<SEC-DOCUMENT>0000950103-20-005639.txt : 20200320
<SEC-HEADER>0000950103-20-005639.hdr.sgml : 20200320
<ACCEPTANCE-DATETIME>20200320060937
ACCESSION NUMBER:		0000950103-20-005639
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200320
FILED AS OF DATE:		20200320
DATE AS OF CHANGE:		20200320

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INTERCONTINENTAL HOTELS GROUP PLC /NEW/
		CENTRAL INDEX KEY:			0000858446
		STANDARD INDUSTRIAL CLASSIFICATION:	HOTELS & MOTELS [7011]
		IRS NUMBER:				250420260
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10409
		FILM NUMBER:		20730103

	BUSINESS ADDRESS:	
		STREET 1:		BROADWATER PARK
		STREET 2:		DENHAM
		CITY:			BUCKINGHAMSHIRE
		STATE:			X0
		ZIP:			UB9 5HJ
		BUSINESS PHONE:		4045513500

	MAIL ADDRESS:	
		STREET 1:		BROADWATER PARK
		STREET 2:		DENHAM
		CITY:			BUCKINGHAMSHIRE
		STATE:			X0
		ZIP:			UB9 5HJ

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SIX CONTINENTS PLC
		DATE OF NAME CHANGE:	19950531
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>dp124283_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION &nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington DC 20549 </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K </B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER &nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO RULE 13a-16 AND 15d-16 &nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF THE SECURITIES EXCHANGE ACT OF 1934
</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>March 20, 2020 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>InterContinental Hotels Group PLC</B></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Registrant&rsquo;s name) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Broadwater Park &nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Denham, Buckinghamshire UB9 5HR &nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of principal executive offices)
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will
file annual reports under cover Form 20-F or Form 40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">20-F&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">x</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form
40-F&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant by furnishing
the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b)
under the Securities Exchange Act of 1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Yes&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&uml;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;</FONT><FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If &ldquo;Yes&rdquo; is marked, indicate below the file number
assigned to the registrant in connection with Rule 12g3-2(b):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT INDEX</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 5%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 1pt solid">Item&nbsp;</P></TD>
    <TD STYLE="width: 2%; font-size: 11pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 1pt solid">Description&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 11pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">InterContinental Hotels Group PLC Business update</FONT></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 99.1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt">This announcement
contains inside information</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><I><IMG SRC="image_001.jpg" ALT="" STYLE="height: 59.95pt; width: 109.7pt"></I></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">2<FONT STYLE="font-size: 10pt">0 March
2020</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>InterContinental
Hotels Group PLC </B></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Business
update</B></FONT><B> <FONT STYLE="font-size: 10pt"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">InterContinental
Hotels Group (&quot;IHG&quot;) [LON:IHG, NYSE:IHG (ADRs)] provides a business update in light of the rapidly evolving situation
regarding Covid-19.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Keith
Barr, Chief Executive Officer, IHG, said:</B> &ldquo;At this unprecedented time, our top priority remains the health and wellbeing
of our guests, colleagues and partners, and ensuring that in light of such a significant impact on the global economy and, in
particular, on the travel industry, we take the right steps to protect the long-term health of our business.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Demand for
hotels is currently at the lowest levels we&rsquo;ve ever seen. IHG has a robust business model and the measures we are announcing
today to reduce costs and preserve cash give us the capacity to manage the business through this unique environment and to support
our owners during this incredibly difficult time.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">These were
not easy choices and we are mindful of the impact these decisions will have on our colleagues and shareholders. However, we believe
that these are essential to ensuring that we come out of this as strong as we possibly can and ready to capitalise on what remains
an industry with excellent long-term growth potential.&rdquo;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Current
trading</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">IHG&rsquo;s
Global RevPAR decreased 6% across January and February, with a broadly flat performance in the US offset by declines in Greater
China, which saw an almost 90% decline in February. During March, given the measures adopted by governments around the world to
restrict travel and social contact, we are anticipating Global RevPAR declines of around 60%, with steeper declines in those markets
most impacted by restrictions. Cancellation activity for April and May, and current booking trends, indicate continued challenging
conditions. In Greater China we now have 60 hotels closed compared to 178 at the peak, and in recent days have begun to see improvements
in occupancy, albeit at low levels.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Cost actions</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We have many
cost reduction and cash conservation measures at our disposal. In this environment, we have acted decisively across the business
to challenge all discretionary costs and reduce salary and incentives, including substantial decreases for Board and Executive
Committee members. These measures will result in a reduction of up to $150m in our fee business costs. Similar actions, along
with a reduction in marketing spend, are being taken across the System Fund in response to expected lower assessment fee receipts.
We are also taking action in our owned, leased and managed lease hotels to contain costs.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In addition,
to support our owners and manage their cash flows, we have launched a comprehensive package of measures including delaying renovations
and relaxing brand standards.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Cash Flow</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">IHG remains
conservatively leveraged. The staggered bond maturity profile, with the first maturity of &pound;400m not due for repayment until
2022, provides long term funding. In addition, the company has access to a $1.4bn Revolving Credit Facility (RCF), which is currently
$1.2bn undrawn, which together with free cash flow generation provides significant liquidity. The covenants on the RCF (detailed
in Note 1) provide significant headroom for either EBITDA deterioration or an increase in net debt.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We are taking
further steps to protect our cash flow, including reducing our gross capital expenditure by ~$100m from 2019 levels and managing
working capital. In addition, the Board is withdrawing its recommendation of a final dividend of 85.9&cent; (~$150m) announced
on 18 February 2020 and will defer consideration of further dividends until visibility has improved.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">We continue
to monitor the situation closely and will provide further commentary at our First Quarter trading update on 7 May 2020.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>-Ends-</B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Note 1:
</B>The RCF has customary covenants in respect of interest cover and leverage ratio, tested at half year and full year on a trailing
twelve month basis, the former requiring a ratio of EBITDA to net interest payable above 3.5:1 and the latter a ratio of Net Debt:EBITDA
of below 3.5:1 on a &ldquo;frozen GAAP&rdquo; basis pre-IFRS 16. 2019 Net Debt:EBITDA ratio on that basis was 2.4x (with the IFRS
16 adjustment reducing EBITDA and Net Debt by approximately $70m and $440m respectively).</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>For further
information, please contact:</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="width: 58%; text-underline-color: black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investor
    Relations (Heather Wood; Matt Kay; Rakesh Patel)</FONT></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; text-underline-color: black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">+44
    (0)1895 512 176</FONT></TD>
    <TD STYLE="width: 21%; text-underline-color: black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">+44
    (0)7527 419 431</FONT></TD></TR>
<TR>
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Media Relations
    (Yasmin Diamond; Mark Debenham)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-underline-color: black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">+44
    (0)1895 512 097</FONT></TD>
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">+44 (0)7527
    424 046</FONT></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Note on forward looking statements</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">This press
release may contain projections and forward looking statements. The words &ldquo;believe&rdquo;, &ldquo;expect&rdquo;, &ldquo;anticipate&rdquo;,
&ldquo;intend&rdquo; and &ldquo;plan&rdquo; and similar expressions identify forward-looking statements. All statements other
than statements of historical facts included in this presentation, including, without limitation, those regarding the Company&rsquo;s
financial position, potential business strategy, potential plans and potential objectives, are forward-looking statements. Such
forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company&rsquo;s
actual results, performance or achievements to be materially different from any future results, performance or achievements expressed
or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the
Company&rsquo;s present and future business strategies and the environment in which the Company will operate in the future. Further,
certain forward-looking statements are based upon assumptions of future events which may not prove to be accurate. The forward-looking
statements in this document speak only as at the date of this presentation and the Company assumes no obligation to update or
provide any additional information in relation to such forward-looking statements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The merits
or suitability of investing in any securities previously issued or issued in future by the Company for any investor&rsquo;s particular
situation should be independently determined by such investor. Any such determination should involve, inter alia, an assessment
of the legal, tax, accounting, regulatory, financial, credit and other related aspects of the transaction in question.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Note to Editors</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">IHG&reg;
(InterContinental Hotels Group) [LON:IHG, NYSE:IHG (ADRs)] is a global organisation with a broad portfolio of hotel brands, including
Six Senses Hotels Resorts Spas</FONT><FONT STYLE="font-size: 10pt; color: Black">, <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Regent
Hotels &amp; Resorts, InterContinental<SUP>&reg; </SUP>Hotels &amp; Resorts, Kimpton<SUP>&reg;</SUP> Hotels &amp; Restaurants,
Hotel Indigo<SUP>&reg;</SUP><U>, </U>EVEN<SUP>&reg;</SUP> Hotels, HUALUXE<SUP>&reg;</SUP> Hotels and Resorts, Crowne Plaza<SUP>&reg;
</SUP>Hotels &amp; Resorts, voco&trade;, Holiday Inn<SUP>&reg;</SUP> Hotels &amp; Resorts , Holiday Inn Express<SUP>&reg;</SUP>,
Holiday Inn Club Vacations<SUP>&reg;</SUP>, avid&trade; hotels, Staybridge Suites<SUP>&reg;</SUP>, Atwell Suites&trade;, and Candlewood
Suites<SUP>&reg;</SUP>. </FONT></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">IHG
franchises, leases, manages or owns more than 5,900 hotels and approximately 884,000 guest rooms in more than 100 countries, with
over 1,900 hotels in its development pipeline. IHG also manages IHG<SUP>&reg; </SUP>Rewards Club, our global loyalty programme,
which has more than 100 million enrolled members.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">InterContinental
Hotels Group PLC is the Group&rsquo;s holding company and is incorporated in Great Britain and registered in England and Wales.
More than 400,000 people work across IHG&rsquo;s hotels and corporate offices globally.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: Black">Visit
www.ihg.com for hotel information and reservations and www.ihgrewardsclub.com for more on IHG Rewards Club. For our latest news,
visit: https://www.ihgplc.com/media and follow us on social media at: https://twitter.com/ihgcorporate, www.facebook.com/ihgcorporate
and www.linkedin.com/company/intercontinental-hotels-group</FONT><FONT STYLE="font-size: 10pt; color: Black">.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt; color: Black">&nbsp;</FONT><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT>&nbsp;&nbsp;</P>


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SIGNATURES </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">INTERCONTINENTAL HOTELS GROUP PLC</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Registrant)</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 20, 2020</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Melinda Renshaw</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Melinda Renshaw</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SVP, Deputy Company Secretary &amp; Head of Compliance, Legal &amp; Secretariat</FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 5; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ W #<  #_VP!#  (! 0(! 0(" @(" @(" P4# P,#
M P8$! ,%!P8'!P<&!P<("0L)" @*" <'"@T*"@L,# P,!PD.#PT,#@L,# S_
MVP!# 0(" @,# P8# P8," <(# P,# P,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,# P,# P,# P,# P,# S_P  1" "W 4\# 2(  A$! Q$!_\0
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHKX_P#VG?\
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MB:P_^#X__(]'_#[NX_Z)K#_X/C_\CU\S_KYD?_/[_P EG_\ (GV7_$,>)/\
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MUF@N()!)%.C#*LK#AE(.01P15JNM--71Q2BT[/<****!!1110 4444 %%%%
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MNOG>+/\ D3XC_"SZS@7_ )'^%_QH_,NBBBOYK/["/UO_ ."8'_)CO@KZW_\
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M@C\;_#O[0?P_M?$GAF\%Y87'R2*P"S6DH +0RKD[77(R.A!# E6#'KJ^9/\
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MD7_P4V_Y/C\<_P"]8_\ I!;5^=^)G_(KI_\ 7Q?^DS/UKP;_ .1U5_Z]2_\
M2X'@]=]^RK_R<_\ #C_L:--_]*HJX&N^_95_Y.?^''_8T:;_ .E45?C.7_[U
M2_Q1_-']"9M_N-;_  2_)G[75P7[5/\ R;!\2/\ L5M3_P#226N]K@OVJ?\
MDV#XD?\ 8K:G_P"DDM?U!CO]VJ?X7^3/XORO_?*7^*/YH_$]/N#Z4M(GW!]*
M6OY3/[A/O3_@B'_K?B9_W"O_ &]K[XKX'_X(A_ZWXF?]PK_V]K[XK^B>!?\
MD1T/^WO_ $N1_)?B9_R4N)_[<_\ 3< HHHKZT^$"OD?_ (+,_P#)K^A_]C/;
M_P#I+=U]<5\C_P#!9G_DU_0_^QGM_P#TENZ^=XL_Y$^(_P +/K.!?^1_A?\
M&C\RZ***_FP_L,_6_P#X)@?\F.^"OK?_ /I?<U[[7@7_  3 _P"3'?!7UO\
M_P!+[FO=]2U&'2+":ZN)$AM[=&DED<X6-5&22?0 5_3O#_\ R*L-_P!>X?\
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MI1E4@FFKIIR5TUU3/AO_ (>=?'+_ *'C_P H]A_\9H_X>=?'+_H>/_*/8?\
MQFO!:*_G7^WLS_Z":G_@<O\ ,_K/_57)?^@2E_X+A_D>]?\ #SKXY?\ 0\?^
M4>P_^,T?\/.OCE_T/'_E'L/_ (S7@M%']O9G_P!!-3_P.7^8?ZJY+_T"4O\
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MO]QK?X)?DS]KJX+]JG_DV#XD?]BMJ?\ Z22UWM<%^U3_ ,FP?$C_ +%;4_\
MTDEK^H,=_NU3_"_R9_%^5_[Y2_Q1_-'XGI]P?2EI$^X/I2U_*9_<)ZM^S%^Q
MWXL_:S?6QX8N-%M_[ \C[3_:%P\6[SO,V;=J-G_5-G..W7MZQ_PYR^*W_00\
M%_\ @?/_ /&:]&_X(A_ZWXF?]PK_ -O:^^*_6^&>"LNQ^64L77YN:5[V=EI)
MKMV1^#<9^(F;Y9G-; X5QY(<MKQN]81D];]VS\P?^'.7Q6_Z"'@O_P #Y_\
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MOB_])F?K7@W_ ,CJK_UZE_Z7 \'KOOV5?^3G_AQ_V-&F_P#I5%7 UWW[*O\
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M;85'6OA2OW6\=>"=+^(_@_4="UJSBU#2]4@:WN;>3.)$88ZCD$=0PP00"""
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M;_ARU\/_ /H:O&7_ '\MO_C5'_#EKX?_ /0U>,O^_EM_\:K\9_XA[G'\L?\
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
D% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 ?_9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
