Ryanair, the Irish no-frills airline, announced it had reached an agreement over plans for a new European hub at Lübeck airport near Hamburg in northern Germany that would cater for two million passengers annually. Ryanair said it had reached an agreement with New Zealand-based investment group Infratil, which simultaneously announced the purchase of Lübeck airport. Ryanair said it would invest over $250 million (196 million euros) in four new Boeing 737 aircraft and create over 200 new jobs in Lübeck. "This new base would revolutionize the future growth of Lübeck Airport," Ryanair's deputy chief executive Michael Cawley said. Ryanair currently flies from eight German airports but its main base is the Frankfurt-Hahn airport in southwestern Germany. The airline has helped to transform European air travel by offering cheap fares on short-haul routes across the continent.