Tisch School of the Arts, Tisch Hospital... in New York City, the Tisch name is everywhere. The family owns holding company Lowes corporation, and recent estimates put their wealth at $21 billion.
That, dear readers, makes them a very wealthy, powerful American family.
But unlike some of the families we've written about before (The Astors or Vanderbilts), their wealth can't be traced back to the 1800s. Theirs is the story of two Brooklyn brothers who started out with one hotel, then added to their empire as America was booming after World War II.
And they just kept adding.
The family wealth started with Brooklyn brothers Laurence and Preston Tisch
Preston Robert "Bob" Tisch was born on April 29, 1926 and his brother Laurence Alan "Larry" Tisch was born on March 5, 1923.
The brothers come from the Bensonhurst neighborhood and their parents were Russian immigrants.
"My parents were middle class and like everybody else in Brooklyn at the time, they worked hard and tried to move up the scale," Mr. Tisch said in an interview with Newsday in 1991.
Larry made his first investment after graduating from NYU and Wharton. It was a winter resort.
He bought the place for $125,000 with seed money from his parents. Bob joined him in the business 2 years later after a stint in the Army and graduating from the University of Michigan.
After that, the brothers started buying up hotels like crazy.
After buying properties in New Jersey and New York, the Tisch brothers solidified their place in the American hotel business by building the $17 million Americana Hotel in Bal Harbour, Florida. They paid for it in cash and it was sold to Sheraton in the 1970s.
After that deal, they acquired big name hotels like the Mark Hopkins, the Drake, the Belmont Plaza, and the Regency.
Speaking of The Regency, Rob Tisch is crediting with coining the term "power breakfast" for his early morning meetings there.
See the rest of the story at Business Insider
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