InterContinental Hotels Group Plc (IHG.L,IHG), a British hospitality group, said on Tuesday that it has acquired the Ruby brand and related intellectual property from Ruby SARL for an initial consideration of 110.5 million euros.
This consists of an upfront payment of 109.9 million euros that has been paid on completion of the transaction and a fixed deferred payment of 0.6 million euros payable upon around half the hotels joining IHG's system.
Elie Maalouf, CEO of IHG Hotels & Resorts, said: "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."
Ruby is a premium urban lifestyle brand for modern travelers in must-visit city destinations. Founded in 2013, the Ruby brand currently operates 20 hotels with 3,483 rooms in major cities across Europe and has another 10 pipeline hotels with 2,235 rooms. The pipeline hotels are set to open over the next three years.
The seller's operating company is not being acquired by IHG and will continue to operate the current open hotels and any future hotels that the seller develops under the brand.
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