Iberostar Hotels to launch 7 new properties in 2011

PALMA DE MALLORCA, SPAIN Iberostar Hotels & Resorts reported €881 million in sales in 2010, a 9% increase over the previous year.

The Mallorca-based hotel company boasts a portfolio of 101 hotels and 67,400 guestrooms, with plans to add seven more hotels this year. New openings include a pair of 4-star properties in Malaga, Spain, plus three hotels in Cuba—one in city center Havana and two in the resort of Cayo Coco—and a hotel in Crete. Future expansion targets for Iberostar include Cancún; Playa Ancon, Cuba; Cartagena, Colombia; and Buenos Aires.

Iberostar also intends to spend about €45 million this year to renovate existing properties.

Iberostate, the company’s real estate division, has begun selling residential units in the Dominican Republic, Mexico and Brazil.