REG - Interco. Hotels Grp - Changes to System Fund Arrangements

Intercontinental HotelsAnnouncement

03/05/2024 07:00

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RNS Number : 0913N  InterContinental Hotels Group PLC  03 May 2024

This announcement contains inside information

 

 

 

 

3 May 2024

 

 

InterContinental Hotels Group PLC

 

Changes to System Fund arrangements

 

InterContinental Hotels Group PLC ('IHG' or 'the Company') today announces
changes to its System Fund ('the Fund') arrangements. Given the highly
successful growth and development of the IHG One Rewards loyalty programme,
IHG has now established new terms that govern assessment fees that owners pay
into the Fund and the sharing arrangements for ancillary fee streams such as
those related to the sale of loyalty points.

 

IHG manages the Fund for the benefit of hotels within the IHG system. Owners
pay contributions into the Fund, which include a marketing and reservation
assessment and a loyalty assessment. Certain other ancillary revenues are also
included in the Fund. System Fund revenues in 2023 totalled $1,564m, up by
$331m or 27% from five years earlier. IHG uses the Fund to make substantial
investments including but not limited to: marketing the individual hotel
brands and masterbrand; delivering a leading loyalty programme, IHG One
Rewards; and developing and implementing powerful technology, such as the
Global Reservation System, the IHG mobile app and digital channels, and the
new Revenue Management System. These substantial System Fund investments
thereby strengthen the whole IHG enterprise.

 

The Fund is not managed to a profit or loss for IHG over the longer term, but
for the benefit of hotels in the IHG system.

 

The growth in the System Fund reflects the increase in IHG's system size,
expansion of the IHG One Rewards programme, and the success of IHG's overall
enterprise in driving more revenues to hotels in the system.

 

Following a review of IHG's owner charges, IHG is lowering its standard
loyalty assessment fee that owners pay into the Fund. IHG is also today
announcing to owners other marketing and loyalty programme benefits, including
increasing certain Reward Night reimbursements that owners receive back out of
the Fund when points are redeemed for stays, which will additionally improve
IHG's overall owner offer and owner economics.

 

The Fund has received a growing stream of ancillary revenues such as those
from the sale of IHG One Rewards loyalty points. Historically, IHG has allowed
the full revenue generated on the sale of loyalty points to be included in the
System Fund. A portion of the revenue from the sale of certain loyalty points,
together with certain other ancillary revenues, will now be recognised by IHG
within its results from reportable segments. Initially 50% of this will be
recognised by IHG in 2024, which is estimated to deliver approximately $25m
incrementally to revenue and operating profit from reportable segments. This
will annualise in 2025 when 100% will be recognised by IHG. There is also
expected to be further growth in future years as the number of points sold
continues to grow, and due to the ramp-up effect of the IFRS 15 accounting
standard which defers revenue recognition until redemption of the points
previously sold.

 

As previously set out within the Company's update on strategic priorities in
February 2024, IHG is actively developing opportunities to grow ancillary fee
streams such as points sales. These also enhance fee margin, and are in
addition to the 100-150bps annual improvement in fee margin on average over
the medium to long term that IHG expects to be achieved through operational
leverage.

 

IHG's hotel owners benefit from the substantial scale and efficiency of the
System Fund and will continue to do so as it further grows and as the overall
enterprise achieves new levels of strength. Across all the changes being made
to the System Fund arrangements, IHG and the IHG Owners Association have
worked together to ensure that the overall capacity and effectiveness of the
Fund to invest and spend on behalf of all IHG system hotels remains strong,
and that the operation of the Fund continues to be on a net nil
surplus/deficit basis over the longer term.

 

For further information, please contact:

Investor Relations:         Stuart Ford (+44 (0)7823 828 739);
Aleksandar Milenkovic (+44 (0)7469 905 720);

Joe Simpson (+44 (0)7976 862 072)

Media Relations:           Neil Maidment (+44 (0)7970 668 250); Mike
Ward (+44 (0)7795 257 407)

 

For the purposes of the Market Abuse Regulation, the person responsible for
arranging the release of this announcement is Nicolette Henfrey, EVP, General
Counsel & Company Secretary.

About IHG Hotels & Resorts:

IHG Hotels & Resorts
(https://urldefense.com/v3/__http:/email.investis.com/ls/click?upn=Zj6GEUiS1mM-2Bqqfp5r2hrnUSQ2p6m-2B5Oz5K-2BKxCnfcU-3DwPYT_ojq2lu66bX8JNKV7VmBiOZ2gLVi27eAYFqE40NVToEeeHiYKncxdBspif1mQlBK7ih-2B5rzYsrNnDqgQn1wszyhe5xRGUvld0NWW3KwpUnWtxiJsqB0ttFTF4eNwtEIP6b8ilG4i3OoyACaFJU5I83HKi99ynJRnSpgolNJN4-2FOUDtmJq13annvc4Fw6TlbTFMS3Jh9W42sySGyt0geqp-2BNghhIbdG-2B18Hgy16ASydRO3Z8ggaNZKdU4z5D-2BSD7vyRHJi52GygTZnc8gFMs7-2BsQ-3D-3D__;!!EOxaMA!CjjXZ7KAZ7idANJdcoLB7daWoS810tckeGbds16Y8bqw50-1iPUaVwYwmXEpK2jc$)
[LON:IHG, NYSE:IHG (ADRs)] is a global hospitality company, with a purpose to
provide True Hospitality for Good.
 

With a family of 19 hotel brands and IHG One Rewards
(https://www.ihg.com/onerewards/content/us/en/home) , one of the world's
largest hotel loyalty programmes, IHG has more than 6,300 open hotels in over
100 countries, and a development pipeline of over 2,000 properties.

 

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(https://urldefense.com/v3/__http:/email.investis.com/ls/click?upn=Zj6GEUiS1mM-2Bqqfp5r2hrlNH52gbQSZqRir4qQ2SFVp1Mkrx8qeEQdLFBJH8WpgLYz6GRuEJ-2FBsPPdmEeatb-2FQ-3D-3Dv4jb_ojq2lu66bX8JNKV7VmBiOZ2gLVi27eAYFqE40NVToEeeHiYKncxdBspif1mQlBK7ih-2B5rzYsrNnDqgQn1wszyhe5xRGUvld0NWW3KwpUnWtxiJsqB0ttFTF4eNwtEIP69C6HbVPy5PBK7Q-2BuX8zwomypNlcjY6EH7oLlzf87xNgkUSAIaiPYn6OvPqjekyZdZh-2FpJmIhEv831lTzpeJR217TzNOH4VkAvGXrj9SG0AjkB8WcUtOwaPGrVUkxkzTfa-2FXkvurRHAB3Dm5V071H8g-3D-3D__;!!EOxaMA!CjjXZ7KAZ7idANJdcoLB7daWoS810tckeGbds16Y8bqw50-1iPUaVwYwmfZgs10U$)
 

·      Exclusive Partners: Iberostar Beachfront Resorts
(https://www.ihg.com/content/us/en/iberostar-beachfront-resorts)

 

InterContinental Hotels Group PLC is the Group's holding company and is
incorporated and registered in England and Wales. Approximately 345,000 people
work across IHG's hotels and corporate offices globally.

 

Visit us online for more about our hotels and reservations
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and IHG One Rewards (https://www.ihg.com/onerewards/content/us/en/home) . To
download the new IHG One Rewards app, visit the Apple App
(https://apps.apple.com/us/app/ihg-hotel-deals-rewards/id368217298) or Google
Play (https://play.google.com/store/apps/details?id=com.ihg.apps.android)
stores.

 

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.

 

Cautionary note regarding forward-looking statements:

This announcement contains certain forward-looking statements as defined under
United States law (Section 21E of the Securities Exchange Act of 1934) and
otherwise. These forward-looking statements can be identified by the fact that
they do not relate only to historical or current facts. Forward-looking
statements often use words such as 'anticipate', 'target', 'expect',
'estimate', 'intend', 'plan', 'goal', 'believe' or other words of similar
meaning. These statements are based on assumptions and assessments made by
InterContinental Hotels Group PLC's management in light of their experience
and their perception of historical trends, current conditions, expected future
developments and other factors they believe to be appropriate. By their
nature, forward-looking statements are inherently predictive, speculative and
involve risk and uncertainty. There are a number of factors that could cause
actual results and developments to differ materially from those expressed in
or implied by, such forward-looking statements. The main factors that could
affect the business and the financial results are described in the 'Risk
Factors' section in the current InterContinental Hotels Group PLC's Annual
report and Form 20-F filed with the United States Securities and Exchange
Commission.

 

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