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Revenue | 12 Months Ended
--- | ---
Dec. 31, 2024
Disclosure [Abstract] |
Revenue | 3. Revenue Disaggregation of revenue
|  |  |  | Americas |  |  | EMEAA |  |  | Greater China |  |  | Central |  |  | Group |
Year ended 31 December 2024 |  |  |  | $m |  |  | $m |  |  | $m |  |  | $m |  |  | $m |
Franchise and base management fees |  |  |  |  | 958 |  |  |  | 277 |  |  |  | 122 |  |  |  | – |  |  |  | 1,357 |
Incentive management fees |  |  |  |  | 21 |  |  |  | 118 |  |  |  | 39 |  |  |  | – |  |  |  | 178 |
Central revenue |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 239 |  |  |  | 239 |
Revenue from fee business |  |  |  |  | 979 |  |  |  | 395 |  |  |  | 161 |  |  |  | 239 |  |  |  | 1,774 |
Revenue from owned, leased and managed lease hotels |  |  |  |  | 162 |  |  |  | 353 |  |  |  | – |  |  |  | – |  |  |  | 515 |
Revenue from insurance activities |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 23 |  |  |  | 23 |
|  |  |  |  | 1,141 |  |  |  | 748 |  |  |  | 161 |  |  |  | 262 |  |  |  | 2,312 |
System Fund revenues (note 31 ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,611 |
Reimbursable revenues (note 31 ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,000 |
Total revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,923 |
Following execution of a revised agreement with the IHG Owners Association, a portion of ancillary revenue from the consumption of certain IHG One Rewards points are reported in Central revenue. The agreed change initially applies to 50% of proceeds from points sold to consumers from 1 January 2024, resulting in approximately $25m of fee business revenue in 2024 which would have previously been recognised in System Fund and reimbursable revenues, and will increase to 100% from 1 January 2025. In line with the Group’s accounting policy (see page 200), revenue from the sale of points is deferred until the future benefit has been consumed by the member.
|  |  |  | Americas |  |  | EMEAA |  |  | Greater China |  |  | Central |  |  | Group |
Year ended 31 December 2023 |  |  |  | $m |  |  | $m |  |  | $m |  |  | $m |  |  | $m |
Franchise and base management fees |  |  |  |  | 936 |  |  |  | 253 |  |  |  | 115 |  |  |  | – |  |  |  | 1,304 |
Incentive management fees |  |  |  |  | 21 |  |  |  | 101 |  |  |  | 46 |  |  |  | – |  |  |  | 168 |
Central revenue |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 200 |  |  |  | 200 |
Revenue from fee business |  |  |  |  | 957 |  |  |  | 354 |  |  |  | 161 |  |  |  | 200 |  |  |  | 1,672 |
Revenue from owned, leased and managed lease hotels |  |  |  |  | 148 |  |  |  | 323 |  |  |  | – |  |  |  | – |  |  |  | 471 |
Revenue from insurance activities |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 21 |  |  |  | 21 |
|  |  |  |  | 1,105 |  |  |  | 677 |  |  |  | 161 |  |  |  | 221 |  |  |  | 2,164 |
System Fund revenues (note 31 ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,564 |
Reimbursable revenues (note 31 ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 896 |
Total revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,624 |
|  |  |  | Americas |  |  | EMEAA |  |  | Greater China |  |  | Central |  |  | Group |
Year ended 31 December 2022 |  |  |  | $m |  |  | $m |  |  | $m |  |  | $m |  |  | $m |
Franchise and base management fees |  |  |  |  | 861 |  |  |  | 215 |  |  |  | 71 |  |  |  | – |  |  |  | 1,147 |
Incentive management fees |  |  |  |  | 18 |  |  |  | 69 |  |  |  | 16 |  |  |  | – |  |  |  | 103 |
Central revenue |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 184 |  |  |  | 184 |
Revenue from fee business |  |  |  |  | 879 |  |  |  | 284 |  |  |  | 87 |  |  |  | 184 |  |  |  | 1,434 |
Revenue from owned, leased and managed lease hotels |  |  |  |  | 126 |  |  |  | 268 |  |  |  | – |  |  |  | – |  |  |  | 394 |
Revenue from insurance activities |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 15 |  |  |  | 15 |
|  |  |  |  | 1,005 |  |  |  | 552 |  |  |  | 87 |  |  |  | 199 |  |  |  | 1,843 |
System Fund revenues (note 31 ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,217 |
Reimbursable revenues (note 31 ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 832 |
Total revenue |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,892 |
Contract balances
31 December |  |  |  | 2024 $m |  |  |  |  | 2023 $m |
Trade receivables (note 16) |  |  |  |  | 651 |  |  |  |  |  | 580 |
Contract assets |  |  |  |  | 650 |  |  |  |  |  | 459 |
Deferred revenue |  |  |  |  | (2,060 | ) |  |  |  |  | (1,848 | )
Contract assets
|  |  |  | 2024 $m |  |  |  |  | 2023 $m |
At 1 January |  |  |  |  | 459 |  |  |  |  |  | 367 |
Additions |  |  |  |  | 237 |  |  |  |  |  | 129 |
Recognised as a deduction to revenue |  |  |  |  | (43 | ) |  |  |  |  | (37 | )
Impairment reversals (note 6 ) |  |  |  |  | 3 |  |  |  |  |  | – |
Repayments |  |  |  |  | – |  |  |  |  |  | (7 | )
Exchange and other adjustments |  |  |  |  | (6 | ) |  |  |  |  | 7 |
At 31 December |  |  |  |  | 650 |  |  |  |  |  | 459 |
Analysed as: |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  | 38 |  |  |  |  |  | 35 |
Non-current |  |  |  |  | 612 |  |  |  |  |  | 424 |
|  |  |  |  | 650 |  |  |  |  |  | 459 |
The increase in the balance of contract assets in the year is due to payments in the year exceeding amounts recognised as a reduction to revenue over the term of the relevant management and franchise agreements, reflecting the growth in the Group’s system size including the NOVUM conversion portfolio. The Group also has future commitments for key money payments which are contingent upon future events and may reverse. At 31 December 2024, the maximum exposure remaining under performance guarantees was $77m (2023: $80m). Deferred revenue
|  |  |  | Loyalty programme $m |  |  | Other co-brand fees $m |  |  | Application & re-licensing fees $m |  |  | Other $m |  |  | Total $m |
At 1 January 2023 |  |  |  |  | 1,411 |  |  |  | 33 |  |  |  | 167 |  |  |  | 113 |  |  |  | 1,724 |
Increase in deferred revenue |  |  |  |  | 672 |  |  |  | – |  |  |  | 27 |  |  |  | 63 |  |  |  | 762 |
Recognised as revenue |  |  |  |  | (554 | ) |  |  | (11 | ) |  |  | (23 | ) |  |  | (48 | ) |  |  | (636 | )
Exchange and other adjustments |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (2 | ) |  |  | (2 | )
At 31 December 2023 |  |  |  |  | 1,529 |  |  |  | 22 |  |  |  | 171 |  |  |  | 126 |  |  |  | 1,848 |
Increase in deferred revenue |  |  |  |  | 726 |  |  |  | 97 |  |  |  | 23 |  |  |  | 61 |  |  |  | 907 |
Recognised as revenue |  |  |  |  | (602 | ) |  |  | (8 | ) |  |  | (23 | ) |  |  | (58 | ) |  |  | (691 | )
Exchange and other adjustments |  |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (4 | ) |  |  | (4 | )
At 31 December 2024 |  |  |  |  | 1,653 |  |  |  | 111 |  |  |  | 171 |  |  |  | 125 |  |  |  | 2,060 |
Analysed as: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  | 661 |  |  |  | 12 |  |  |  | 23 |  |  |  | 70 |  |  |  | 766 |
Non-current |  |  |  |  | 992 |  |  |  | 99 |  |  |  | 148 |  |  |  | 55 |  |  |  | 1,294 |
|  |  |  |  | 1,653 |  |  |  | 111 |  |  |  | 171 |  |  |  | 125 |  |  |  | 2,060 |
At 31 December 2023 analysed as: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  | 649 |  |  |  | 11 |  |  |  | 22 |  |  |  | 70 |  |  |  | 752 |
Non-current |  |  |  |  | 880 |  |  |  | 11 |  |  |  | 149 |  |  |  | 56 |  |  |  | 1,096 |
|  |  |  |  | 1,529 |  |  |  | 22 |  |  |  | 171 |  |  |  | 126 |  |  |  | 1,848 |
Increase in deferred revenue includes both amounts received and recognised as revenue in the same year. Amounts recognised as revenue were included in deferred revenue at the beginning of the year. Loyalty programme revenues, shown gross in the table above, are presented net of the corresponding redemption cost in the Group income statement. Other deferred revenue includes technical service fees and guest deposits received by owned, leased and managed lease hotels. Transaction price allocated to remaining performance obligations The expected timing of recognition of amounts received and not yet recognised relating to performance obligations that were unsatisfied at the year end are as follows:
|  |  |  | 2024 |  |  |  |  |  | 2023 |
|  |  |  | Loyalty and co-brand |  |  | Other |  |  | Total |  |  |  |  |  | Loyalty and co-brand |  |  | Other |  |  | Total |
|  |  |  | $m |  |  | $m |  |  | $m |  |  |  |  |  | $m |  |  | $m |  |  | $m |
Less than one year |  |  |  |  | 673 |  |  |  | 93 |  |  |  | 766 |  |  |  |  |  |  |  | 660 |  |  |  | 92 |  |  |  | 752 |
Between one and two years |  |  |  |  | 355 |  |  |  | 43 |  |  |  | 398 |  |  |  |  |  |  |  | 346 |  |  |  | 43 |  |  |  | 389 |
Between two and three years |  |  |  |  | 214 |  |  |  | 30 |  |  |  | 244 |  |  |  |  |  |  |  | 195 |  |  |  | 32 |  |  |  | 227 |
Between three and four years |  |  |  |  | 140 |  |  |  | 24 |  |  |  | 164 |  |  |  |  |  |  |  | 118 |  |  |  | 24 |  |  |  | 142 |
Between four and five years |  |  |  |  | 95 |  |  |  | 22 |  |  |  | 117 |  |  |  |  |  |  |  | 73 |  |  |  | 20 |  |  |  | 93 |
More than five years |  |  |  |  | 287 |  |  |  | 84 |  |  |  | 371 |  |  |  |  |  |  |  | 159 |  |  |  | 86 |  |  |  | 245 |
|  |  |  |  | 1,764 |  |  |  | 296 |  |  |  | 2,060 |  |  |  |  |  |  |  | 1,551 |  |  |  | 297 |  |  |  | 1,848 |
Contract costs
|  |  |  | 2024 $m |  |  |  |  | 2023 $m |
At 1 January |  |  |  |  | 87 |  |  |  |  |  | 80 |
Costs incurred |  |  |  |  | 18 |  |  |  |  |  | 15 |
Charged to income statement |  |  |  |  | (8 | ) |  |  |  |  | (8 | )
Exchange and other adjustments |  |  |  |  | (2 | ) |  |  |  |  | – |
At 31 December |  |  |  |  | 95 |  |  |  |  |  | 87 |
Analysed as: |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  | 5 |  |  |  |  |  | 5 |
Non-current |  |  |  |  | 90 |  |  |  |  |  | 82 |
|  |  |  |  | 95 |  |  |  |  |  | 87 |

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