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. Experienced management team. Cyclical industry heavily correlated with overall GDP trends and inbound travel. Exposure to event risks that could discourage travel. Debt metrics should remain consistent with our current rating. Adequate liquidity assessment, with no short-term maturities or amortization requirements. Cash-flow-positive business model, with limited development spending needs and operating leases. Financial policies regarding leverage targets and shareholder remuneration in line with a "significant" financial risk profile. The stable outlook reflects Standard&Poor's Ratings Services' view that U.K.-based hotelier InterContinental Hotels Group PLC (IHG) will
