Iberostar Hotels & Resorts has reported turnover of €950 million for 2011, a 7.8 per cent increase on the previous year.

Currently the Spanish hotel chain has more than 100 hotels in 15 countries, 67,000 beds and over 21,000 employees in its service.

With the aim of maintaining a firm and steady growth, the chain opened nine new hotels in 2011 - including Iberostar Marbella Coral Beach; Iberostar Málaga Playa; and Iberostar Hermes in Crete.

Continuing its strategic plan for international development in 2011, the brand invested over €79 million in the acquisition and refurbishment of a five-star hotel resort in Cancún (Mexico).

The latest addition to the hotels Mexican portfolio, the IBEROSTAR Cancún opened its doors to guests on December 1st last year.

In November 2011, GRUPO IBEROSTAR also signed an agreement to acquire five Thomas Cook hotels in Spain.

The investment amounted to a total of €94 million and included the acquisition of the Novo Sancti Petri Golf Club.

The hotels acquired were; the Royal Cupido, Royal Cristina and Royal Playa de Palma in Majorca; and Royal Andalus and Andalucía Playa in Cádiz.

Throughout the year, the hotel chain invested €26 million in refurbishing establishments in Spain and a further €25 million in refurbishing hotels in the Caribbean.