Key Partners
- Third-party hotel owners — 5,886 franchised, 1,060 managed hotels (FACT).
- US co-brand card partners incl. Chase; term to 2036 (FACT).
- Iberostar Beachfront Resorts as exclusive partner (FACT).
- NOVUM Hospitality — 17,703 rooms signed in 2025 (FACT).
- Delta and Qatar Airways business travel tie-ups (FACT).
- Revolut UK co-branded debit card signed (FACT).
Key Activities
- Sign and open hotels — 443 openings, 694 signings in 2025 (FACT).
- Convert existing hotels — 43% of H1 2026 openings (FACT).
- Run booking channels, app and IHG One Rewards (FACT).
- Operate ~1,060 managed hotels (FACT).
- Manage the System Fund — $542M marketing spend in 2025 (FACT).
- Add brands — Ruby (2025), Noted Collection (2026) (FACT).
Key Resources
- 20 brands at FY25 end, from Six Senses to Holiday Inn Express (FACT).
- IHG One Rewards — 160M+ members (FACT).
- Booking platform — 83% of room revenue via IHG channels (FACT).
- Pipeline 339,526 rooms (2,292 hotels) at FY25 end (FACT).
- ~27,849 average employees; 7,459 costed to IHG (FACT).
- Only 17 owned or leased hotels (FACT).
Value Propositions
- Owners — brand, bookings and loyalty guests for a fee (FACT).
- Members spend ~20% more, ~10x more likely to book direct (FACT).
- Conversion brands (Garner, voco) for quick re-flagging (FACT).
- Guests — luxury to extended stay in 100+ countries (FACT).
- Reward Nights redemptions +9% in 2025 (FACT).
- IHG One Rewards named best hotel program 21 years running (FACT, Global Traveler award).
Customer Relationships
- IHG One Rewards — 160M+ members, enrolments +25% in 2025 (FACT).
- Loyalty share of room nights 66%, 73% in the Americas (FACT).
- 9M app downloads in 2025 (FACT).
- Owners pay a loyalty assessment into the System Fund (FACT).
- Lower owner loyalty fee and higher Reward Night reimbursements after a 2024 review (FACT).
- Long franchise and management contracts (FACT).
Channels
- ihg.com and app — direct digital >26% of room revenue (FACT).
- IHG-managed channels — 83% of room revenue (FACT).
- Guest Reservation System and sales teams (FACT).
- IHG Business Edge for small and mid-size companies (FACT).
- Co-brand cards as a membership funnel (FACT).
- Regional development teams sign owners (FACT).
Customer Segments
- Hotel owners and investors — the fee payers (FACT).
- Rooms — Americas 52%, EMEAA 28%, Greater China 20% (FACT).
- Essentials 60%, Premium 15%, Luxury & Lifestyle 14%, Suites 9% of rooms (FACT).
- Americas — $836M of FY25 operating profit (FACT).
- Greater China net rooms +11.7%, H1 2026 (FACT).
- Business travelers via IHG Business Edge (FACT).
Cost Structure
- Fee business overheads $666M, down 3% (FACT).
- Owned & leased hotel costs $501M (FACT).
- System Fund marketing $542M; $46M System Fund and reimbursable loss (FACT).
- Staff costs $2,200M, $792M borne by IHG (FACT).
- Exceptional costs $21M (FACT).
- Net financial expenses $153M; net debt $3,333M (FACT).
Revenue Streams
- Franchise and base management fees $1,371M (FACT).
- Incentive management fees $190M (FACT).
- Central revenue $336M, +41% — tech fees, co-brand, loyalty points (FACT).
- Owned & leased hotels $544M (FACT).
- System Fund $1,717M and reimbursables $1,004M pass through (FACT).
- Fees ~5.4% of system total gross revenue (INFERENCE).