About Benjamin Tisch
In April 2021, Tisch described the recovery in the lodging industry as "a bit uneven," noting that resorts and high-end luxury properties were performing well while business travel, meetings, and international travel remained "problematic." He stated that Loews Hotels was "strongly encouraging" team members to get vaccinated and that the company was offering an extra day off as an incentive for those who became fully vaccinated. Tisch also said he was "very much pro-vaccination" and had received his first shot in December 2020. He mentioned that the company was in discussions with the Biden administration about reopening borders and avoiding mixed messaging, citing a discrepancy between State Department and CDC travel advisories.
By November 2021, Tisch said the business was "coming back" with strong numbers in most markets, though he noted it would take time to return to 2019 levels. He attributed hiring difficulties to factors including the "Amazon effect" in some markets, where fulfillment centers offered higher wages, and said the company was offering incentives such as benefits for referring family members. Tisch stated that wages were rising on a market-driven basis and that the company was raising room rates where demand allowed. He expressed optimism about the return of business travel, citing JPMorgan Chase CEO Jamie Dimon's view that it would resume, and said that while the timeline was uncertain, the industry would eventually return to accustomed levels.
Source: AI-verified profile updated from Benjamin Tisch's recent appearances.
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Transcript (6 segments)
I
Interviewer0:10
What is happening in terms of bookings? It seems like day by day the economy is getting stronger.
B
Benjamin Tisch0:17
It is a day-by-day experience for all of us in the lodging and travel industry. Things are getting better, but we should also note that it's a bit uneven. Resorts are doing well, high-end luxury properties are doing well. The airlines are adding capacity for the summer. The cruise lines look forward to launching their ships again in July/August. So there are very positive signs that we're seeing. But with the lack of business travel, with the borders still closed, a couple of the demand generators that are really important to us—meetings, business travel, international travel—they're still problematic. The State Department said there are something like 80 countries that you shouldn't travel to. That doesn't exactly jive with what the CDC is saying. So we are working on it, we're making progress, we're getting there, but we have a long way to go. This has been a really difficult 14 months.
I
Interviewer1:27
I hadn't thought about the geopolitics and the impact that might have on hotel bookings. That's a really interesting point. Let me pivot and ask about at least in this country with the hotels reopening, again with occupancy much lower than you'd like it, but now that we're looking down the summer, I don't know what the status is for a lot of the workers typically coming to help with hotels and other seasonal businesses. But are you able to get the workers you need and what's going on with wages?
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Benjamin Tisch1:54
Once again, it depends on the market. Miami Beach is the market that has come roaring back. So depending on the market, depending on the ability to find workers, there are some instances today where it is challenging. I know that Tillman referred to it a couple of days ago. Other markets, people are coming back. Let's keep in mind that we had a massive amount of unemployment in the travel and tourism industry. Some 5.8 million people were out of work during the height of the pandemic. 3 million of them are still looking for jobs. So, yes, there are markets where we need to find people, and especially here in New York as we're now reopening. Restaurants are reopening. The governor two hours ago said around those headlines, that it's not happening like that everywhere, that it's maybe more uneven now than it would seem.
I
Interviewer3:16
I'm curious because we were just speaking about this. Are you going to require vaccinations for any of your employees, whether at the corporate office or in your hotels, in order to return to work? Do you think that's necessary, especially in a business where some of your guests, for instance, might be squeamish about who they're going to come into contact with?
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Benjamin Tisch3:35
I'm going to use the two words referenced in your earlier piece, and that is we are strongly encouraging our team members to get vaccinated. I am very much pro-vaccination. I got my first shot in December. We are messaging to our team members they are vital to what we do as a company. We think this is the right thing to do. We are giving them a bit of an incentive. The industry is dependent on our team members. We want them to be safe.
