Word: loewe
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Dates: during 1960-1969
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Goldwater told the 2500 people who filled Loew's Theatre here that the West's critical error in Berlin was allowing the wall separating the two sectors the city to be built. "The decision to push over that wall would have been silly," he admitted, "but we would have emereged the victors...
Construction is under way on Manhattan's East Side (at 51st Street and Lexington Avenue) for a new Loew's-owned, 800-room luxury hotel - the first hotel to be built in Manhattan in 30 years. Ground was broken this week on Manhattan's West Side (Seventh Avenue between 52nd and 53rd Streets) for a new Loew's hotel, to be called the Americana of New York. It will be the world's tallest hotel (50 stories) and one of its largest (2,000 rooms) and most luxurious, with restaurants and banquet halls that...
...With a Loew's kitty of $20 million, Larry Tisch is searching for new acquisitions that may take the theater firm into real estate, manufacturing or radio and TV as well as hotels. Tisch is demolishing several theaters in order to lease the land or put up new buildings. Yet he does not intend to take Loew's out of theaters, is looking for new sites to lease on the grounds that TV's "deteriorating quality" will drive more and more people to the movies...
...that are costing $20,000 a room to build. He replies that the skeptics are still thinking in terms of the '30s, points out that he has already booked 75 conventions into the unbuilt Americana. He has no intention of running profitless operations. In only a year as Loew's chief stockholder (he served as chairman of the executive committee before becoming company chairman and chief executive last month), he has cut costs and improved business so much that the firm's earnings will be up 33% this year over last, to about $1 a share...
...Tisches sold the Americana last April to put their money into higher-paying investments, immediately leased it back. They have also built two luxury motels in Atlantic City, but intend to make most future acquisitions in the hotel-motel field through Loew's. They had been large stockholders in Loew's Inc. before the court-ordered separation of the theater corporation in March 1959 made it a separate company. Early this year they got control (they now own 650,000 shares) of the theater firm...