InterContinental Hotels Group (IHG) has acquired the Ruby brand and related intellectual property from Ruby SARL for an initial purchase consideration of €110.5m ($116m). Ruby is a high-end urban lifestyle brand catering to modern travellers in top city destinations,

InterContinental Hotels Group (IHG) said Monday it would acquire the Ruby hotel brand in a deal worth up to €291.5 million ($305.7 million), marking an expansion of its European portfolio. Why It Matters This acquisition will add another brand to IHG Hotels & Resorts' portfolio,

IHG is continuing its global growth with the acquisition of Ruby Group, which operates 20 hotels across Europe.