Word: tisch
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Dates: during 1960-1969
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President Kennedy was busy, so the owners of the Summit, a brother team named Larry and Bob Tisch, settled for the last best thing, Mayor Robert Wagner, and a monster cocktail party with a flack-picked guest list. The kings, if any, have yet to make their appearance, the chauffeurs' waiting room has given way to a drive-yourself rental agency, and as for the late Mr. Bagby, he was not even replaced by Muzak. The one link to the Waldorf era: Claudius Charles Philippe, for many years the Waldorf's shrewd general factotum, is now the Tisches...
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...
Skeptics believe that Larry Tisch will find it hard to turn a profit on Manhattan hotels 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...
...Tisch got into the hotel business when his father, a New York manufacturer of boys' clothing, gave him $125,000 to invest after he had graduated from New York University (at 18) and spent three years in the Army. He bought the drowsy Laurel-in-the-Pines resort hotel in Lakewood, N.J. with a partner, attracted guests by refurbishing it and using promotion stunts (one: importing three reindeer from Finland). He made so much money the first year that he bought out his partner...
While luring guests into his hotels with conspicuous luxury, Larry Tisch has little use for it in his own life. He lives with his wife and four children in a ten-room house in suburban Scarsdale, commutes by train, neither drinks, smokes, nor indulges in any steady hobby. He often works late into the evening, spends his free evenings at home or at Broadway plays or movies (twice a week) with his wife, works hard in fund-raising and community affairs. Larry Tisch is shocked by any suggestion that he might like to relax and enjoy his money. "This...