The pitch, which will be overseen by IHG chief marketing officer Tom Seddon, will be contested between the group's global roster agencies.
McCann Erickson handles IHG's business in EMEA, while Fallon works on its accounts in the US.
Leagas Delaney, which will not pitch for the Crowne Plaza and Holiday Inn business, holds the main InterContinental creative account, which is not included in the review.
IHG said the review will not affect its relationship with MindShare, which handles its £80m global media planning and buying account. The agency review follows a series of changes at the hotel group. In 2007, it kicked off a $1bn overhaul of its mass-market chain Holiday Inn.
The refresh was backed by a UK ad campaign through McCann Erickson, featuring the strapline 'We're not changing the world overnight, just the overnight world'.
It is now understood that IHG is in the early stages of a move to reposition the Crowne Plaza brand, with Leagas Delaney handling the project.
Leagas Delaney has also star-ted work on branding pro-jects for IHG's luxury Hotel Indigo and Staybridge Suites chains.