CONSTRUCTION: Comeback

When he bought control of Los Angeles' Ambassador Hotel, Multi-Magnate J. Myer Schine (movie houses, hotels, real estate) thought he had a plush as well as a profitable property. It was profitable, all right: the net matched his investment of $1,600,000 in less than two years. But after Schine invited Designer Norman Bel Geddes to look the place over last summer, he changed his mind about the plushness.

Geddes found the 500-room hotel, with its swimming pool, junior-size golf course and famed Cocoanut Grove cabaret, completely lacking in "coherence and good taste." The hotel's circular marquee looked to him like...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!