InterContinental is certainly a luxury brand but in the lower level. It is a luxury brand aimed at mass rather than the luxury brands aimed at the exclusive groups. It is like Lexus VS Porsche. Both can be considered as luxury but Lexus is more accessible to the general public whereas Porsche is for the ultra-level. St. Regis and Four Seasons are what we call Ultra-luxury sector. So it is unfair to compare the mass luxury and ultra-luxury and say InterContinental is not luxury. It is luxury but not that much as St. Regis.