IHG, (InterContinental Hotels Group) is a global organization with a broad portfolio of fifteen hotel brands that operates hotels in three different ways – as a franchisor, a manager, and on an owned and leased basis. Franchising is the largest part of our business, with over 4,450 hotels under franchise agreements. The franchisee owns the hotel and is a licensee of our brands. Additionally, 904 hotels operate under a management contract, whereby IHG oversees all operations while the franchisee owns the physical asset. The remaining hotels in the IHG portfolio are owned and operated by IHG.