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Goodwill and other intangible assets (Tables)
 12 Months Ended
Dec. 31, 2025
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract]  
Summary of Goodwill and Other Intangible Assets
Goodwill
Brands
Software
Management
agreements
Other
intangibles
Total
$m
$m
$m
$m
$m
$m
Cost
At 1 January 2024
516
439
825
122
24
1,926
Additions
–
–
48
–
1
49
Fully amortised assets written off
–
–
(49)
–
(1)
(50)
Disposals
–
–
(4)
–
–
(4)
Exchange and other adjustments
(5)
–
–
–
–
(5)
At 31 December 2024
511
439
820
122
24
1,916
Additions
–
136
49
–
–
185
Fully amortised assets written off
–
–
(87)
–
–
(87)
Exchange and other adjustments
7
15
1
–
1
24
At 31 December 2025
518
590
783
122
25
2,038
Amortisation and impairment
At 1 January 2024
(180)
–
(528)
(103)
(16)
(827)
Provided
–
–
(17)
(1)
(1)
(19)
System Fund expense
–
–
(77)
–
(1)
(78)
Impairment charge
–
–
(2)
–
–
(2)
System Fund impairment charge
–
–
(3)
–
–
(3)
Fully amortised assets written off
–
–
49
–
1
50
Disposals
–
–
4
–
–
4
Exchange and other adjustments
–
–
1
–
–
1
At 31 December 2024
(180)
–
(573)
(104)
(17)
(874)
Provided
–
–
(14)
(1)
(1)
(16)
System Fund expense
–
–
(75)
–
–
(75)
Fully amortised assets written off
–
–
87
–
–
87
Exchange and other adjustments
(3)
–
–
(1)
(1)
(5)
At 31 December 2025
(183)
–
(575)
(106)
(19)
(883)
Net book value
At 31 December 2025
335
590
208
16
6
1,155
At 31 December 2024
331
439
247
18
7
1,042
At 1 January 2024
336
439
297
19
8
1,099
Summary of Goodwill and Brands to CGUs Allocation of goodwill and brands to CGUs
Americas (group of
CGUs)
EMEAA (group of
CGUs)
Greater China
Total
$m
$m
$m
$m
At 1 January 2024a
282
415
78
775
Allocation adjustmentsa
3
(3)
–
–
Exchange adjustments
–
(5)
–
(5)
At 31 December 2024a
285
407
78
770
Additions
–
136
–
136
Allocation adjustments
(14)
13
1
–
Exchange adjustments
–
19
–
19
At 31 December 2025
271
575
79
925
Analysed as:
Goodwill
132
195
8
335
Brands
139
380
71
590
a.The Group has revised the methodology used to allocate brands to groups of CGUs. Brands, which are corporate assets for the purpose of impairment
testing, were previously allocated based on long-term trading expectations at the time the asset was acquired. They are now allocated based on the
current distribution of open and pipeline rooms to better reflect their deployment across the groups of CGUs at each reporting date. The change in
policy reduced the allocation to Americas at 31 December 2025 by $173m (2024: $134m) and increased the allocation to EMEAA and Greater China by
$124m (2024: $80m) and $49m (2024: $54m), respectively. No impairments arose under either policy. There is no change to the allocation of goodwill.
Summary of Terminal Growth Rates and Discount Rates Used in Impairment Tests The weighted average terminal growth rates and pre-tax discount rates are as follows:
2025
2024
Terminal
growth rate
Pre-tax
discount rate
Terminal
growth rate
Pre-tax
discount rate
%
%
%
%
Americas
2.0
12.0
2.1
11.6
EMEAA
2.3
12.9
2.5
13.6
Greater China
2.5
9.9
2.5
10.5