Grupo Iberostar already owned a tour operator, Holiday resorts and hotels, and saw that buying BCM would be a quick way to acquire an airline.

[5] The airline was established in 1998 and started operations on 11 April 1998 with a single Lockheed L-1011 Tristar leased from Classic Airways of the United Kingdom.

By the end of the year, however, Iberworld received two new A320 aircraft from Airbus, allowing them to make a 23.6 million Euro profit in eight months from carrying over 263,000 passengers.

1999 was Iberworld's first full year of flying and passenger figures rose to over one million, the growth being so considerable due to the gap in the market left by Viva Air (which stopped operations in March 1999).

The modernized Airbus fleet of seven A320-200s, one A330-200 (leased to Orbest) and three A330-300s allowed Iberworld to report a profit every year since inception in 1998.

Orbest Orizonia acceded to judicial protection on 15 February 2013, due to problems in its fusion with the Globalia Group, parent for Air Europa.