IBEROSTAR Hotels & Resorts closes 2010 with a turnover of €881 million, representing 9% increase over the previous year. Currently, the Spanish hotel chain has a portfolio of 101 hotels, 67,400 beds and over 21,000 employees in the countries where it operates.

Novelties 2011: New Openings

Throughout the year, IBEROSTAR Hotels & Resorts plans to open 7 new hotels, which will reinforce its presence in the best holiday destinations of the world.

Looking forward to the investment foreseen for 2011, the company will maintain the levels of last year and will spend €45 million to keep renewing its portfolio of hotels, in order to maintain its commitment to quality.

The seven new openings will take place in countries where IBEROSTAR is already present. In Spain, next spring two 4 *hotels will open in a new destination, Malaga. Internationally, the chain will also open next spring a hotel in Crete (Greece) and three new hotels in Cuba throughout the year, an urban resort 5 * hotel located in the center of Havana and two new 4 * resorts of in Cayo Coco.

Expansion plans

In addition, IBEROSTAR Hotels & Resorts will continue its expansion along 2011 with new urban and resort holiday projects in those countries where it is already established such as Mexico, where new investments are envisaged in the Pacific coast and in the Cancun area; and Cuba at Playa Ancon, near Trinidad. Also, the hotel chain plans to develop several projects within the urban holiday sector in new destinations such as Cartagena de Indias (Colombia) and Buenos Aires (Argentina).

For IBEROSTATE, the real estate division of Grupo Iberostar, 2011 is a year of consolidation and development. In 2010 they have started to sell residential units in the Dominican Republic, Mexico and Brazil and, this year is expected to continue to build following the rhythm that sets the market in the three destinations.