Page 271 - The New Gold Standard

Sustainability and Stewardship
predicted we’d be out of business in short order given that we
were trying to open a $100 million hotel in a city with 20,000
permanent residences, we made it. In fact, we built a business by
catering to the board meetings of Fortune 500 executives. Not
only is the $17 million land purchase worth millions more to-
day but in addition, we were catalytic to the growth of that vi-
tal beachfront community and the lifting of property values
overall.”
Past president and cofounder of The Ritz-Carlton Hotel
Company Horst Schulze was also involved in the site procure-
ments: “We knew we were going to create hotels that were com-
mitted to excellence. I am not sure that we fully understood the
impact those hotels would have on creating communities. I
laugh when I think about the land I personally could have pur-
chased near our new properties if only I had been that smart.”
Communities with Ritz-Carlton hotels not only benefit in
increased property values but also in the pride, job creation, and
improved standard of living they afford their employees. Jennifer
Oberstein, area director of public relations at The Ritz-Carlton
Hotels of New York and Boston, speaks specifically to the issue
of community pride associated with the opening of The Ritz-
Carlton New York, Battery Park, hotel on January 9, 2002: “We
were the first new building to open in Lower Manhattan after
the September 11, 2001, terrorist attacks on the World Trade
Center. It was an incredibly emotional day, at a difficult time.
The opening drew a crowd that more than filled our ballroom.
Since Mayor Bloomberg’s inauguration, this was the first time
he and Mayor Giuliani appeared together. They both spoke at
the event and cut our ribbon along with Joe Torre, then general
manager of the New York Yankees, who was our first guest. That
opening was symbolic; it was uplifting; it was a time to say that
we’re here and we remember, but we will move forward.”
Businesses like Ritz-Carlton do move communities forward
in many ways, including through the lasting impact of job cre-
ation. President Simon Cooper shares, “Sometimes it’s daunting

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