Iberostar Reports 7.8 Percent Increase in Global Revenue for 2011

Iberostar Hotels & Resorts announced results for 2011, highlighted by global revenues of approximately 950 million euros, a 7.8 percent increase from the previous year. The leading Spanish hospitality chain also shared details of a series of investments and expansions executed in 2011, as well as those planned for 2012.

Currently, the brand has a portfolio of more than 100 hotels, 67,000 beds and over 21,000 employees in 15 countries worldwide. In line with previously announced plans for thoughtful global expansion and a strong commitment to quality, nine hotels were added to the Iberostar Hotels & Resorts portfolio in 2011.

The brand developed its already strong presence in Spain, with the opening of two four-star hotels in Marbella and Malaga in spring 2011. Additional properties were added, including a hotel in Crete, Greece, and three new hotels in Cuba -- an urban resort five-star hotel in Havana and two new four-star resorts in Cayo Coco.

Iberostar Hotels & Resorts also invested over 79 million euros in the acquisition and refurbishment of the beachfront Hilton Cancun Hotel in Mexico, renamed Iberostar Cancun.

This new 100 percent-owned hotel is a reflection of the firm international growth achieved by Iberostar Hotels & Resorts in its commitment both for expanding in new destinations and for strengthening its presence in already established countries such as Mexico, where the chain now operates nine hotels.

Iberostar Cancun opened its doors Dec. 1, 2011. Further, over 51 million euros was dedicated to the refurbishment of current properties in Spain and the Caribbean.

In 2012, Iberostar Hotels & Resorts expects a number of new additions to the brand portfolio in Europe and Latin America. During the first quarter of 2012 and upon completion of all legal and financial procedures required, the acquisition of five hotels belonging to Thomas Cook in Spain is expected.

Through the 94 million euro agreement announced in November 2011, Iberostar Hotels & Resorts will fully own and operate the following hotels -- the Royal Cupido, Royal Cristina and Royal Playa de Palma in Majorca; the Royal Andalus and Andalucía Playa in Cádiz; and the Novo Sancti Petri Golf Club.

Furthermore, in Latin America, additional vacation and urban properties are slated for development in 2012 on the Pacific Coast, Playa Ancon, Cuba, Cartagena de Indies, Colombia, and Buenos Aires, Argentina.