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IBEROSTAR OFFICIALLY OPENS NEW IBEROSTAR CANCÚN HOTEL FOLLOWING $100 MILLION ACQUISITION AND RENOVATION

Grand Opening Ceremony with Brand Ambassador Antonio Banderas and

Miguel Fluxá, Executive Chairman of the IBEROSTAR GROUP

Cancun, (February 2, 2012) –IBEROSTAR Hotels & Resorts officially opened the new IBEROSTAR Cancun during an inauguration ceremony this morning with Miguel Fluxá, Executive Chairman of the company, and Antonio Banderas, Brand Ambassador since 2010.

The brand invested $100 million (€79 million) in the purchase and renovation of theIBEROSTAR Cancun after it closed its doors in August 2011 for the refurbishment of facilities. The goal was to enhance the property with theIBEROSTAR standards and quality reflective of the brand’s main pillars: service, restaurants and entertainment.

Miguel Fluxá, Executive Chairman, Grupo IBEROSTAR, stated, "The acquisition of IBEROSTAR Cancun solidifies our commitment to the destination as a primary business objective. The hotel's grand re-opening following several months of an extensive multi-million dollar renovations project highlights the brand's fundamental values of providing guests with outstanding quality and service."

Among the renovations made during these months, were the refurbishment of the main lobby areas and the lobby at the hotel bar, as well as construction of new terraces at the swimming pools. In order to enhance the gastronomic offering a new Grand Buffet was opened in addition to four new specialty restaurants: Gourmet, Japanese, Steak House and Mexican. With the aim of further developing entertainment offerings, a new stage/theatre was built for shows, as well as a new Mini Club for children including a water park and a Teenie Club for teenagers.

The result is the new IBEROSTAR Cancún, which officially opened its doors today. The 5-star hotel resort is located in the first line of the seaside and just 15 minutes away from Cancun Airport, aiming to become a landmark for tourism in the Caribbean, in both business and travel.

During the inauguration event, Brand Ambassador Antonio Banderas stated: “I am very happy to be here today inaugurating this fantastic hotel.” He added “IBEROSTAR is a brand with a very important international presence and a well-earned prestige with which I additionally share values, philosophy and a manner of understanding vacations.”

This hotel features 426 fully-equipped rooms and villas, including 16 junior suites and four master suites, a presidential suite and two beach suite villas. For times of leisure and relaxation, the hotel has seven swimming pools perfectly integrated within the garden setting, a professional football field, two tennis courts, and a luxurious spa, gym, and a beauty salon, among other services.

IBEROSTAR Cancun also features a 49,000 square-foot Convention Center with a versatile layout divisible into 22 meeting rooms and 60,000 square feet for outdoor event spacefor social events and activities. Further, the resort ishome to Cancun’s only 18-hole golf course, which offers stunning views of the Caribbean Sea.

Governor of the state of Quintana Roo, Roberto Borge, stated, "This grand opening is a landmark moment for the tourism industry in Quintana Roo. With a significant increase ofhotel rooms to the area, the new resort creates countless jobs and significantly stimulates the regional economy." He also shared his appreciation for IBEROSTAR's commitment to the region with additional properties in the Riviera Maya y Cozumel.

Gloria Guevara, Mexico's Secretary of Tourism shared her appreciation for IBEROSTAR's commitment to the nation's tourism industry by stating, "The grand opening of the IBEROSTAR Cancun reinforces an increase of activity and travel to Mexico as well as tourism offerings within the region. This event underscores IBEROSTAR's ongoing commitment and support to Mexico."

This establishment adds to the more than 100 hotels owned by IBEROSTAR and is a reflection of the chain’s solid international growth, both within new destinations and in increasing its presence in countries already consolidated such as Mexico, where the chain has now nine hotels and new projects are being considered for the Pacific coast.

About IBEROSTAR Hotels & Resorts

IBEROSTAR Hotels & Resorts is a family-owned Spanish hospitality company with more than 50 years of experience in the travel industry. IBEROSTAR provides unique vacation experiences, rooted in superior customer service and quality, in the world’s most popular vacation destinations. With more than 100 hotels in 15 countries, IBEROSTAR Hotels & Resorts is committed to offering excellence in quality and service and providing personal attention to each guest.

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