Intercontinental Hotels Group plc: US Air Force lodging likely adds ~70bps NUG in initial phase

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Intercontinental Hotels Group plc: US Air Force lodging likely adds ~70bps NUG in initial phase

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Intercontinental Hotels Group plc

US Air Force lodging likely adds ~70bps

NUG in initial phase

Reiterate Rating: BUY | PO: 166.00 USD | Price: 150.75 USD

IHG adds US Air Force base lodging to system 19 May 2026

IHG announced that it has been selected by The Department of the Air Force as the Equity

operator for DAF’s on-base lodging. This will be a 50-year deal and asset-light for IHG,

with the property lease under IHG’s partner Centinel Public Partnerships. IHG already KateResearchXiao,AnalystCFA >>

performs equivalent hotel branding and management at 70+ hotels for the US Army, MLI (UK)

across around 12k rooms in 40 installations. The initial phase will transition 23 +44kate.xiao2@bofa.com20 7996 3051

installations across the US into the IHG system by fall 2027, which we estimate to be Muneeba Kayani >>

equivalent to ~70bps of current system size. We note that there are 59 active-duty Air Research Analyst

MLI (UK)

Force bases in the US and likely more overseas, which means later phases of the +44 20 7996 5208

program could bring upside to IHG’s NUG beyond 2027. muneeba.kayani@bofa.com

Jack Raeburn >>

We expect similar economics to existing network ResearchMLI (UK) Analyst

The hotels will be all managed by IHG hence subject to a base management + incentive +44 20 7996 3374

jack.raeburn@bofa.com

fee structure. The hotels would typically carry an upper midscale brand (Exhibit 1), such

as Holiday Inn Express, Candlewood Suites, Staybridge Suites, etc. The nature of the

captive demand likely means similar base of RevPAR but bigger volatility in occupancy

around military deployment schedules, though we don’t expect to see RevPAR or fee Stock Data