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Investment in associates and joint ventures
 12 Months Ended
Dec. 31, 2024
Disclosure of associates [abstract]  
Investment in associates and joint ventures
14. Investment in associates and joint ventures
 
        
    2024
$m
             2023
$m		  
Cost
                    
At 1 January    
101
      89  
Additions
    
6
      3  
Share of profits
a
   
10
      13  
System Fund share of losses    
(2
) 
       (3 ) 
Dividends and distributions    
(7
) 
       (1 ) 
         
At 31 December
    
108
      101  
Impairment
                    
At 1 January    
(53
) 
       (53 ) 
Impairment charge    
(4
) 
       –  
At 31 December
    
(57
) 
       (53 ) 
                     
Net book value
    
51
      48  
                     
Analysed as:                    
Barclay associate
    
7
      3  
Other associates
    
39
      43  
Joint ventures
    
5
      2  
     
51
      48  
 
a.
In 2023 and 2022, the total share of profits/(losses) from associates and joint ventures in the Group income statement included $18m gain and $18m loss, respectively, due to the liability recognised in 2022 and its subsequent reversal (see note
6
). In 2022, $42m was included within exceptional items in addition to the $18m.
Barclay associate
The Group held one associate investment which had a significant impact on profit for the prior year, a 19.9% interest in 111 East 48th Street Holdings, LLC (the ‘Barclay associate’) which owns InterContinental New York Barclay, a hotel managed by the Group. The investment is classified as an associate and equity accounted. While the Group has the ability to exercise significant influence through certain decision rights, approval rights relating to the hotel’s operating and capital budgets rest solely with the 80.1% majority member. The Group’s ability to receive cash dividends is dependent on the hotel generating sufficient income to satisfy specified owner returns.
 
  
  
Summarised financial information in respect of the Barclay associate is set out below:
 
        
    2024
$m
        
    2023
$m
  
Non-current
assets
    
449
   
462
Current assets
    
112
   
86
Current liabilities
    
(21
) 
    
(23
) 
Non-current
liabilities
    
(236
) 
    
(256
) 
Net assets
    
304
   
269
Group’s share of reported net assets at 19.9%
    
60
   
53
Adjustments to reflect impairment, capitalised costs and additional rights and obligations under the shareholder agreement
    
(11
)
    
(8
) 
Effect of specially allocated expenses (note
6
)
    
(42
) 
    
(42
) 
Carrying amount
    
7
   
3
        
    2024
$m
        
    2023
$m
  
Revenue
    
130
   
131
Profit from continuing operations and total comprehensive income for the year
    
15
   
15
Group’s share of profit for the year
a
   
4
   
3
 
a.
Includes specially allocated expenses and the cost of funding owner returns.
Impairment and impairment reversals of other associates
2024 impairment
In 2024,
the
impairment charge of $4m
related
to an associate in the Americas region and arose due to a decline in trading conditions.
2022 impairment reversal
In 2022,
a
n
 
impairment reversal of $2m related to an associate in the Americas region
and
arose due to strong trading conditions and significantly improved industry forecasts.