What smart money is saying about Seaport
2 funds in our archive have pitched Seaport, most recently Plural Investing in March 2025.
Seaport Entertainment Group Inc. owns, develops, and operates a portfolio of entertainment and real estate assets primarily in New York City and Las Vegas. The company operates through three segments: Landlord Operations; Hospitality; and Sponsorships, Events, and Entertainment. The Landlord Operations segment engages in the holding of ownership interests in and operation of physical real estate assets, such as restaurant, retail, office, and entertainment properties, as well as residential units. The Hospitality segment operates six fine dining and casual dining restaurants, cocktail bars, and nightlife and entertainment venues under The Fulton, Mister Dips, Carne Mare, Malibu Farm, Gitano, and The Lawn Club brands; and the Tin Building, which offers restaurants, bars, grocery markets, retail, and private dining experiences. The Sponsorships, Events, and Entertainment segment includes the Las Vegas Aviators Triple-A Minor League Baseball team, the Las Vegas Ballpark, the Fashion Show Mall Air Rights, Seaport events, and concerts, as well as various sponsorship agreements across the Seaport and the Las Vegas Ballpark. Seaport Entertainment Group Inc. was incorporated in 2024 and is headquartered in New York, New York.
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Position history
Between Q4 2024 and Q2 2025, 2 fund letters reported a position in Seaport, with 1 buy (opened or added) and 1 sell (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q2 2025 | 1 | 0 | 1 | 0 |
| Q1 2025 | 0 | 0 | 0 | 1 |
| Q4 2024 | 1 | 1 | 0 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 2 positions · 2 moves
- ExitedSpringview CMJune 2025
“In our last letter, we discussed three portfolio holdings that weighed on performance during the first quarter. Below is an update on each: Seaport Entertainment (SEG) We exited our investment in Seaport Entertainment during the second quarter.”
Seaport - New positionPlural AMDecember 2024
“Seaport Entertainment (SEG) Seaport Entertainment was spun out of Howard Hughes in July 2024. The company is a complex group of loss-making properties primarily in Lower Manhattan that Howard Hughes invested $1.5bn into. Seaport trades for a market cap of $340mm and has net cash. Our thesis is that a couple of the stabilized properties are worth most of the market cap, while the new and aligned management team will be able to turn around several of the other key buildings. We first invested in the company in Q4 at $27/shr, the stock trades at a similar price today, and we believe intrinsic value in three years is around $55/shr.”
Seaport
Fund coverage · 2 theses
- Plural InvestingMarch 2025
Seaport is significantly enhancing its value through effective management changes, including a long-term lease with Meow Wolf at Pier 17, which is expected to attract over one million visitors annually and boost surrounding businesses.
Read the full thesis - Plural AMDecember 2024
Seaport Entertainment is a newly spun-off company from Howard Hughes focused on revitalizing its valuable properties in Lower Manhattan, with an estimated intrinsic value growth projected over the next three years.
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