InterContinental Hotels Group has announced the acquisition of European “premium urban” hotel brand Ruby for an initial sum of €110.5 million.
Munich-based Ruby Hotels, which was founded in 2013, currently operates 20 hotels including nine in Germany, three properties in London, as well as having a presence in Austria, Switzerland, Italy, Ireland and the Netherlands.
Ruby has another 10 hotels in its development pipeline, which are due to open over the next three years, including properties in Edinburgh, Marseille, Rome and Stockholm.
Following the deal Ruby will become UK-based IHG’s 20th hotel brand with its new owner expecting to “grow the brand with other hotel owners in Europe and globally”.
Elie Maalouf, CEO of IHG…
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