Iberostar records 10% turnover rise

Iberostar has posted a 10% increase in turnover of more than EUR1 billion (GBP853m) for 2012.

The Spanish hotel chain said its reach into outbound markets aside from its home nation had helped it register GBP887m, as Spain’s economy continues to affect consumer spend.

Its numbers were helped along by new openings in Mexico, Latin America and the Caribbean although the UK market has contributed towards “sharp growth” in its hotels in the Balearics, Andalusia and Canary Islands.

The company now plans to spend GBP70m in its expansion this year including a new property in Litibú, Mexico. Renovations will be taken out at the Cayo Coco, Daiquiri and Tainos properties in Cuba as well as its Jardín del Sol Suites and Isla Canela properties in Spain.

Construction will start on its new complex in Colombia (named Cartagena de Indias) with the hotel chain also focusing on its expansion into key tourist cities. 

By Amanda Greenwood, 11 February 2013, Monday 3:25 PM