Overview Key strengths Key risks IHG is the world's third largest hotelier by number of rooms (954,836 as June 30, 2024), with more than $2.1 billion in revenues and $1.1 billion in S&P Global Ratings EBITDA as of 2023, versus $2.0 billion in revenues and $1.0 billion in EBITDA in 2019. The cyclical nature and exposure to the macroeconomic and geopolitical situations, inherent to the lodging and hospitality industry. The group operates an asset-light business model that limits operating leverage thanks to its flexible cost case, capital intensity, and volatility of earnings. Smaller scale in terms of revenues, compared with U.S. peers such as Marriott (2023 revenue of $6.3 billion) and Hilton (2023 revenue of $4.4 billion). Diversified portfolio of
