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,

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.