IHG Branded Residential
October 2021
*CONFIDENTIAL – FOR INTERNAL USE ONLY*
© 2 0 2 1 I H G

EMEAA Branded Residences Landscape
M A Y 2 0 2 1

3
G L O B A L B R A N D E D R E S I D E N C E S L A N D S C A P E
Branded Residential – EMEAA Landscape
Marriott continues to dominate the branded residential landscape in
EMEAA, and is expected to continue to do so, however with IHG
commanding a strong #2 position ahead of Four Seasons. Accor’s
footprint is growing fast.
1
2
1
5
2
7
12
11
16
2
1
2
4
2
6
10
11
14
18
Hyatt
Hilton
Jumeirah
Rosewood
Aman
Mandarin Oriental
Accor
Four Seasons
IHG
Marriott
Open Pipeline
Open + Pipeline
(# projects)1
34
25
23
17
8
7
5
4
2
2
With
Resi
Without
Resi
% Upper Luxury Signings with Branded Resi – EMEAA (2017-2020)2
The percentage of signings without branded
residences is slightly higher in EMEAA.
As the model gains traction, we can
(eventually) expect this to gravitate towards
the proportion seen in the Americas.
Urban Resort
50%
50%
70%
30%
Open
Pipeline
The split between urban and resort
locations for the existing portfolio is even.
In the pipeline, urban locations effectively
forms 3 out of 4 projects in EMEAA.
These projects are mostly located in key
gateway cities across both developed and
developing countries; demonstrating
developers’ growing belief that brands can
drive material sales premiums and pace.
n=46
n=56
% Branded Resi. by Location Type1
Source: Company media and publicly available information
1. Branded residence projects are defined as those with residential units for-sale to individual buyers and under
the following brands: Ritz Carlton, St. Regis, W, Luxury Collection, Bvlgari, Edition, Four Seasons, Fairmont,
Raffles, Mandarin Oriental, Rosewood, Banyan Tree, Aman, Waldorf Astoria, Jumeirah, Park Hyatt, Andaz.
44%
56%
n=68
2. Publicly available signings of Aman, Raffles, Four Seasons, Park Hyatt, Mandarin Oriental, Waldorf Astoria,
Ritz Carlton, St. Regis, and Rosewood announced in 2017-2020

35%
37%
10%
3%
17% 18%
32%
8% 6%
24%
29%
50%
19%
29%
8%
6%
3%
31%
43%
1%
4%
45% 45%
26%
0%
25%
7%
71%
14% 13%
36%
48%
21%
80%
14%
50%
0%
17%
50%
40%
5%
0%
RC StR W LC BV ED FS FAIR RAF MO RO BT AM WA JU AN PH SX RE IC KI
4
Inclusion of a branded residence component in projects is growing – On average, 33% of all pipeline projects have a residence component vs.
25% of open. Out of 21 brands, 13 have a higher proportion of residences in pipeline projects vs. open projects.
G L O B A L B R A N D E D R E S I D E N C E S L A N D S C A P E
EMEAA Luxury Branded Residence* Landscape (for-sale projects)
Source: Company media and publicly available information
*Branded residence projects are defined as those with residential units for-sale to individual buyers and under the following brands: Ritz Carlton, St. Regis, W, Luxury Collection, Bulgari, Edition, Four
Seasons, Fairmont, Raffles, Mandarin Oriental, Rosewood, Banyan Tree, Aman, Waldorf Astoria, Jumeirah, Park Hyatt, Andaz.
IHG averages are materially below
comps – 23% for open (vs. 20%
comps) and 20% of pipe (vs. 30%
comps).
Open Pipeline

5
Since 2017, on average ~41% of all new luxury signings in EMEAA have a branded residential component (vs. ~55% globally).
G L O B A L B R A N D E D R E S I D E N C E S L A N D S C A P E
Branded residential is a major driver of luxury signings in EMEAA
• Source: STR global, IHG research
• Note: Stats shown above include projects with serviced residences, and not just limited to for-sale residences
New signings across upper luxury “mono” brands reflect a very high proportion of branded residential, confirming the growing
trend of upper luxury hotel developments forming part of larger mixed-use developments, and validating the need to have a
strong branded residential offering to grow within upper luxury
While growth in branded residential is a global
phenomenon, prevalence in the Americas is significantly
higher in recent signings vs. EMEAA and GC
2017 – 2020: Global Luxury Signings with Branded Residential (% of total signings) % Signings with Branded Resi. by Region
Americas
EMEAA
Greater
China
With
Resi
Without
Resi
72%
28%
56%
50% 50%
43%
40%
36%
25% 25%
20% 19%
Mandarin
Oriental
Aman Raffles St Regis Four
Seasons
Rosewood Ritz-Carlton Park Hyatt Waldorf
Astoria
IHG
40%
60%
41%
59%

6
The rapidly growing branded residential segment is also seeing the business model evolve fundamentally. As IHG’s branded residential business
grows, we will need to refine and adapt our offering to stay competitive.
G L O B A L B R A N D E D R E S I D E N C E S L A N D S C A P E
Key Trends in Branded Residential
Steady rise in luxury brands announcing standalone
residential projects, driven by:
• Continued escalation in prime residential (and land)
capital values, prompting developers to enhance the
product and service offerings, and to try and
differentiate their offerings from the competition
• Brands recognizing the fee potential presented by
such deals, and leveraging on existing on-the-ground
operations in mature markets to roll out a solution
Examples:
20 Grosvenor Square, London
706 Mission St., San Francisco
9000 West 3rd St., Los Angeles
Passeig de Garcia, Barcelona
685 5th Avenue, New York
Icon Siam, Bangkok
Cairnhill Road, Singapore
Sunny Isles, Miami
Buckhead, Atlanta
HCMC, Vietnam (4k units, multi brand)
Luxury Standalone Branded Residential
Enhancing the Residence Owner Offering Upscale and Other Segments
Luxury brands continue to dominate branded
residential, but the share of upscale and upper
upscale brands is set to grow:
85%
12%
2% 1%
Current Footprint
Luxury Upper Upscale Upscale Other
73%
22%
4%
1%
Pipeline
Luxury Upper Upscale Upscale Other
Brands are increasingly developing new “value add”
elements to their residences offering to stay
competitive and validate the license fee ask:
Examples:
“Rosewood Reserve, an exclusive program
available to residence owners, offering
advantages and benefits at all properties
across the globe. Benefits of Rosewood
Reserve include preferred rates on rooms,
food and beverage and spa, room
upgrades, and additional VIP courtesies
including access to a global concierge to
assist with all travel-related requests.”
“All residence owners have access to
Mandarin Oriental’s Residences Elite
programme. Owners enjoy exceptional
recognition when traveling to any Mandarin
Oriental hotel around the globe, including
VIP status, room upgrade, complimentary
continental breakfast for two, and WiFi.
Additionally, all Mandarin Oriental hotels
have trained Residences Elite
Ambassadors, on hand to ensure that
owners receive the acknowledgment they
deserve.”

IHG Branded Residences Business
M A Y 2 0 2 1

I H G E M E A A B R A N D E D R E S I D E N C E S
IHG Global Residences Portfolio
8
With close to 50 open and pipeline residences across the globe, IHG is a leading force in branded residential
C U R R E N T R E S I D E N C E S ( 4 )
S H A N G H A I , C H I N A
J A K A R T A , I N D O N E S I A
P O R T O M O N T E N E G R O , M O N T E N E G R O
B O S T O N , U S A
F U T U R E O P E N I N G S
P H U Q U O C , V I E T N A M
C U R R E N T R E S I D E N C E S ( 1 2 )
T I A N J I N , C H I N A * *
C H E N G D U , C H I N A * *
C A I R O , E G Y P T * *
J A K A R T A , I N D O N E S I A * *
B E I R U T , L E B A N O N * *
W A R S A W , P O L A N D * *
D O H A , Q A T A R * *
D U B A I , U A E * *
B O S T O N , U S A
H A N O I , V I E T N A M * *
P H U Q U O C , V I E T N A M
S A I G O N , V I E T N A M * *
F U T U R E O P E N I N G S ( 6 )
N A N J I N G , C H I N A
X I ’ A N , C H I N A
H U A H I N , T H A I L A N D
A B U D H A B I , U A E * *
D U B A I , U A E * *
H A L O N G B A Y , V I E T N A M
C U R R E N T R E S I D E N C E S ( 6 )
M A L O L O , F I J I
C O U R C H E V E L , F R A N C E
Z I L P A S Y O N , S E Y C H E L L E S
I B I Z A , S P A I N
K A P L A N K A Y A , T U R K E Y
C O N D A O , V I E T N A M
F U T U R E O P E N I N G S ( 1 4 )
K I T Z B U E H E L , A U S T R I A
C A Y O R O S A R I O , B E L I Z E
M A N T I Q U E I R A M O U N T A I N S , B R A Z I L
G U A N A C A S T E , C O S T A R I C A
G A L A P A G O S I S L A N D S , E C U A D O R
L O I R E V A L L E Y , F R A N C E
L A S A G E S S E , G R A N A D A
O S S U R A V A L L E Y , I C E L A N D
U M B R I A , I T A L Y
P A L A W A N , P H I L I P P I N E S
C R A N S M O N T A N A , S W I T Z E R L A N D
F O R E S T I A S B A N G K O K , T H A I L A N D
L O N D O N , U K
N E W Y O R K C I T Y , U S A
C U R R E N T R E S I D E N C E S ( 6 )
B A N G K O K , T H A I L A N D * *
C A Y M A N I S L A N D S *
C L E V E L A N D , U S A *
M I A M I , U S A *
N A S H V I L L E , U S A *
S A C R A M E N T O , U S A *
F U T U R E O P E N I N G S ( 1 )
K A W A N A B A Y , G R E N A D A

I H G E M E A A B R A N D E D R E S I D E N C E S
Illustrative Legal Structure and Key Documents
9
9
IHG Owner
Unit Owner
Unit Owner Unit Owner
Unit Owner
▪ Residence Marketing and License Agreement (“SMLA”) : Agreement between IHG and Developer to allow Developer to use IHG brands for promoting and marketing residences in exchange for payment of a brand
license fee
▪ Residences Management Agreement (“RMA”): Agreement between IHG and Developer (i) governing the ongoing branding of the residences post completion and handover, and (ii) detailing scope and fees of basic
services to be provided.
▪ Sales and Purchase Agreement (“SPA”): Contract between Developer & Unit Buyer detailing terms of sale and purchase of unit
▪ Maintenance Management Agreement (“MMA”) : Contract between Developer & Unit Buyer governing provision of Basic Services, maintenance, repairs and capex (could involve the home owners association, if
one is created and/or required by law).
▪ Governing Documents: Documents detailing the internal rules of the residences that all unit owners need to comply with (could involve the home owners association)
▪ Service Agreement (“SVCA”): Agreement between Hotel and Property Manager for the Hotel to provide Basic Services directly to the residences in exchange for cost recovery agreed and fees
▪ Property Management Agreement (“PMA”): Agreement between Developer and Property Manager to provide administrative and capital planning function for the Residence. PMA may be novated to HOA upon its
formation.
License Fees (% of gross sales proceeds) Gross Sales Proceeds from Unit Sales
• IHG to provide residences with Basic Services (e.g.
common area maintenance)2
• Unit owners to pay periodic and other assessments to
the HOA (or Developer directly), portion of which is
passed on to IHG for provision of Basic Services
(including a percentage of fee paid to IHG on a “cost
plus” basis for mgt of such services)
Key Documents
SMLA
1
SPA
3
MMA
4
Governing Documents
5
1
2
3
4
Home Owners’
Association
(“HOA”)1
5
Property
Manager
Providing administrative and capital planning services (for a fee)
(if applicable)
MMA / PMA (post novation)
7
4
PMA (initial phase)
7
SVCA
6
6
1. A private association usually formed to act as a unified front representing the home owner’s interests. A legal requirement in some jurisdictions.
2. IHG and Developer to agree on scope of services to be provided by IHG. Certain services may be provided directly by Developer to the residences, and will be excluded from fees charged by the IHG.
RMA
2
7

IHG vs. Hotel Owner / Developer –
Who does what (operations)?
29 October 2021 ©2020 IHG. All rights reserved. Proprietary and confidential. 10
Scope of Residential Services and Responsibilities
Project Name
Hospitality
(e.g. reception/concierge)
A-la-Carte Services
(e.g. housekeeping)
Common Area
Maintenance (CAM)
In-Unit Repairs and
Maintenance
Capex Planning &
Budgeting
Home Owners Mgt /
HOA Mgt
1. Mandatory rentals and serviced resi.
Regent Residences Phu Quoc*
- Fully managed by Hotel/IHG due to mandatory rental pool participation requirement
- Operating costs sit with Hotel, and funded via Hotel Owner share of revenue split
Managed by Developer /
Hotel Owner
Six Senses Con Dao
InterContinental Phu Quoc Residences
InterContinental Residences Halong Bay*
Serviced Residences (all brands) Fully managed by IHG per HMA with Hotel/Residence Owner (no individual third-party ownership of units)
2. Optional or no rental programs
Regent Porto Montenegro Residences
Provided via Hotel
Selected list of services agreed with Hotel Owner
For units participating in optional rental program (limited
to in-unit items)
Managed by Developer /
Hotel Owner
Six Senses Residences Courchevel
Six Senses Zil Pasyon Seychelles
Regent Residences Shanghai Pudong
Mix of dedicated (e.g.
reception, bellman) and via
hotel (e.g. concierge)
Direct by home owner or via
Hotel Owner (if offered)
Managed by Hotel Owner
(for common areas)
Regent Residences Jakarta Mangkhulur City
InterContinental Residences Hua Hin*
3. No rental program or other factors
Residences at the InterContinental Boston
Provided directly by Hotel
Owner / Property Manager
Selected list of services
agreed with Hotel Owner
Provided directly by Hotel
Owner / Property Manager
Direct by home owner or via
Hotel Owner (if offered)
Managed by Developer /
Hotel Owner or via property
manager (for common
areas)
Managed by Developer /
Hotel Owner or via property
manager
The Residences at Seafire (Kimpton)
Regent Boston (Echelon Seaport)
Six Senses Fiji Malolo Island
Six Senses Kaplankaya
Critical to define early on what IHG can and cannot do. Some guiding principles to illustrate below, but every project is unique.
* indicates pipeline projects

Key Commercial Terms – SMLA
29 October 2021 ©2020 IHG. All rights reserved. Proprietary and confidential. 11
L I C E N S E F E E :
• 4.0-5.0% on all sales revenue generated by sales of the units, with such amounts paid to IHG upon receipt of funds by
developer
S A L E S A N D M A R K E T I N G
A D V I S O R Y F E E
• US$300k-1m, which is non-refundable and payable as follows:
➢ (a) 50% upon signing of the SMLA; and
➢ (b) 50% within 6-12 months after the date of the execution of the SMLA.
• Owner will receive a credit of such amount against the License Fee payable to IHG.
R E F E R R A L F E E :
• For any sales resulting from a lead generated by IHG sources, a referral fee (in addition to the license fee) of 2.0% of sales
revenue will apply
R E S A L E L I C E N S E F E E :
• For residences re-sold through the developer's sales office, IHG will receive 20% of the commission earned by the
developer
T E C H N I C A L S E R V I C E S F E E : • A consolidated fee will be proposed by IHG to cover technical services to be provided to the hotel and residences.
L E G A L F E E :
• Owner to reimburse IHG for external legal counsel costs incurred by IHG in structuring, negotiating and documenting the
branded residences aspects of the project
• IHG and owner will mutually discuss and agree on any applicable cap to the reimbursable amount.
P R O M O T I O N A L M A T E R I A L S :
• Owner shall, at its own cost and expense, and consistent with the terms and conditions of the SMLA, develop a marketing
plan to market and sell the units
• IHG to review and approve all such materials
S A L E S A N D O T H E R
D O C U M E N T A T I O N A P P R O V A L S :
• IHG to review and approve all contracts between developer and unit buyer/owner – SPA, RPA, MMA, governing docs
O T H E R I T E M S :
Prior IHG approval and necessary indemnities and other provisions in the documentation will be required if the units are to be
offered for sale in the United States or to U.S. persons, or any other jurisdiction where the sales of branded residences may
be regulated (i.e. this may also apply to UK/EU depending on the structure of the offering)

Key Commercial Terms – RPA
29 October 2021 ©2020 IHG. All rights reserved. Proprietary and confidential. 12
R E V E N U E S H A R I N G
• As per IHG proposed waterfall
• Prefer unit owner % split to be “clean” i.e. no further deductions (except property taxes, insurance, etc – if paid by developer)
U N I T O W N E R U S A G E A N D
C H A R G E S
• Unit owner to get a specific number of room nights per year (typically 20-40 depending on market)
• IHG and developer to agree on placing certain restrictions on minimum stays, peak periods, advance booking notice, etc
• Unit owner to pay a nightly usage charge during such stays to cover basic operating costs (cleaning, utilities)
F F & E A N D B R A N D S T A N D A R D S
• All participating units will be required to purchase an approved FF&E package before they can participate, and will be subject
to periodic brand audits (same as hotel)
G O V E R N I N G R U L E S
• Unit owners to abide by governing rules, to be agreed between IHG and developer (e.g. no direct short or long term leasing,
restrictions on alterations, etc)
A D M I N I S T R A T I O N
• Developer to be fully responsible for administering all aspects of the RPA with unit owner
Note: Above terms are subject to negotiation, contract and IHG board approvals. Terms of the residences
management agreement (“RMA”) and rental program agreement (“RPA”) are not included in the above list.

What makes a resi deal attractive?
29 October 2021 ©2020 IHG. All rights reserved. Proprietary and confidential. 13
I T E M What is attractive What is harder to solve for
P R O J E C T ✓ “Co-located” with a hotel vs. standalone residences  No hotel, or minimal hotel vs. resi unit count
O W N E R &
O F F E R I N G
✓ Experience in developing and selling luxury residences
✓ No “clever” add-ons e.g. guaranteed returns, heavy discounts, etc
 No residential experience, not team/capabilities in resi
 Complex/opaque offerings do not align with luxury positioning
F E E S
✓ Aim for 5% license fees (at least stay in the 4-5% range)
✓ Look for projects that have at least ~$3m+ in license fee potential
✓ At least $300k or 10-20% of total fee potential as upfront payment
 Fees below 4% will set an undesirable precedent in the market
 Hard to justify interest in projects below $2.5-3m in fee potential
 Low or zero upfront payment projects are not preferred
S T R U C T U R E
✓ IHG managed projects preferred; highly selective with franchising resi
✓ Developer to stay in the structure – no direct contractual relationship
between IHG and unit owners or HOA
 Any franchise proposal to require strong strategic reasoning and
rationale of how/why we are comfortable with developer/owner
 We will consider HOA management only in highly strategic and/or
competitive deals, if required by owner/developer
T I M E L I N E
✓ Hotel and resi to be developed and opening together, or hotel first
✓ At the time sales of units commence, good to see construction
progress so buyers can perceive that the project is “real”
 Resi opening first is risky as resident experience will be compromised
 Fully off-plan sales with zero construction progress is not preferred,
unless developer is highly experienced and reputable in market
D E S I G N
✓ Differentiated resi vs hotel product is critical to establishing a strong
IHG resi identity and tarck record – tailored to each project
✓ Especially with rental programs, need to ensure there is no
cannibalization between hotel and resi inventory
 Relabeling of hotel inventory for resi offering should be avoided –
Dilutes/erodes IHG branded resi value proposition, and creates
conflict of interest issues for rental programs
R E N T A L
P R O G R A M
✓ Adapt and follow IHG preferred structure and template documentation
– allows us a high degree of visibility and control
✓ Optionality for participation is preferred, and no income pooling,
especially for RG/SS, however some projects may be more suited to
mandatory programs with pooling (e.g. Vietnam)
 Approving owner RPA structure and docs, especially if very different
from IHG template – much harder to diligence and control
 While flexibility around participation is recommended, need to try and
secure commitment from unit owner for minimum 3 year terms to give
hotel ops team stability in inventory year on year

IHG Branded Residential Team
M A Y 2 0 2 1

Six Senses Support Functions
Branded Residential
IHG Development
15
T E A M S T R U C T U R E & R E S O U R C I N G
IHG Branded Residential Team Structure
Build and monitor IHG branded residential strategy, and
drive key brand and commercial principles
SVP Luxury Brands
Jane Mackie
VP Luxury Brands
Tom Rowntree
Brands
VP Branded Residential
Ananth Ramchandran
Distribution
Tax
D&E
New
Openings
Finance
Joel
Eiseman
(AMER)
Developers
CEO
Neil Jacobs
COO
Neil Palmer
Market Strategy
Ongoing Requirement TBC
Development/Deal Advice
Deal by deal basis
Resi Unit S&M (Agents)
Various – e.g. Sorores
IHG Support Functions
External Advisory
Driving signings and fee income, support business.
Utilize IHG resources as needed and align with key
commercial and legal principles across the group.
Partner with branded residential team / CIT to
understand IHG branded residential strategy and
leverage resources and tools developed to drive growth
Coordinate various IHG functions and external advisors
to develop and refine owner offering and internal
processes to drive deal signing and license fee income
Loyalty
Manager Branded Residential
Duta Alamsyah
Operations
IA
GT
Reporting
Brands PMs
Various across regions
CDO
Omar Romero
Legal / BRR
Sales /
Commercial
Corp Dir Residences
Viri Kaur (Oct 2021)
Six Senses
Various
VPDs
(EMEAA)
Kent Sun
(GC)
Legal
TBC
CFO
Yvonne Thomsen
CCO
Bryan Gabriel
VP Mkt./Comms.
Elena Black
Tax
D&E
New
Openings
Finance
Operations
IA
Reporting
Legal
Distribution
Loyalty
GT
Sales /
Commercial
Six Senses Development
Frank S.
(APAC)
Robin C.
(EMEA)
Andrew M.
(AMER)
Denotes resources with involvement/support across both Six Senses and broader IHG branded resi. business
Pichaya P.

Appendices
16
S E C T I O N T I T L E

EMEAA Key Competitors Overview
M A Y 2 0 2 1

18
I H G B R A N D E D R E S I D E N C E S B U S I N E S S
Competition Overview – “Mono” Brand Upper Luxury Players in EMEAA
Four Seasons remains the clear leader, with Mandarin Oriental’s resi business now almost as large in EMEAA
Key Takeaways
“Mono” Brands Pipeline in EMEAA with Residences
• Four Seasons and Mandarin Oriental have the lion’s share of the market (~65%) driven by
brand recognition, residential track record, and capabilities
• Broad mix of markets and urban vs resort mix → reflects high level of owner confidence
• Biggest competition to Regent for deals with resi and hard to beat → combination of brand
preference + residential track record and expertise
➢ Four Seasons: Dedicated residences sales and marketing, operations and finance
experts in Toronto and in select markets
➢ MO: Dedicated head of sales and marketing for residences
Bangkok at Chao Phraya River Marrakech at M Avenue, Morocco
Bengaluru, India Makkah, Saudi Arabia
Delhi NCR, India (Standalone) Madrid, Spain
El Gouna, Egypt Mumbai, India
Hvar, Croatia Marbella, Spain
Tel Aviv, Israel Kuala Lumpur, Malaysia
Okinawa, Japan
Twenty Grosvenor Square, London, UK (Standalone)
Bali, Indonesia Moscow, Russia
Bangkok, Thailand Melbourne, Australia
Dubai, UAE Tel Aviv, Israel
Dubai (S. Zayed Rd), UAE Vienna, Austria
Munich, Germany Da Nang, Vietnam
Mayfair, London, UK Etiler, Istanbul, Turkey
Muscat, Oman
Bali, Indonesia Doha, Qatar
Jakarta, Indonesia Hermana Mayor, The Philippines
Hoi An, Vietnam Yangon, Myanmar
Castiglion del Bosco, Italy
Nai Lert, Bangkok, Thailand Niseko, Japan
Tokyo, Japan (Standalone)
Brisbane, Australia Bangkok, Thailand
Bodrum, Turkey Dubai, UAE
• Rosewood’s growing footprint and brand recognition allowing them to win more deals, mainly
in Asia (with Residence component)
• Opening of Rosewood HK has enhanced their brand perception

19
I H G B R A N D E D R E S I D E N C E S B U S I N E S S
Competition Overview – Marriott Residential in EMEAA
Marriott is the clear leader ($40m+ in annual license fees), and increasingly aggressive in competitive situations with brand offerings and fees
Key Takeaways
Marriott Residences Pipeline in EMEAA (May 2021)
Upper / Uber Luxury
• ~50% of Marriott’s residences pipeline is still upper/uber luxury driven
• Strong focus on the Middle East, Turkey, and Balkans → resort-driven
• Mostly co-located projects (hotel and residences)
• Major threat to Regent growth – IHG needs to compensate for (i) lower brand recognition
and (ii) limited track record → need to enhance value of overall offering
Amman, Jordan Limassol, Cyprus
Porto Montenegro, Montenegro Istanbul, Turkey
Bodrum, Turkey Colombo, Sri Lanka
Dubai Creekside, UAE
Amman, Jordan Jakarta, Indonesia
Al Mouj, Muscat, Oman Dubai, UAE
Belgrade, Serbia, Marsa Arabia, The Pearl, Qatar
Horton Sq, Colombo, Sri Lanka
Doha, Qatar
Moscow, Russia
Colombo, Sri Lanka Saigon, Vietnam (Standalone)
Jeju Island, South Korea New Cairo, Egypt
Algarve, Portugal Koh Samui, Thailand
Belgrade, Serbia Seminyak, Bali
Cairo, Egypt Tangier, Morocco
Dubai, The Palm, UAE
Daegu, South Korea Saigon, Vietnam (Standalone)
Penang, Malaysia
Cebu Mactan Island, The Philippines Phuket Grand Bay, Thailand
Istanbul Esenyurt, Turkey
Manila Sonata Place, The Philippines London City, UK
Entry-level Luxury / Lifestyle
• ~40% of projects are in Upper Upscale level (Marriott, Sheraton, Westin) → This is expected
to grow and make market share winning harder for IHG
• Projects across this segment are much more diversified across EMEAA
• Standalone projects still few in EMEAA; but a 4,000+ keys project in Ho Chi Minh City is
expected to drive more interest and signings.
• Overall, Marriott is very aggressive with brand offerings and flexibility on deal parameters
➢ Example 1: MAR offered JW Marriott for a tier 2 market in Turkey where IHG offered
voco
➢ Example 2: MAR offered full flexibility on FF&E to developer for residential units with
rental program under Luxury Collection brand; while usage may be low, there may still
be third-party guests in unit i.e. brand risk (IHG lost deal to MAR)
• MAR is also able to provide owners with a much higher level of visibility on residential
services, costs, HOA budgets, resi-specific build standards and costs, etc → this is driven by
their in-house expertise (US based)

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I H G B R A N D E D R E S I D E N C E S B U S I N E S S
Competition Overview – Accor Residential in EMEAA
Accor is the up and coming competitor to IHG; with aggressive fees and flexibilities in securing deals
Key Takeaways
Accor Pipeline in EMEAA with Residences
• ~70% of deals in Luxury / Upper Luxury; mostly Raffles
• Strong momentum in Middle East and SEAK; leveraging on Raffles and Fairmont brand
strength
• Minimal traction in Europe as Raffles and Fairmont brands are not well recognized
• Highly flexible on structure and deal parameters, often discounting fees heavily to < USD
2m/deal → growing threat to IHG
• Accor poses limited threat vs. MAR on resi deals, however Accor’s fee levels are a major
challenge to IHG in competitive situations
Bali, Indonesia Jakarta, Indonesia
London at The OWO, UK London, UK
Praslin, Seychelles Sentosa, Singapore
The Palm Dubai, UAE
SO/ Sofitel Kuala Lumpur, Malaysia Pullman Singapore Newton, Singapore
Swissotel Bodrum, Turkey Swissotel Citystars Sharm el Sheikh, Egypt
Makkah, Saudi Arabia Marrakech Royal Palm, Morocco
Rabat, Morocco Taghazout Bay, Morocco
Others