IHG Hotels
strength across us franchise estate in | IHG Hotels
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June 2022
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37 of 56
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adjusting for market rent and franchise fees in company operated restaurants appeared to contribute of total however once adjusted for a franchise fee and a market rent fee constituted only of total with the higher multiple real estate and franchise businesses contributing of total real estate and franchise real estate and franchise | Pershing Square
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historical by business type as currently reported assuming of a is allocated to the real estate and franchise business an allocation that management indicates is conservative we indicate below the for and the real estate and franchise businesses as depicted in the reported we note that has historically appeared to contribute approximately of consolidated | Pershing Square
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historical by business type adjusted for a market rent and franchise fee despite an economic recession in significant dips in system wide same store sales growth and declines in stock prices the real estate and franchise business has grown every year over the last five years | Pershing Square
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