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Property, plant and equipment
 12 Months Ended
Dec. 31, 2024
Disclosure [Abstract]  
Property, plant and equipment
12. Property, plant and equipment
 
        
  Land and
buildings
$m
    
Fixtures,
  fittings and
equipment
$m
    
    Total
$m
  
Cost
                          
At 1 January 2023       112       292       404  
Additions       1       20       21  
Fully depreciated assets written off       –       (15 )      (15 ) 
Disposals       (2 )      (3 )      (5 ) 
Exchange and other adjustments       –       6       6  
At 31 December 2023       111       300       411  
Additions    
–
 
27
 
27
Fully depreciated assets written off    
(3
) 
  
(27
) 
  
(30
) 
Disposals    
(8
) 
  
(8
) 
  
(16
) 
Exchange and other adjustments    
(1
) 
  
(4
) 
  
(5
) 
At 31 December 2024
    
99
 
288
 
387
Depreciation and impairment
                          
At 1 January 2023       (51 )      (196 )      (247 ) 
Provided       (6 )      (18 )      (24 ) 
System Fund expense       –       (4 )      (4 ) 
Fully depreciated assets written off       –       15       15  
Disposals       2       3       5  
Exchange and other adjustments       1       (4 )      (3 ) 
At 31 December 2023       (54 )      (204 )      (258 ) 
Provided    
(3
) 
  
(21
) 
  
(24
) 
System Fund expense    
–
 
(4
) 
  
(4
) 
Impairment reversal    
–
 
3
 
3
Fully depreciated assets written off    
3
 
27
 
30
Disposals    
–
 
8
 
8
Exchange and other adjustments    
1
 
3
 
4
At 31 December 2024
    
(53
) 
  
(188
) 
  
(241
) 
                           
Net book value
                          
At 31 December 2024
    
46
 
100
 
146
At 31 December 2023       57       96       153  
At 1 January 2023       61       96       157  
The Group’s property, plant and
equipment
mainly comprises buildings and leasehold improvements on 17 hotels (2023: 17 hotels), but also offices and computer hardware, throughout the world.
Assets with a net book value of $99m (2023: $107m) are
located
in the United States.
 
 
Impairment and impairment reversals
2024 impairment reversal
An impairment reversal of $3m was recognised in relation to one hotel in the UK portfolio
(
EMEAA
region)
as a result of continued strong performance. The original impairment was recorded in 2020 as a result of the pandemic and was treated as exceptional; the reversal is also classified as exceptional for consistency.
2022 impairment
An impairment charge of $10m was recognised on property, plant and equipment relating to one hotel in the EMEAA region. A further $2m impairment of
right-of-use
assets was recognised in relation to the same hotel. The charge arose, and was classed as exceptional, due to recent cost inflation which impacted operating costs but also the projected variable rent payments.
2022 impairment reversal
A
n
 
impairment reversal of $3m w
as
 recognised in relation to the UK portfolio (EMEAA region) and arose as a result of the renegotiation of contractual agreements which enhanced the cash-generating
potential
of those hotels.