Upscale Hotels Asset Management Strategy

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�Impact on profit before tax: + €10m

�Renovation program financed by the investor: €100m

�Capital gain: €120m

�Cash: €140m

An initial transaction in March 2005

with Foncière des Régions

Good financial conditions

La Bastide de Gordes and Spa enrichit la - Accor

Accor reaches a secured pipeline of 90 contracts in Brazil

Hotels and Services: Growth Drivers Driving sustainable, profitable ...

An initial major transaction in March 2005 with Foncière des Régions �Long term partnership with a consortium led by "Foncière des Régions" which includes Assurances du Crédit Mutuel, Generali, Predica (Groupe Crédit Agricole) �128 hotels in France (16,714 rooms): Novotel, Mercure and Ibis �Value: €1,025 million �Variable rents set at 15.5 % of revenues with no minimum guaranteed �Duration: 12 years, renewable 4 times per hotel at Accor’s discretion 42

�Impact on profit before tax: + €10m �Renovation program financed by the investor: €100m �Capital gain: €120m �Cash: €140m An initial transaction in March 2005 with Foncière des Régions Good financial conditions 43

Page 1: � Fixed leases � 100% owned �
Page 5 and 6: � 2004 Results � 2005 Q1 sales
Page 7 and 8: Economy hotels in Europe: � Weak
Page 9 and 10: � Economy hotels: � 1et Ibis Ti

Upscale Hotels Asset Management Strategy

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