Company:IHG Hotels & Resorts

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Short description: British multinational hospitality company
InterContinental Hotels Group plc
IHG Hotels & Resorts
TypePublic
IndustryHospitality
Founded15 April 2003; 21 years ago (15 April 2003)
HeadquartersWindsor, England, UK
Number of locations
6,028 hotels
884,820 rooms[1] (2022)
Area served
Global
ProductsHotels and resorts
Brandssee Brands
RevenueIncrease US$3.892 billion (2022)[2]
Increase US$628 million (2022)[2]
Increase US$376 million (2022)[2]
Number of employees
325,000 (2023)[3]
Websitewww.ihgplc.com

InterContinental Hotels Group (IHG), marketed as IHG Hotels & Resorts, is a British multinational hospitality company headquartered in Windsor, Berkshire, England.[4] It is listed on the London Stock Exchange and the New York Stock Exchange.[5] It is also a constituent of the FTSE 100 Index.

History

Bass Hotels

The origins of the business may be traced to 1777 when William Bass established the Bass Brewery in Burton-upon-Trent.[6]

The company later changed its name to Bass Charrington. Its first entry into the lodging sector came with acquisition of tied public houses. In 1969, it launched the Crest Hotels chain.[7]

In 1988, after the British government limited the number of pubs that brewers could directly own, Bass further invested in the expansion of its hotel business with the purchase of Holiday Inn International from shareholders.[6] Bass sold off the bulk of Crest Hotels in 1990, and the few remaining properties were absorbed into the Holiday Inn chain.[8][9] Bass expanded its hotel business again in 1998, acquiring the luxury Inter-Continental hotel chain, which had been founded by Juan Trippe, from the Saison Group.[10] The hotel division was then renamed from Holiday Hospitality to Bass Hotels & Resorts, to reflect its expansion beyond the Holiday Inn brand.[11]

Bass changed its name to Six Continents in 2001, after having sold its brewing assets and the Bass name, and Bass Hotels & Resorts became Six Continents Hotels.[12]

InterContinental Hotels Group

IHG logo from 2017 to 2021

Six Continents announced in October 2002 that it would split itself in two, with one company holding its pubs and restaurants, and the other holding its hotel and soft drink businesses.[13] The split was completed on 15 April 2003, establishing InterContinental Hotels Group as an independent company, alongside the pub company, Mitchells & Butlers.[14] IHG's hotel portfolio at the time comprised 3,325 properties, primarily under the Holiday Inn, Crowne Plaza, and InterContinental brands.[15] Of those, 190 were owned or leased by the company, with the remainder under management or franchise agreements.[16]

After the separation from Six Continents, IHG began an asset disposal program, selling off hotels to move towards an "asset-light" model focused on franchising and management.[17] From 2003 to 2015, the company sold around 200 hotels for a total of almost $8 billion,[18][19] leaving only 7 owned or leased properties in the portfolio.[20]

In 2004, IHG acquired the Candlewood Suites brand, a midscale extended stay hotel brand with 108 franchised properties in the United States, for $15 million.[21][22]

IHG divested its soft drink holdings in 2005, selling its 48 percent stake in Britvic for £371 million through an initial public offering.[23][24]

In 2015, IHG acquired Kimpton Hotels, a boutique hotel brand with 62 managed properties, for $430 million.[25][26]

In February 2021, IHG announced an annual loss of $153 million caused by restrictions related to the COVID-19 pandemic. However, the company expected that the Holiday Inn Express brand would help in the recovery process.[27]

Operations

A typical Holiday Inn & Suites in Davenport, Iowa
An Uptown Houston Hotel Indigo
InterContinental Kyiv, Ukraine
InterContinental Mark Hopkins San Francisco
Lounge InterContinental Singapore

The company's worldwide headquarters and European offices are located in Windsor, Berkshire, England.[28][29] IHG maintains regional offices in Atlanta, Singapore and Shanghai.[28]

In 2012, IHG claimed more than 5,400 hotels, with 4,433 operated under franchise agreements, 907 managed by the company but separately owned and eight directly owned.[30] As of 31 March 2019, IHG has 842,759 guest rooms and 5,656 hotels across nearly 100 countries.[31]

Leadership

List of CEOs

  1. Richard North (2003–2005)[32]
  2. Andy Cosslett (2005–2011)[33]
  3. Richard Solomons (2011–2017)[33]
  4. Keith Barr (2017–2023)[34]
  5. Elie W. Maalouf (since July 2023)[34]

Brands

IHG has 18 brands marketed under five segments:[35][36]

Brand # properties
(as of 2022)
Luxury & Lifestyle
Hotel Indigo 135
InterContinental Hotels & Resorts 208
Kimpton Hotels & Restaurants 76
Regent Hotels & Resorts 8
Six Senses 20
Vignette Collection 3
Premium
Crowne Plaza Hotels & Resorts 401
Even Hotels 22
Hualuxe Hotels & Resorts 19
Voco 41
Essentials
Avid Hotels 55
Holiday Inn 1,182
Holiday Inn Express 3,059
Suites
Atwell Suites 2
Candlewood Suites 367
Holiday Inn Club Vacations 28
Staybridge Suites 315
Exclusive Partners
Iberostar Beachfront Resorts[37] 70

Criticism

Price fixing

In July 2012, the Office of Fair Trading alleged that IHG had broken competition law by preventing online travel agents from discounting the price of room-only hotel accommodations. In February 2014, IHG agreed to end the practice of price fixing.[38]

VAT rules

In May 2012, the UK Advertising Standards Authority (ASA) warned IHG that it must include VAT in its advertised prices. In August 2012, a report by Which? magazine showed that IHG was continuing to violate VAT rules.[39]

Living wage

In November 2017, London mayor Sadiq Khan accused IHG of failing to fulfil a commitment to pay a living wage.[40]

References

  1. ↑ "IHG global presence" (in en). https://www.ihgplc.com/en/about-us. 
  2. ↑ 2.0 2.1 2.2 "Annual Results 2022". InterContinental Hotels Group PLC. https://www.ihgplc.com/en/-/media/ihg/files/results/2023/full-year-2022/full-year-results-for-the-year-to-31-dec-2022.pdf?la=en&hash=B6091BCE4EF24274A63CB4B85B83D5A1. 
  3. ↑ "About us" (in en). IHG Hotels & Resorts. https://www.ihgplc.com/en/about-us. 
  4. ↑ "InterContinental Hotels Group PLC ADS". The Wall Street Journal. http://quotes.wsj.com/IHG/company-people. 
  5. ↑ "InterContinental Hotels Group PLC (IHG) Stock Price, News, Quote & History - Yahoo Finance" (in en-US). https://finance.yahoo.com/quote/IHG/. 
  6. ↑ 6.0 6.1 "Our History". https://www.ihgplc.com/about-us/our-history. 
  7. ↑ "Bass / Six Continents". Ad Brands. https://www.adbrands.net/files/uk/bass-six-continents-uk-p.htm. 
  8. ↑ "Bass hotels sold to Forte group". Burton Mail. 16 May 1990. https://www.newspapers.com/clip/119274400/bass-hotels-sold-to-forte-group/. 
  9. ↑ "Forte beds Crest". Derby Evening Telegraph. 16 May 1990. https://www.newspapers.com/clip/119274334/forte-beds-crest/. 
  10. ↑ "Bass Acquires Inter-Continental Hotels / Feb 1998". https://www.hotel-online.com/News/PressReleases1998/Bass_InterContinental_Feb1998.html. 
  11. ↑ Matt Kempner (5 May 1998). "A new name for Holiday Hospitality". The Atlanta Constitution. https://www.newspapers.com/clip/119275070/a-new-name-for-holiday-hospitality/. 
  12. ↑ "Bass Hotels & Resorts becomes Six Continents Hotels". HNR Hotel News. 30 July 2001. https://www.hotelnewsresource.com/article2313.html. 
  13. ↑ Julia Finch (1 October 2002). "Six Continents to split into two". The Guardian (London). https://www.theguardian.com/business/2002/oct/02/4. 
  14. ↑ Richard Wray (15 April 2003). "Six Continents split loses glitz". The Guardian (London). https://www.theguardian.com/business/2003/apr/16/8. 
  15. ↑ Form 20-F: Annual Report (Report). InterContinental Hotels Group. 18 February 2003. p. 30. https://www.sec.gov/Archives/edgar/data/858446/000102123103000235/b690316-20f.htm#p30. 
  16. ↑ Form 20-F: Annual Report (Report). InterContinental Hotels Group. 18 February 2003. p. 29. https://www.sec.gov/Archives/edgar/data/858446/000102123103000235/b690316-20f#p29.htm. 
  17. ↑ Annual Report and Financial Statements 2003 (Report). InterContinental Hotels Group. p. 4. https://find-and-update.company-information.service.gov.uk/company/04551528/filing-history/MTQ2NzA1NTYyYWRpcXprY3g/document?format=pdf&download=0. Retrieved 18 February 2023. 
  18. ↑ "The hotel asset light model". Edison Group. 30 May 2019. https://www.edisongroup.com/insight/the-hotel-asset-light-model/. 
  19. ↑ "InterContinental Hotels Group - $1.5bn special dividend". Hargreaves Lansdown. 23 February 2016. https://www.hl.co.uk/shares/share-research/201602/intercontinental-hotels-group-$1.5bn-special-dividend. 
  20. ↑ Form 20-F: Annual Report (Report). InterContinental Hotels Group. 3 March 2016. p. 34. https://www.sec.gov/Archives/edgar/data/858446/000119312516490850/d76057d20f.htm#p34. 
  21. ↑ Dan Voorhis (29 October 2003). "Candlewood Hotel Co. sold". The Wichita Eagle. https://www.newspapers.com/clip/119008153/candlewood-hotel-co-sold/.  (Part 2 of article)
  22. ↑ Annual Report (Report). InterContinental Hotels Group. 4 June 2004. p. 4. https://find-and-update.company-information.service.gov.uk/company/04551528/filing-history/MTQ2NzA1NTYyYWRpcXprY3g/document?format=pdf&download=0. 
  23. ↑ "Corbett joins Britvic for £800m flotation". The Independent (London). 14 November 2005. https://www.newspapers.com/clip/119004073/corbett-joins-britvic-for-800m/. 
  24. ↑ Form 6-K: Report of Foreign Private Issuer (Report). InterContinental Hotels Group. 23 December 2005. https://www.sec.gov/Archives/edgar/data/858446/000119163805002696/ihg200512236kbatch.htm. 
  25. ↑ "IHG agrees $430 million acquisition of boutique Kimpton Hotels". Reuters. 16 December 2014. https://www.reuters.com/article/us-kimton-m-a-intercontinental/ihg-agrees-430-million-acquisition-of-boutique-kimpton-hotels-idUSKBN0JU0KU20141216. 
  26. ↑ "Completion of Acquisition" (Press release). InterContinental Hotels Group. 16 January 2015. Retrieved 19 February 2023.
  27. ↑ "Holiday-Inn owner IHG posts annual loss on COVID-19 slowdown" (in en). 2021-02-23. https://arab.news/vr9dc. 
  28. ↑ 28.0 28.1 "Regional headquarters". https://www.ihgplc.com:443/en/contact-us/regional-headquarters. 
  29. ↑ "Denham Location Map". InterContinental Hotels Group. http://www.ihgplc.com/files/pdf/contactus/map_emea.pdf. ""IHG, Broadwater Park North Orbital Road, Denham, Buckinghamshire UB9 5HR"" 
  30. ↑ "Annual Report 2012". http://www.ihgplc.com/files/reports/ar2012/docs/IHG_Report_2012.pdf. 
  31. ↑ "IHG overview". InterContinental Hotels Group. http://www.ihgplc.com/index.asp?pageid=16. 
  32. ↑ "InterContinental Hotels Group PLC announces that Richard North will be stepping down as Chief Executive". https://www.hospitalitynet.org/news/4020639.html. 
  33. ↑ 33.0 33.1 "Andrew Cosslett to step down as Chief Executive; to be succeeded by Richard Solomons, Chief Financial Officer and Head of Commercial Development". https://www.ihgplc.com/en/news-and-media/news-releases/2011/andrew-cosslett-to-step-down-as-chief-executive-to-be-succeeded-by-richard-solomons-chief-financial. 
  34. ↑ 34.0 34.1 "IHG hotels boss who criticised London’s declining listing appeal set to check out and return to US". Evening Standard. 5 May 2023. https://www.standard.co.uk/business/ihg-boss-keith-barr-quit-return-us-listings-intercontinental-hotels-group-holiday-inn-kimpton-b1079056.html. 
  35. ↑ "IHG: Our Brands Homepage". InterContinental Hotels Group. https://www.ihg.com/content/us/en/about/brands. 
  36. ↑ "Our Brands". InterContinental Hotels Group. https://www.ihgplc.com/en/our-brands. 
  37. ↑ "IHG and Iberostar sign a strategic alliance for resort and all-inclusive hotels in the Caribbean, Americas, Southern Europe and North Africa". IHG Hotels & Resorts. https://www.ihgplc.com/en/news-and-media/news-releases/2022/ihg-and-iberostar-sign-a-strategic-alliance-for-resort-and-all-inclusive-hotels. 
  38. ↑ George, Sara (31 January 2014). "Investigation into the hotel online booking sector". http://www.oft.gov.uk/OFTwork/competition-act-and-cartels/ca98/closure/online-booking/. 
  39. ↑ "Hotels chains 'breaching VAT rules'". 5 February 2016. https://www.telegraph.co.uk/travel/advice/Hotels-chains-breaching-VAT-rules/. 
  40. ↑ Inman, Phillip (10 November 2017). "Sadi​ Khan: Holiday Inn owner has broken vow to pay living wage". The Guardian. https://www.theguardian.com/business/2017/nov/10/sadiq-khan-holiday-inn-living-wage-intercontinental-hotels. 

External links



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