Jay Simon Photography S U M M A C O R P O R A T I O N 3 8 0 0 HOWARD H U G H E S PARKWAY LAS V E G A S , NEVADA 8 9 1 0 9 T E L E P H O N E : ( 7 0 2 ) 7 9 1 - 4 0 0 0