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  "documentTitle": "IHG Hotels | Investor Presentation Deck | 69 slides",
  "authorId": "ihg-hotels",
  "authorName": "IHG",
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  "presentationDate": "2023-10-01 00:00:00",
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      "kind": "list",
      "text": "Investment behind growth initiatives\nProfile can vary year to year, but\nexpected to be broadly neutral over time",
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      "text": "Medium term guidance unchanged: up to $350m\ngross per annum; ~$150m net per annum",
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      "text": "Key money: used to secure hotel signings\nMaintenance: relates to owned, leased and\nmanaged lease hotels and corporate infrastructure",
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      "kind": "list",
      "text": "Invested into projects that benefit our hotel network\nRepaid when depreciation charged to System Fund\ne.g. GRS",
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      "text": "1. Key money presented net of repayments of $6m in HY 2023 (HY 2022: $3m)\n2. Consists of depreciation and amortisation of $43m in HY 2023 (HY 2022: $42m), adjusted to exclude depreciation for right of use assets of $1m (HY 2022: $2m)\n3. Includes gross key money payments of $70m in HY 2023 (HY 2022: $38m)",
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      "text": "$m\nHY 2023\nHY 2022\nKey money and maintenance capex\nKey money¹\n(64)\n(35)\nMaintenance capex\n(16)\n(15)\nTotal\n(80)\n(50)\nRecyclable investments\nGross out\n(8)\n(1)\nGross in\n-\n7\nNet total\n(8)\n6\nSystem Fund capital investments\nGross out\n(19)\n(18)\nGross in²\n42\n40\nNet total\n23\n22\nTotal capital investments\nGross total ³\n(113)\n(72)\nNet total\n(65)\n(22)",
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      "text": "Targeted capital expenditure to drive growth",
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