“There was a time when not everybody knew about key money or even what key money was, but everyone that’s going into this business now knows what key money is, and they’re all asking for it.” “In general, we are getting a lot of pressure to provide bigger key money checks.” For some, key money is more of a cherry on top of their capital stack than a deal differentiator. Independent hotel management deals with no key money typically sign a three- to five-year contract. This year, the company lists key money and maintenance capex as part of IHG’s “free cash flow,” which accounts for about $200M to $250M.