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 expenditures; and Exposure to short-term adverse travel sentiment in various parts of the world. The ratings on U.K.-based international hotel operator InterContinental Hotels Group PLC (IHG) reflect the quality of the company's geographically well-diversified portfolio of international brands, such as InterContinental in the upscale hotel segment and Holiday Inn in the mid-scale segment. The ratings are offset, however, by cyclical business and consumer spending,
