Accor — M&A Activity 2012

Aug 27, 2012

Press Release Paris - August 27, 2012

Sale of two MGallery hotels in Germany and the Netherlands under a €44m Sale & Variable lease-back agreement

As part of its asset management strategy, Accor announces a sale and lease back agreement concerning the MGallery Mondial Am Dom in Cologne (207 rooms) for €20.5m and the MGallery Convent Hotel in Amsterdam (148 rooms) for €23.5m. The transaction includes a renovation program of €12.4m, €7.3m of which will be invested by the buyer.

Both hotels will remain operated by Accor through a 15 year commercial lease agreement that will be renewable at Accor's option. The turnover rent averages 21.5% of the annual revenue of the hotels. Based on 2011 revenue, the net variable rent would have reached €3m last year. Insurance costs, real estate taxes and structural capital expenditures will now be paid by the new owner.

The buyer is the hotel real estate investment fund of Internos Real Investors, a major player in the real estate and hotel sector in Europe.

This new transaction confirms the Group's ability to continue to actively manage its assets, in line with its asset-management strategy of reducing adjusted net debt by €2.2 billion by 2015.

Accor, the world's leading hotel operator and market leader in Europe, is present in 92 countries with more than 4,400 hotels and 530,000 rooms. Accor's broad portfolio of hotel brands - Sofitel, Pullman, MGallery, Novotel, Suite Novotel, Mercure, Adagio, ibis, all seasons/ibis Styles, Etap Hotel/Formule 1/ibis budget, hotelF1 and Motel 6 provide an extensive offer from luxury to budget. With more than 180,000 employees* in Accor brand hotels worldwide, the Group offers to its clients and partners nearly 45 years of know-how and expertise.

*Including 145,000 in owned, leased and managed hotels

Agnès Caradec Senior Vice President, Corporate Communications & External Relations Phone: +33 (0)1 45 38 87 52

Elodie Woillez Phone: +33 (0)1 45 38 87 08

MEDIA CONTACTS INVESTOR AND ANALYST CONTACTS

Sébastien Valentin Senior Vice President, Financial Communication & Investor Relations Phone: +33 (0)1 45 38 86 25 Olivia Hublot Investor Relations Phone:+33 1 45 38 87 06

About Internos Real Investors

Established in 2004, Internos manages €2.1 billion of assets. With five European offices in London, Frankfurt, Paris, Amsterdam and Luxembourg, Internos provides strategic solutions to mainly institutional clients seeking access to European real estate.