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  "documentTitle": "2023 03 Investor Deck",
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      "text": "Long-term structural growth in both demand and supply; IHG's average annual growth over the decade to 2019: +3.9% RevPAR; +3.2% Net System Size",
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      "text": "Strong cash generation and capital allocation; >$14bn returned to shareholders since 2003: $2.6bn ordinary dividends; $11.7bn additional returns",
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      "text": "Efficient cost base, increasing margins, growing earnings; IHG 2010-2019: ~130bps avg. annual fee margin improvement; +11.4% CAGR in Adjusted EPS",
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      "text": "High barriers to entry; Decades of brand heritage; >$1bn+ System Fund; 115m+ loyalty members; Leading tech, procurement, sales",
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      "text": "Asset light, fee-based, mainly franchised; ~70% franchised, ~30% managed, <1% owned/leased; ~80% of revenue from fee business linked to hotel revenues",
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      "text": "Well-invested portfolio and enterprise platform; 18 market leading brands; 6,000+ hotels; 900,000+ rooms",
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