InterContinental Hotels Group (IHG) is one of the world's largest hotel companies, operating an asset-light, fee-based model across roughly 6,900 hotels globally. IHG owns fewer than 1% of these hotels — instead, it licenses its brands to third-party hotel owners (franchising) and manages hotels on behalf of those owners. IHG earns franchise fees as a percentage of room revenue at franchised hotels, and base plus incentive management fees at managed hotels. The core revenue drivers are RevPAR growth (which expands the fee base) and net system size growth (more rooms mean more fees). Because IHG's cost base is largely fixed, fee margins expand as revenue grows. IHG's portfolio spans 20 brands across luxury, premium, essentials, and suites categories. The Holiday Inn family is the largest by room count, while Luxury & Lifestyle brands like InterContinental, Six Senses, and Kimpton generate higher fees per room and represent a disproportionate share of the development pipeline. Beyond franchise and management fees, IHG earns growing ancillary revenue from co-brand credit card partnerships (primarily with Chase in the U.S.), loyalty point sales through its 160M+ member IHG One Rewards program, and branded residential fees. IHG reports across three geographic segments — Americas (~52% of system), EMEAA (~28%), and Greater China (~20%). IHG's growth strategy centers on expanding its hotel system through new builds and, increasingly, conversions of existing independent hotels to IHG brands, with a current pipeline of ~340,000 rooms representing roughly 33% of today's system size.