As president of IFA Hotel Investments (IFA HI), Joe Sita has two main responsibilities: to develop the company’s core business of asset management in emerging markets and to manage the growth of Yotel, the new hotel brand that IFA HI parent company IFA Hotels & Resorts owns an 85% stake in.
In May this year, Sita achieved a landmark opening for the company, launching the first city centre Yotel, in New York.
He said there are opportunities for the brand in London and that he is looking for strategic partners to expand Yotel in Asia, Europe, Africa and the Middle East.
Aside from the Yotel arm of the business, Sita remains focused on IFA HI’s core business of asset management in emerging markets.
In 2011, the company will open Mövenpick Jumeirah Lakes Towers and in 2012, will launch the Fairmont Hotel and Residences on The Palm Jumeirah.
Sita first entered the Power 50 in 2009 in his previous position as chief executive officer of Nakheel Hotels, which at the time had accumulated an impressive global hotel property portfolio.