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. 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 sizable and high-quality system of hotels targeting multiple price segments; its focus on less-capital-intensive forms of hotel tenure (with hotels operated principally through management
