Istithmar PJSC launches Istithmar Hotels

Notes and media contacts

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.

For further information, please contact Ghada Kammoun/Jaya Joshi, Bates PanGulf PR, Dubai, UAE, Tel: +9714-295 3456 Fax: +9714-295 1027