Istithmar Hotels, the recently-launched subsidiary of Istithmar, today announced the strengthening of its executive management team – an initiative that would enable it to leverage its dynamic business model and energize growth within the hospitality vertical.
The newly appointed members include Alex Mavridis as the Executive Director-Asset Management, Binod Narasimhan, Chief Financial Officer, Andrew Lavoipierre, Executive Director-Operations and David Atkinson, Executive Director-Business Development. This move will bring together proven management expertise and enhance Istithmar Hotels’ competitive position in the global hospitality landscape.
Commenting on the appointments, Joe Sita, Chief Executive Officer of Istithmar Hotels, said, “The strengthening of our team is an integral part of Istithmar Hotels’ aggressive plans to scale up its presence in the sector and tap into the enormous potential existing within the hospitality industry. The new members infuse rich talent into the company, reinforcing its ability to own and manage key assets in the sector. I welcome them to our growing team.”
Alex Mavridis adds tremendous value to Istithmar Hotels, bringing 26 years of expertise across various industries, his last position being General Manager for Grand Hotel Management in Australia.
Binod Narasimhan joins Istithmar from Qatar National Hotels Company where he was Director-Finance, working extensively in corporate finance, financial and strategic planning, providing support for start-ups and asset management.
Andy Lavoipierre will join Istithmar from Cendant Hospitality where, as a General Manager, he was responsible for overseeing offices across the region.
David Atkinson will bring to Istithmar over 12 years of rich experience in the Middle East spanning sales and marketing activities of the Holiday Inn, Crowne Plaza, and InterContinental brands in the region.
Istithmar Hotels owns and manages significant hospitality investments on behalf of Istithmar in Kerzner Group (Atlantis and One and Only Luxury Resorts). It has also signed a master franchise of easyHotels and recently acquired the Knickerbocker Hotel in New York. Istithmar Hotels will be announcing further developments soon.
About Istithmar :
Istithmar is an alternative investment house based in the United Arab Emirates. 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.
Istithmar’s investment portfolio comprises over 30 companies globally with equity investment in excess of USD 1.8 billion. It currently focuses its activities in four industry verticals – Consumer, Financial Services, Industrial and Real Estate.
About Istithmar Hotels:
Istithmar Hotels, a wholly owned subsidiary of Istithmar, was set up in April to manage Istithmar’s investments in the hospitality sector.
