Istithmar PJSC has announced 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 as well as a large international hospital to be managed by Bumrungrad, the Thai quoted healthcare company. 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”.
