Bob Tisch treated everyone with respect. He treated them as individuals. He created opportunities for people to grow their careers. Once again, that is a value that did us well historically, but it’s also something we try to incorporate as we run the company today and for the future. His portrait -- and Larry’s -- hang in our boardroom, so they are never far from us emotionally, or even, in a sense, physically.
Larry Tisch was the type of dealmaker that would give up a little on the up side to protect the down side. That is just a basic value that can stand you in very good stead, whether it’s the 1980s when Loews Corporation was growing, or whether it’s 2007 when we’re continuing to look at new opportunities.
These were two guys from Brooklyn who, with their intelligence, honesty, hard work, risk-taking and vision, took what they were given – which in fact wasn’t much – and turned it into one of our country’s great success stories. And along the way, they never forgot their roots and they provided opportunity for countless people, families and communities. They were incredible role models and left a legacy that my cousins and I try to honor everyday.
In the 80’s and 90’s we passed on opportunities that would have allowed us to extend our brand to other cities. Today, I go to places like Chicago, Boston, Dallas, and San Francisco and wish we had hotels in those communities. I can walk down the streets in these cities and say, “you know, we had a chance to partner on that property.” The frustration is that we didn't extend our brand at a moment in time where it would have been much more economical than it is today. The barriers to brand development today are enormous.
Today a customer revolution is taking place all around us. The consumer is bombarded with images, products, marketing and choices. No matter what your business is, competition is fierce and customer loyalty is fickle. To be successful in the 21st century, you must create a relationship with your customer. And if you do that successfully, you can build life-long loyalty. In order to do that, you must stay connected with your customer and we do that by constantly seeking direct feedback but also by investing in focus groups and more sophisticated means of study. We know that the Loews Hotels customer wants a supremely comfortable, vibrant and uniquely local experience – and that’s what we deliver at all our destinations.
Loews Hotels is relatively small so we look to partner with others to help extend our reach and our brand. Emeril is not only a great chef and first-class operator, he shares our values on how to treat employees and customers. And neither of us view our business as simply serving a meal or providing a room to sleep in - we create experiences for our guests. Emeril has two very successful restaurants at Loews Hotels – one at the Loews Miami Beach and the other at the Loews Royal Pacific Resort in Orlando.
The tourism industry in NYC is a cornerstone of our economy and vital to our future. In 2006, it generated almost $25 billion in revenue, supported 380,000 jobs and yielded $1.9 billion in tax revenue. In fact, every NYC household saves over $950 in state and local taxes because of it. That’s why it’s important – particularly as we move from a manufacturing-based economy to a service sector one - that the private sector and government work together to support this vibrant and growing industry. Through NYC & Company, the city’s tourism and marketing agency that I’m privileged to chair, we bring together the airlines, hotels, retailers, cultural attractions and work closely with Mayor Bloomberg and his administration to attract visitors from across the country and around the world. We’ve opened offices overseas and launched the first international, multi-media marketing campaign. In 2006 we welcomed a record 43.8 million visitors and we are on track to achieve the Mayor’s goal of 50 million by 2015.
While I am very flattered that people have encouraged me to run for Mayor of NYC, I don’t have any plans to seek elected office. I firmly believe in public service and also believe individuals from the private sector have a lot to add to the discussion. But for me, at this point of my life, there are other ways I can effectively contribute to make this an even better city and this an even better country.
Political science is the study of individuals trying to make the world better, but also trying to have diverse peoples get along. And so for me to be a political science major was a natural for me. A lot of what we do in the business world is based on politics and on creating a landscape where people can speak what’s on their mind—and by surrounding yourself with people who can make you successful, and you in turn help them be successful. All of that comes back to an understanding of politics, an understanding of people, and trying to make sure that people can work together towards the greater good.