This is IHG's lackluster statement on the matter from HNN:

In response to a request for comment, IHG spokesperson Soojin Yoon noted the company’s decision to not continue paying minimum rents was related to cost-containment efforts.

“As the industry continues to recover from the unprecedented impact of COVID-19, IHG is committed to remaining in sound financial condition by reducing costs and protecting cash flow, ensuring our management agreements are in line with this approach,” Yoon said via email. “As we noted in in our half-year results earlier this month, we are well capitalized and maintain a total available liquidity of $2 billion.”

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To lose 103 hotels in one major, publicized move overnight is bad press for IHG, and doesn't exactly inspire hope in their ability to work with owners. The ICs they're losing are Toronto - Yorkville, Austin and San Juan, and the Kimptons exiting are the Palomar Washington DC, Allegro Chicago, Palomar Chicago, Monaco Portland and Alexis Seattle. Kimpton is losing nearly 7 percent of its portfolio with this.

Yikes. Not good for IHG.

khabah