Latest news: Ruby adds Copenhagen; Aimbridge board moves; India's boom

Ruby to Copenhagen. ECE is developing a Ruby brand hotel in Copenhagen, the brand’s first site in Denmark. Last month, InterContinental Hotels Group acquired the Munich-based urban lifestyle brand for €110.5 million (~$116 million). ECE Work & Live as project developer and the Ruby Group as operator recently signed a long-term lease contract for the planned hotel building in the municipality of Frederiksberg in the heart of Copenhagen. The 219-room hotel is scheduled to start construction in the second half of 2025 with the opening planned for early 2027. ECE acquired the site with the existing property last year and is investing e65 million in the project.

India's boom. Hotelivate’s India Quarterly Report reported that hotels in Q3 2024/25 recorded 11.4% growth in ADR and 4.9% growth in occupancy compared to the same quarter last year. It said this robust growth is further evidenced by the surge in IPOs of numerous hotel companies on Indian stock exchanges over the past 15 months. The top five markets by RevPAR for this quarter were Udaipur, Mumbai, New Delhi, Goa and Jaipur. In Q3 2024/25, the airline passenger movements saw an increase of 22.3% compared to Q3 2023/24.

Aimbridge board appointments. Third-party management giant Aimbridge Hospitality has refreshed, expanded its Board of Managers following previously announced balance sheet restructuring. The four new managers – Glenn Alba, co-founder and managing member of TMGOC Ventures; Rich Gomel, partner and chief investment officer of Two Sigma Real Estate; Carrie McIntyre, partner and the CEO at VIRIDIS Fund Solutions; and Emanuel (Manny) Pearlman, chair and CEO of Liberation Investment Group – join current Board members Chairman Steve Joyce and CEO Craig Smith.

ICON buys Hyatt Place. ICON Lodging, Coppell, Texas, in December reportedly acquired the Hyatt Place Champaign/Urbana, Illinois, for $18.25 million.

Nobu deal in Amsterdam. Nobu Hospitality is developing a restaurant and Nobu Residences Park Meadows Amsterdam in partnership with Dutch real estate firm Breevast. The property will offer both private residences for purchase and serviced luxury residences available for extended stays. No construction or completion dates have been published. Oud-Zuid and financial center of the Zuidas marks the brands first location in the Netherlands.

Newcastle project. A £170 million mixed-use project by Gainford Group has been announced for Newcastle, England. A 29-story residential tower at the newly named New Bridge Project will sit alongside a new hotel at the site of the former Premier Inn.  The design proposes a residential building providing 185 new homes and a 150-room hotel alongside new bars, restaurants and a health club. While Gainford Group currently operates a number of hotels in the area, it has yet to be decided if it would run this latest hotel or seek to bring in a leisure brand to manage.

Luxury deal for Seoul. South Korean foreign-only casino Paradis Co. has reported secured $379 million in financing from Woori Bank to fund the construction of a new, 200-room luxury hotel in Seoul’s Jangchung-dong area. The total investment for the project is $395 million with Paradise Co. contributing 32.2% of the equity capital. The project is set to begin in the first quarter of 2025 with the opening scheduled for 2028.