Economic Downturns Impacting Travel Demand: Global recessions or regional economic slowdowns can significantly reduce both leisure and business travel, leading to lower occupancy rates and average daily rates across IHG's properties.

Global Health Crises and Travel Restrictions: The emergence of new pandemics or health emergencies can trigger widespread travel bans, border closures, and a general reluctance to travel, severely impacting hotel bookings and revenue.

Intense Competition in the Hospitality Sector: IHG faces significant competitive pressure from other major hotel chains, independent hotels, and alternative accommodation providers like Airbnb, which can affect market share and pricing power.