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 and capital intensity. 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 and inbound travel. High exposure to the U.S. lodging market. Exposure to event risks that could discourage travel. The ratings on U.K.-based hotelier InterContinental Hotels Group PLC (IHG) reflect Standard&Poor's Ratings Services' view of the group's "significant" financial risk profile and its "strong" business risk profile. IHG's "strong" business risk profile is underpinned by our opinion
