Word: tisch
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With his brother Preston Robert Tisch, 34, Larry Tisch has run up a $65 million fortune in real estate, mostly by building, leasing and selling hotels from Florida to New York. Now, as chairman of Loew's Theaters Inc. (no theaters), he is moving the sluggish old theater chain into new real estate ventures-beginning with some changes in the Manhattan skyline...
...good measure, Tisch is also building two luxury motels on Eighth Avenue in midtown Manhattan, a third in Washington, D.C. If his new hotels live up to his standards, they will be lighter, gayer and more modern than most, will not try to ape foreign hotels. "An American waiter in a French-style hotel," says Tisch, "just doesn't look authentic...
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...