Accor — Capital/Financing Update 2017

May 24, 2017

Press Release Paris, May 24, 2017

Consent solicitation of bondholders on proposed partial asset contribution for Booster project

Following the meeting of the Board of Directors of Accor (the "Company") on 18 May 2017 which decided to convene the extraordinary general meeting of shareholders on 30 June 2017, the holders of the bonds issued by the Company due 6 November 2017, 21 March 2019, 5 February 2021 and 17 September 2023, and the holders of €900,000,000 perpetual hybrid bond will be convened to general meetings, in order to approve the proposed partial asset contribution governed by the legal regime for spin-offs (apport partiel d'actifs soumis au régime des scissions) made by the Company to its subsidiary AccorInvest, on 13 June 2017 on first convocation and, if no quorum is met, on 28 June 2017 on second convocation.

Regarding the private placement of bonds due 18 February 2022, the consent solicitation of the sole bondholder is subject to a separate bilateral process.

Lastly, the Company obtained the consent of the lenders of the revolving credit facility whose amount will be reduced from €1,800,000,000 to €1,200,000,000 in the event of completion of the project (opening up the majority of the capital of AccorInvest ceasing to be a consolidated subsidiary of the Company).

ABOUT ACCORHOTELS

AccorHotels is a world-leading travel & lifestyle group and digital innovator offering unique experiences in more than 4,100 hotels, resorts and residences, as well as in over 3,000 of the finest private homes around the globe. Benefiting from dual expertise as an investor and operator through its HotelServices and HotelInvest divisions, AccorHotels operates in 95 countries. Its portfolio comprises internationally acclaimed luxury brands including Raffles, Fairmont, Sofitel Legend, SO Sofitel, Sofitel, onefinestay, MGallery by Sofitel, Pullman and Swissôtel; the popular midscale and boutique brands of 25hours, Novotel, Mercure, Mama Shelter and Adagio; the much-prized economy brands including JO&JOE, ibis, ibis Styles, ibis budget and the regional brands Grand Mercure, The Sebel and hotelF1. AccorHotels provides innovative end-to-end services across the entire traveler experience, notably through the recent acquisition of John Paul, the world leader in concierge services.

With an unmatched collection of brands and rich history spanning close to five decades, AccorHotels, along with its global team of more than 240,000 dedicated women and men, has a purposeful and heartfelt mission: to make every guest Feel Welcome. Guests enjoy access to one of the world's most rewarding hotel loyalty programs – Le Club AccorHotels.

AccorHotels is active in its local communities and committed to sustainable development and solidarity through PLANET 21, a comprehensive program that brings together employees, guests and partners to drive sustainable growth.

Accor SA shares are listed on the Euronext Paris stock exchange (ISIN: FR0000120404) and traded in the United States on the OTC market (Code: ACRFY)

For more information or to make a reservation, go to accorhotels.group or accorhotels.com. Or join us and follow us on Twitter and Facebook.

Media Relations

Caroline Simon Carina Alfonso Martin Delphine Dumonceau Image 7 Vice President Media Relations Worldwide Corporate PR Manager Phone: +33 (0)1 53 70 74 66 Phone: +33 (0)1 45 38 84 84 Phone: +33 (0)1 45 38 84 95 caroline.simon@image7.fr carina.alfonsomartin@accor.com delphine.dumonceau@accor.com

Investor Relations

Sébastien Valentin Senior Vice President, Investor Relations and Financial Communication Phone: +33 (0)1 45 38 86 25 sebastien.valentin@accor.com

Bondholders Relations

Pierre Boisselier Senior Vice President Group Treasury Financing & Credit Management Phone: +33 (0)1 45 38 87 25 pierre.boisselier@accor.com