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InterContinental Hotels Group acquired the Ruby Group, which operates 20 hotels across Europe under its brand, with plans to expand the concept globally. 

IHG will pay €110.5M, or about $116M, for the acquisition from operating company Ruby SARL. Munich-based Ruby Group operates more than 3,400 hotel rooms in countries such as Germany, London, Switzerland and Italy, with another 10 hotels and 2,235 rooms in its pipeline.