IHG Hotels & Resorts just dropped brand No. 21.
The UK-based hotel giant unveiled Noted Collection on Tuesday alongside its full-year 2025 financial results, adding a premium collection brand aimed squarely at converting independent upscale and upper upscale hotels that want the firepower of IHG's distribution platform without giving up their identity. The company expects to sign more than 150 Noted Collection hotels over the next decade.
It's the 11th new brand IHG has introduced in as many years, and it fills a gap in the company's premium portfolio — nestling among brands like Crowne Plaza, Voco, and the recently acquired Ruby. Noted Collection also joins other conversion brands in IHG’s brand arsenal like the luxury-oriented Vignette Collection and more mainstream Voco and Garner.
The target market is massive: IHG pegs the global pool at more than 2.3 million independent rooms in the upscale to upper upscale segments, many of which are flying without the revenue management, distribution, and loyalty infrastructure that a platform like IHG can deliver.
But on an earnings call Tuesday, IHG CEO Elie Maalouf was quick to note that independents are only part of the story.
“Most of our conversions actually come from branded operators, whether large or small or regional,” he said. “Owners who see the strength of our enterprise, the strength of our brand portfolio, the strength of our support of our people and want to join a stronger system.”
In other words, the addressable market for Noted Collection is considerably wider than the unbranded hotel universe alone.
The brand will roll out first in IHG's sprawling EMEAA region — which, for the uninitiated, covers everything from Fiji to Cape Town to London — before going global. Maalouf said the EMEAA-first approach is deliberate: The region has “the largest percentage of unbranded hotels” of any in IHG's footprint, and the company has historically used it as a launchpad for conversion brands before expanding “east and west.”
IHG leaders indicate initial discussions are already underway with multiple owners, including some holding portfolios of hotels, for potential signings.
IHG’s conversion machine
Conversions have become a structural pillar of IHG's growth story, not just a cyclical bump from high interest rates keeping new-build hotel pipelines in check. In 2025, conversions accounted for roughly 52% of the company's gross room openings and 40% of new signings globally. In the EMEAA region specifically, that figure hit 63% of room openings.
Maalouf has been vocal about why he thinks conversion activity has staying power beyond the current rate environment.
Speaking at the Americas Lodging Investment Summit in January, he pointed to three forces: Owners have gained experience and comfort executing conversions, IHG now offers far more conversion-friendly products than it did a few years ago, and lenders have become more receptive to conversion financing because of the shorter timelines and reduced risk involved.
“I think some structural things have changed,” Maalouf told me at ALIS. “I do think we're going to travel at a higher structural level of conversions. They won't just dry up once new builds pick back up.”
Noted Collection gives IHG yet another vehicle in that conversion arsenal — and one calibrated for a segment the company hadn't fully addressed.
While Voco targets the broader premium conversion opportunity and Vignette plays in the luxury and lifestyle space, Noted Collection is positioned for distinctive, higher-end independent hotels that want a light brand touch with heavy platform benefits. This could mean heritage properties, design-forward boutiques, or resort hotels that have a strong local identity but need the revenue lift that comes with plugging into IHG One Rewards.
Each property will be organized around three hallmarks: “Noteworthy Stays,” which emphasizes each hotel's individual story and design; “The Edit,” a curated food-and-beverage and programming layer; and “Conversation Starters,” a hospitality approach that leans into personal, unscripted service.
Zoom out, and Noted Collection is part of a broader strategic bet IHG has placed on the premium and luxury-and-lifestyle tiers.
The company's premium segment — which includes Crowne Plaza, Voco, Ruby, Hualuxe, and EVEN — now accounts for 15% of IHG's open system but 22% of its pipeline. Luxury and lifestyle tell a similar story: 14% of the system today, 22% of the pipeline.
Where it fits in the competitive landscape
IHG isn't the only major hotel company trying to hoover up independent hotels through collection brands. Marriott has its Autograph Collection and Tribute Portfolio. Hilton has LXR and Curio. Hyatt has Unbound and JdV. Accor's got Emblems, MGallery, and the Handwritten Collections — showing all of the major players feel a need for soft brands at multiple price points.
The upper upscale and upscale conversion space is increasingly crowded, and the pitch to owners is essentially the same everywhere: Keep your name, get our distribution.
Starting in EMEAA is a logical first move. The region delivered nearly 8% net system growth in 2025 and saw signings jump 19% year over year (excluding initial Ruby and NOVUM agreements). RevPAR in the region grew 4.6% for the year and accelerated to 7.1% in the fourth quarter. It's also where the pool of eligible independents is deepest: European cities in particular are stocked with distinctive, character-rich hotels that have historically resisted big-brand affiliation but are increasingly open to the economics of scale.
Maalouf has spoken repeatedly about Europe's growth potential, noting that IHG doubled its combined open-and-pipeline count in Germany in just two years and is pushing further into Southern Europe, Turkey, and the Gulf states. Saudi Arabia alone now represents 17% of the industry pipeline by IHG's count, with the company holding the lead signings share through the third quarter.
Whether Noted Collection catches on ultimately comes down to execution — specifically, whether IHG can sign hotels that genuinely meet the “one-of-one” positioning rather than diluting it with volume. The luxury-and-lifestyle playbook at IHG has worked partly because the company has been disciplined about curation (Maalouf has said IHG says no to Six Senses and Regent prospects “much more often than we say yes”).
The premium tier operates at higher volume, so the tension between quality curation and growth targets will be worth watching.
For now, though, IHG has another tool in the kit. Given how central conversions have become to the company's growth algorithm, it’s a smart play to offer another well-positioned brand to compete for the vast universe of independent hotels that haven't yet picked a team.