Partial Result - Tender Offer

InterContinental Hotels Group PLC
25 November 2004




InterContinental Hotels Group PLC
25 November 2004

                       InterContinental Hotels Group PLC
                 Announcement of Partial Result of Tender Offer

             €600,000,000 4.75 per cent. Notes due 20 October 2010
                  (ISIN: XS0178293196; Common Code: 017829319)
                                 (the "Notes")

NOTICE IS HEREBY GIVEN that, further to the Notice of Terms of Tender Offer (the
"Tender Offer Notice") issued by the Company to the holders of the Notes (the 
"Noteholders") on 11 November 2004, the Early Tender Deadline referred to in the
Tender Offer Notice expired at 5.00 p.m. (CET) (4.00 p.m. (GMT)) on 24 November
2004. As at the expiry of the Early Tender Deadline, the Company had received
Acceptance Notices in respect of €564,234,000 (94.039 per cent.) of the Notes
outstanding.

The Tender Offer will expire at 5.00 p.m. (CET) (4.00 p.m. (GMT)) on 3 December
2004 unless the period for the Tender Offer is extended as described in the
Tender Offer Notice (subject always to the right of the Company to terminate or
withdraw the Tender Offer at any time prior to the conditions of the Tender
Offer being satisfied or waived in full). Noteholders who have lodged valid
Acceptance Notices prior to the Early Tender Deadline will receive the full
tender price, with those responding thereafter receiving a reduced tender price.

A further notice will be published on or about 7 December 2004.

The Issuing and Paying Agent with respect to the Notes and the Tender Agent with
respect to the Tender Offer are as follows:

                                  TENDER AGENT

                                 HSBC Bank plc
                                8 Canada Square
                                 London E14 5HQ


                            ISSUING AND PAYING AGENT

                                 HSBC Bank plc
                                8 Canada Square
                                 London E14 5HQ



The Lead Dealer Manager with respect to the Tender Offer is as follows:

                              LEAD DEALER MANAGER

                          J.P. Morgan Securities Ltd.
                                125 London Wall
                                London EC2Y 5AJ


For further information, please contact:



IHG Contacts


Investor Relations:                                         [phone]
Media relations:                                            [phone]



Bondholder Contact for the 2010 Tender Offer     
Lead Dealer Manager                                                     JPMorgan
                                             John Cavanagh: [phone]





Dated 25 November 2004

The distribution of this document in certain jurisdictions may be restricted by
law.  Persons into whose possession this document comes are required by the
Company, J.P. Morgan Securities Ltd., Barclays Capital and HSBC Bank plc to
inform themselves about, and to observe, any such restrictions.

This announcement does not constitute, or form part of, any solicitation of any
offer or invitation to sell any securities in any jurisdiction nor shall it (or
any part of it), or the fact of its distribution, form the basis of or be relied
on in connection with any contract therefore. No indications of interest in the
Tender Offer are sought by this announcement.

The Tender Offer is not being made to, and tenders will not be accepted from or
on behalf of, holders of the Notes in any jurisdiction in which the making or
tender thereof will not be in compliance with the laws of such jurisdiction.
Please refer to the Notice of Terms of Tender Offer dated 11 November 2004 for
details of further restrictions relating to the Tender Offer.

The Tender Offer is not being made and will not be made directly or indirectly
in, or by use of the mails of, or by any means or instrumentality of interstate
or foreign commerce of, or any facilities of a national securities exchange of,
the United States of America. This includes, but is not limited to, facsimile
transmission, electronic mail, telex, telephone and the Internet. Accordingly,
copies of this document and any related offering documents are not being, and
must not be, mailed or otherwise transmitted or distributed in or into the
United States of America. Any purported acceptance of the Tender Offer resulting
directly or indirectly from a violation of these restrictions will be invalid.
The Tender Agent will not accept any tender on behalf of the Company by any such
use, means, instrumentality of facility of from within the United States.  Any
Noteholder who holds its notes through a custodian in the United States should
contact the Lead Dealer Manager, J.P. Morgan Securities Ltd.

The Tender Offer is not being made in the Republic of Italy ("Italy") and the
Tender Offer Notice has not been submitted to the clearance procedure of
Commissione Nazionale per le Societa e la Borsa pursuant to Italian laws and
regulations and may not be used in Italy in connection with the Tender Offer.
Accordingly, holders of Notes are hereby notified that, to the extent such
holders are Italian residents or located in the Republic of Italy, the Tender
Offer is not available to them and, as such, any tenders received from such
persons shall be void and neither the tender offer document nor any other
material relating to the Tender Offer may be distributed or made available in
Italy.


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