Istithmar PJSC announces the launch of Istithmar Hotels FZE —a 100% owned subsidiary formed by Istithmar for its investments in the hospitality and leisure sector. The launch announcement also marks the appointment of Joe Sita as the CEO of Istithmar Hotels.
Istithmar Hotels is currently anchored with investments including a significant investment in Kerzner Group (who develop and operate One and Only Luxury Resort hotels). Other investments include the development of a USD 1.5 billion, 2000 room Atlantis on The Palm Island, Dubai as a luxury resort, and the development of a major mixed use project, Canal Point, also in Dubai, which will include a luxury hotel. In the coming few weeks, Istithmar Hotels expects to announce an exciting new concept in budget hotels for the Middle East, as well as significant acquisitions in key gateway cities internationally.
Commenting on the launch, Muneef Tarmoom, CEO of Istithmar, said: “The creation of a separate, specific hotel platform for Istithmar is extremely exciting. Istithmar Hotels embraces our philosophy of letting ideas drive our investment process. Our idea in the hotel sectors is to focus our hospitality related investments at the very top end as well as the budget end, eschewing the mid-market hotel sector which we believe to be highly competitive and generally lacking innovation. The strategy will be to leverage Istithmar Hotels’ resources and expertise to consider investment opportunities on a localized and case specific basis.”
Welcoming Joe Sita as the new CEO of Istithmar Hotels, Tarmoom said: “I am confident that Joe’s extensive industry and regional experience will provide strength to Istithmar Hotels’ viability and future success”.
An industry veteran with over 25 years of experience in the hotel industry across the Asia Pacific region, Joe Sita will be overseeing the operations of Istithmar Hotels worldwide.
On his part Sita stated: “Istithmar’s commitment to the projects in the hospitality sector is in line with its plans for strategic expansion and will lead to its advancement in the country, the Gulf region and other international markets. I feel privileged to have been entrusted with this role and look forward to leading an exceptional team of industry professionals in this endeavor”.
About Joe Sita
Sita has over 25 years experience in financial, operational and development positions within the hotel industry, gained with organizations such as Accor and Southern Pacific Hotel Corporation. In addition to his extensive experience in hotel development, Joe has held various senior positions throughout his career in the hospitality and tourism industry, including General Manager, Director of Finance, Director of Operations and as CEO of a vacation ownership company.
Sita, an Australian national, is a graduate from Sydney Technical College. His last assignment was with the Singapore based Carlson Hotels Asia Pacific as Executive Vice President Development. In his role, Sita led the development efforts of Carlson Hotels in the Asia Pacific region, overseeing development offices in Singapore, Sydney and Shanghai.
About Istithmar
Istithmar PJSC is a major alternative investment house base in the United Arab Emirates focusing on private equity, real estate and other alternative investments. Established in 2003, Istithmar was created with the key mission of earning exceptional returns for its investors while maintaining due regard for risk.
Istithmar, which means investment in Arabic, applies global expertise with local insights to coordinate the appraisal and implementation of various opportunities. Istithmar’s ‘I’ investment philosophy is based around three core principles -- Ideas, Inquiry & Integrity -- sets the foundation for the firm which has a broad portfolio of highly successful companies in markets from North America to Europe to Asia to the Middle East.
Established with an initial investment capital pool of $2 billion, Istithmar has, to date, invested in [30] companies deploying approximately USD 1.5 billion in equity capital. It currently focuses its activities in four industry verticals – Consumer, Financial Services, Industrial and Real Estate. Istithmar will enhance its own existing capital pool of $2 billion through partnerships with world-class corporations and other leading providers of capital, the creation of investment funds and leverage.
