Portfolio of well-established international hotel brands; Geographical and business diversity (franchised, managed, and owned hotel businesses); and Portfolio of freehold hotel assets in key locations around the world. Exposure to cyclical business and consumer spending; Significant development and maintenance capital expenditure needs of the hotel business, partly mitigated by a degree of flexibility on the timing of such expenditure; and Exposure to short-term adverse travel sentiment in various parts of the world. The ratings on InterContinental Hotels reflect the quality of its geographically well-diversified portfolio of international brands such as InterContinental in the upscale hotel segment and Holiday Inn in the midscale segment, offset by cyclical business and consumer spending, high capital expenditure needs of the hotel business, and exposure
