The Mediabrands' network won the business after a pitch against PHD, OMD, Mediaedge:cia and Spanish agency N&C. The incumbent Spanish agency Malla Publicidad did not repitch for the business.
The global account will be lead out of Initiative Spain and covers markets including Spain, the UK, France, Germany, Italy and the US.
The business includes research and insight management as well as communications planning, offline and online planning and buying, metrics and evaluation.
Luis Herault, chief marketing officer, Grupo Iberostar, said: Our newly formed relationship with Initiative will enable us to develop strategic media partnerships on a global level and so raise awareness of the Iberostar brand across the world. Initiative's expertise, reputation and global network made them the ideal strategic partner for us.
Earlier this month, Initiative hired former MediaVest digital chief Eric Bader for the newly created role of worldwide chief strategy officer.
Initiative extended its relationship with Tesco, the world's third largest retailer, after winning its media duties in Ireland this month.
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