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,

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

InterContinental Hotels Group, a British hospitality giant that includes Holiday Inn, said on Tuesday it has acquired premium European hotel business Ruby for an initial €110.5 million ($115 million).