Accor — Capital/Financing Update 2011

Jan 13, 2011

Accor confirms the "sale and variable leaseback" transaction with Predica and Foncière des Murs

Accor has confirmed the sale of 49 hotels in France, Belgium and Germany to a consortium comprised of Predica, a subsidiary of Crédit Agricole Assurances (80%), and Foncière des Murs (20%). 43 of the properties were divested in December 2010, while the 6 remaining hotels will be sold in 2011. The total transaction is valued at €378.4 million.

Accor will continue to manage the hotels through a variable lease agreement, with the rent averaging 19% of the hotels' annual revenue without any guaranteed minimum¹ . Under the terms of the lease, structural maintenance costs, insurance and property taxes will be paid by the new owner.

The agreement includes a €47.6 million renovation program, of which €33 million will be financed by the buyer, thereby enabling Accor to speed up the introduction of its new-generation Etap Hotel and Ibis rooms.

The transaction is in line with Accor's 2010 goal of selling €600 to €650 million in hotel property assets (impact on adjusted net debt), as part of its broader objective of divesting €2 billion worth of assets over the 2010-2013 period. It underscores the Group's commitment to pursuing its asset right strategy in order to focus on its core business of operating hotels.

Accor, the world's leading hotel operator and market leader in Europe, is present in 90 countries with 4,200 hotels and more than 500,000 rooms. Accor's broad portfolio of hotel brands - Sofitel, Pullman, MGallery, Novotel, Suite Novotel, Mercure, Adagio, ibis, all seasons, Etap Hotel, hotelF1 and Motel 6, and its related activities, Thalassa sea & spa and Lenôtre - provide an extensive offer from luxury to budget.

With 145,000 employees worldwide, the Group offers to its clients and partners nearly 45 years of know-how and expertise.

Armelle Volkringer Senior Vice President, Corporate and External Relations Tel.: +33 (0)1 45 38 87 52

Charlotte Bourgeois-Cleary Tel.: +33 (0)1 45 38 84 84

MEDIA RELATIONS INVESTOR RELATIONS

Sébastien Valentin Senior Vice President, Financial Communication and Investor Relations Tel.: +33 (0)1 45 38 86 25

Olivia Hublot Investor Relations Tel.: +33 (0)1 45 38 87 06

1 Except during 2011 and 2012, when the minimum will be €23 million, to support the ramp-up of recently opened hotels