Spanish hotel chain Iberostar saw turnover increase to €2.03 billion for 2016, up ten per cent on the previous year.
Its international presence, which extends to 30 countries, and its ongoing commitment to quality are the key factors behind these excellent results, the company said in a statement.
Iberostar celebrated its 60th anniversary last year, while also completing the acquisitions of W2M and Almundo.com.
Iberostar Hotels & Resorts, the group’s hotel division, enjoyed steady growth throughout the year both in EMEA and America.
In 2016 Spain continued to lead the field in terms of Mediterranean destinations, and the year closed with record figures both in occupancy rates and results.
The Canaries, Balearics and Andalusia registered their best year ever in terms of occupancy rates and RevPAR, ranking higher than many other European destinations.
The results are attributable to a sharp hike in demand in the Spanish market and the continued upward trend in traditional outbound markets such as Germany and the UK.
Average occupancy for the division stands at well over 80 per cent.
As for America, both Mexico and the Dominican Republic stand out for their steady growth in occupancy, rates and profitability.
Cuba, one of the Group’s key strategic targets, also registered a rise in rates and profitability.
In 2016 the chain embarked on an ambitious investment programme with a twofold objective.
Firstly, the opening of hotels in new destinations such as the USA and Ibiza.
Secondly the renovation and modernisation of a number of hotels, bringing them up-to-date with guests’ changing needs and in line with the company’s quality standards.
As part of its profit reinvestment policy, in 2016 the company allocated more than €90 million to the renovation of numerous hotels included in its portfolio in various parts of the world.