This report does not constitute a rating action. LONDON (S&P Global Ratings) Nov. 3, 2026--InterContinental Hotels Group PLC's (IHG's; BBB/Stable/--) trading update for the year-to-date third quarter 2026 showed robust performance supported by continued growth on average daily rates and stable occupancy levels. In Americas, the U.S.'recovery from tariff uncertainty and persistent inflation in 2025 was stronger than our expectations. Growth in leisure demand (helped by the tailwind of the FIFA World Cup) and a recovery in corporate travel drove the year-to-date revenue per available room (RevPAR) to increase by 5.4%. However, we think that growth is subject to the pressure of a wider Middle East war and broader policy uncertainty amid escalating trade disputes that could weigh on
