Yup yup...Gabe is right (I never doubt him, though really LOL). Ensete Ventricosum 'Maurelii' or the Red Abyssinian banana. Definintely NOT what is pictured on the tag. They're great plants though. They get up to 20 feet tall.
Here's a link to the wiki page for more information. I have one myself. I've heard the sun kinda reduces their red coloring and that they are more vibrant in partial shade. I know mine faded a lot when I moved it outside...we'll see what the winter does for it!
I'd keep it quarantined till you can get rid of the spider mites. I've heard insecticidal soaps will do the trick fairly well. Best of luck!