Accor — Capital/Financing Update 2017

Jan 16, 2017

Press Release Paris, January 16, 2017

Booster project Update:

A Gross Asset Value of €6.6bn as of Dec. 31st 2016

As part of the process for the contemplated sale of a majority of HotelInvest (Booster project), AccorHotels has entered into discussions with potential investors, with a confirmed objective to close the operation by early summer 2017.

In this context, the Group today discloses the updated Gross Asset Value (GAV) of the Booster Portfolio as of December 31st, 2016, i.e. the HotelInvest Owned & Leased properties excluding Orbis.

This valuation, which was conducted by third party experts (Jones Lang LaSalle, Cushman & Wakefield and BNP Paribas Real Estate) is €6.6bn, i.e. in excess of the €6.5bn expected year-end value disclosed last October 5th .

The key bridge drivers to that increase include:

• Value growth (including trading), for €0.1bn
• Perimeter effects, for €0.1bn
• Forex, for €(0.1)bn

ABOUT ACCORHOTELS

AccorHotels is a world-leading travel & lifestyle group and digital innovator offering unique experiences in more than 4,000 hotels, resorts and residences, as well as in over 2,500 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; as well as the popular midscale and boutique brands of Novotel, Mercure, Mama Shelter and Adagio; the indemand economy brands including ibis, ibis Styles, ibis budget and the regional brands Grand Mercure, The Sebel and hotelF1. With an unmatched collection of brands and a 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 is publicly listed with shares trading on the Euronext Paris exchange (ISIN code: FR0000120404) and the OTC marketplace (Code: ACRFY) in the United States.

For more information and reservations visit accorhotels.group or accorhotels.com. Or become a fan and follow us on Twitter and Facebook.

Media Relations

Carina Alfonso Martin Delphine Dumonceau Vice President Media Relations Worldwide Corporate PR Manager Phone: +33 (0)1 45 38 84 84 Phone: +33 (0)1 45 38 84 95 carina.alfonsomartin@accor.com delphine.dumonceau@accor.com

Investor and Analyst Relations

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