Led by increases in revenue per available rooms (“RevPAR”) in Europe and the Americas which offset continued losses in China, InterContinental Hotels Group (NYSE:IHG) realized a 15% improvement in its profitability as revenue increased by 7% to $2.

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

IHG Hotels & Resorts has acquired Ruby, a premium urban lifestyle brand with 20 hotels in Europe, for approximately $116 million. Ruby's operating company, Ruby Group, isn't included in the acquisition and will continue to operate the brand's existing hotels as well as develop new properties under franchise agreements with IHG.

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,

It came as InterContinental Hotels Group revealed that operating profits grew by 10% as it benefited from more hotel openings.