Global scale, leading position in the U.S. midscale hotel market, and growing role in China. Fee-based, asset-light, franchised and managed business model limits operating leverage. Portfolio of well-recognized lodging brands, established electronic reservation system, and large customer loyalty program. One of the strongest new hotel pipelines of any global lodging operator. Exposure to a cyclical industry facing cuts in business travel budgets and negative consumer spending trends. High exposure to the U.S. lodging market, which can be more prone to imbalances in supply and demand than the European market. Exposure to event risks that could negatively impact travel. The ratings on InterContinental Hotels Group PLC (IHG) reflect Standard&Poor's Ratings Services' view of its global scale; strong position in
