Iberostar to Invest €102 Million in 14 New Hotels in 2005

Iberostar Hotels & Resorts’ expansion plan in 2005 includes the opening of 14 new establishments, bringing the tally to 92 facilities and 61,650 rooms in all.

The Spanish company plans on pouring as many as €102 million in the building of new hotels and over €28 million in refurbishment works in the course of the ongoing year.

All through 2004, Iberostar opened nine new lodgings, two in Lanzarote, two in the Caribbean (Mexico and Cuba), three on the Greek islands, one in Bulgaria and another one in Tunisia.

Iberostar’s expansion plan is zeroing in on those destinations where the Spanish giant already owns properties, though it’s drawing a bead on a couple of new spots: Montenegro and Brazil. In addition, the chain is currently building a fancy resort in Jamaica that may be officially opened in 2006.

Iberostar‘s revenues totaled €593 million in 2004, up a whopping 25 percent from the year before when it came in for €475 million in profits.