US hamburger chain McDonald's plans to invest €80m (US$102.1m) to open 50 restaurants and remodel 60 in Spain by 2007.

The company ended 2004 with 346 restaurants in Spain, up from 334 the prior year. It invested €24m to open 12 new establishments and refurbish another 12, Spanish newswire Europapress reported.

McDonald's Spain president Philippe Walch said new-restaurant sales rose an average of 5% last year, beating expectations. The company has opened "very profitable" restaurants that have "notably" increased its Spanish market presence, the newswire quoted Walch as saying.

McDonald's Spain sales rose 4.5% to €579m in 2003.