InterContinental Hotels completed the acquisition of Ruby for €110.5m.

InterContinental Hotels, a luxury hotel brand, completed the acquisition of Ruby, an operator of a luxury hotel chain, for €110.5m. "We are delighted with the acquisition of Ruby, which further enriches our portfolio with an exciting, distinct and high-quality offer for both guests and owners in popular city destinations. This acquisition demonstrates our focus on building our presence in large, attractive industry segments and using our experience of integrating and growing brands and hotel portfolios. The urban micro space is a franchise-friendly model with attractive owner economics, and we see excellent opportunities to not only expand Ruby's strong European base but also rapidly take this exciting brand to the Americas and across Asia, as we have successfully done with previous brand acquisitions," Elie Maalouf, IHG Hotels & Resorts CEO.