Billionaire Tilman Fertitta Reveals His Plans for River Oaks District, Stays Mum On Ambassador to Italy Reports and Dispels Other Rumors

As a billionaire in the high-profile hospitality industry, Tilman Fertitta deals with his share of both sourced reports and speculation, none more interesting to date than that he is Donald Trump’s first choice to be the U.S. ambassador to Italy. “No comment, yet” he coquettishly responded to the latest PaperCity query. But Fertitta is forthcoming on the changes he is instigating in luxe River Oaks District, which he purchased last March.

As we sat down in his 30th floor office in the Post Oak Hotel, Fertitta allowed that improvements have already begun and more are in the works. Observant shoppers and diners will notice improved landscaping and a reduction in the fading red seating areas. And there is the long list of store expansions and new tenants that have those in the retail/restaurant business buzzing.

“This a trophy asset and it will always be in the family. So any decision we make is always going to be very longterm and never to sell,” Fertitta tells PaperCity. “When you don’t have to make short term decisions because it’s the best economically, you can always make really good decisions when they’re longterm decisions.”

The Fertitta Entertainment team is carefully stewarding this $450 million investment that covers almost 14 acres and is home to more than 60 international, luxury flagship brands. Despite his vast holdings and having his personal wealth measured at $10.4 billion, Fertitta is very much hands on with River Oaks District.

“He’s extremely detail oriented in every aspect of the operation,” says Robert Bernard, a Ferttita director of real estate and asset manager for River Oaks District. Bernard notes that despite the number of queries from retailers coming in almost daily, “We’re being selective in who we want to go talk to in order to make this a perfect project, a perfect base to progress from.”

Progress from that “perfect base” refers to the adjoining 3.4 acres at Westheimer and Westcreek, which Tilman Fertitta purchased in April and has destined to be Phase 2 of River Oaks District.

River Oaks District’s Fresh Canvas

“What we’re looking at is, we’re kind of starting all over.  . . .We’re working on a design right now and we’re talking to certain tenants because it’s kind of a canvas right now,” Fertitta tells PaperCity. “We want it to be very special.”

Those who have found the decorative pinnacles that flank both the north and south entrances to the development as an eyesore can rejoice as Fertitta also finds them objectionable just as he considers the wrong-headed branding of the center from the previous owner as bad form. He intends to bring back the emphasis on River Oaks and no more labeling it as The DISTRICT. The valuable River Oaks moniker will soon have the lead position.

“It’s all about quality and luxury and being the best possible,” Patrick Fertitta, director of Fertitta Entertainment, adds. “I think the attention to detail comes from the hospitality background trying to provide a five-star experience at River Oaks District just like you would get at a five-star hotel or at a high-end restaurant. And that’s where the immediate impact is.”

Indeed, as Tilman Fertitta likes to note of the River Oaks District acquisition and his highly rated Post Oak Hotel, “The two play off of each other. That’s where our customers go and shop. It’s luxury and luxury three minutes away. The top shopping district and the top hotel.”

Dealing With High-Profile Speculation

Are most billionaires as subject to the rumor mill as Fertitta?

“I would think when you’re high profile in a city, you probably are,” he answers. “But a lot of people aren’t in the type of businesses that I’m in. I’m in the entertainment business, restaurants, hotels, aquariums, boardwalks, sports, philanthropy and politics.”

Here are some rumors Tilman Fertitta is dispelling now:

— Toulouse is not moving out of River Oaks District. Tilman scoffs that the restaurant that earns $12 million a year is going nowhere.

— Bari will not be moving when the lease expires and Grotto will not be staking a claim there. “That’s just ridiculous,” Tilman Fertitta says.

— Fertitta has no plans to place one of Landry’s restaurants in River Oaks District.

— A Landry’s restaurant in Phase 2? “If I determine that it’s more important to have somebody else there that fits it better then that’s what we’ll do,” he says.

River Oaks District Growth

Since Tilman Fertitta purchased River Oaks District, the center has welcomed market exclusive stores such as Loewe and Brioni and first to Texas L’Agence and Adam Lippes. Opening soon are first-to-Texas Stefano Ricci and Biologique Recherche’s Ambassade, the first in the South.

Existing store expansions are impressive as prestigious global luxury jewelry brands Van Cleef & Arpels and Cartier are both further investing in their flagship stores and expanding their footprints in River Oaks District. Van Cleef into a larger 5,100-square-foot space, opening summer 2025. Cartier’s own expanded flagship will open around the same time.

The Fertitta team says to stay tuned for more new announcements that will be coming after the first of the year.