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. Cyclical industry, heavily correlated to overall GDP 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 have a negative effect on travel. The ratings on InterContinental Hotels Group PLC (IHG) reflect Standard&Poor's Ratings Services' view of the group's global scale; strong position in the midscale Holiday Inn
