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

accor

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

April 2006 2005 Annual

Results

page 2

Strategy:

First Outlines

Hotels

page 3

Hotels and Services:

Growth Drivers

Focus on…

Accor Services

page 6

Special Offers

Letter

to Shareholders

Driving sustainable,

profitable growth

Dear Shareholders,

Our good 2005 results and

solid financial position have laid

a firm foundation for pursuing

the ambitious strategy of

developing our two global

businesses we announced

on March 8.

The Board of Directors is

currently finalizing the strategic

plan, which Gilles Pélisson

will present in September. It is

expected to lead to a significant

improvement in our margins,

thereby helping to secure our

future development.

Thanks to our positioning in

rapidly expanding markets and

the dedication of our teams,

Accor should now be able

to satisfy its shareholders,

employees and partners with

sustainable, profitable growth.

Serge Weinberg

Chairman of the Board

of Directors

Dear Shareholders,

Our 2005 results announced on March 8 were in line

with our stated objectives. We also considerably

strengthened our financial position during the past

year, thanks in particular to our active management

of property assets.

We are present on all continents, with a unique

portfolio of more than 4,000 hotels and global

leadership in the economy segment, as well as an innovative, efficient services business. We

must now capitalize on our successes in these two businesses.

In Hotels, we will refocus our strategy on the brands, with the goal of making them even more

attractive through more active marketing and a more assertive approach to innovation. We will

pursue our property assets management strategy on a global scale and extend our network on

all continents, especially in emerging markets. Thanks to our financial position, we can envision

an ambitious development program and plan to create more than 200,000 new hotel rooms by

2010. Improving our operating margins in Europe and the United States is another challenge,

even if a very short term one. Lastly, we will implement a leaner, more transparent organization

by restructuring our corporate support services.

In our second global business, the alignment between our brands and products has been

strengthened around four Services lines. To build our leadership, we will pursue organic growth

opportunities and step up our acquisitions strategy.

Against this backdrop, we will ask you, our shareholders, at the Annual Meeting on May 10, to

approve an ordinary dividend of €1.15 per share, a 10% increase over last year.

Backed by the skills and dedication of our 168,000 employees and the support of our shareholders,

we will leverage our increasingly powerful brands to improve our operating margin and return on

capital employed in the years ahead.

You can contact the Accor Shareholder Relations Team

by phone at 33 (1) 45 38 86 94,

by mail at comfi@accor.com ■ or visit www.accor.com/finance

Accor - Retail Shareholder Relations

Tour Maine Montparnasse - 33 avenue du Maine - 75755 Paris cedex 15 - France

Gilles C. Pélisson

Chief Executive Officer

page 8


2

■ €7,622m: up 7.9%

Revenue for the year was up €558

million over the €7,064 million reported

in 2004.

+4.7%

+4.5%

-2.5%

+1.2%

■ €1,986m: up 8.8%

EBITDAR rose by €161 million for the

year, from €1,825 million in 2004. Of

that increase, €115 million was generated

by business growth. Ebitdar

margin amounted to 26.1%, compared

to 25.8% in 2004. Like-for-like, the

increase was 0.4 points.

■ €603m: up 17.6%

Operating profit before tax and nonrecurring

items was up €90 million

over the €513 million reported in 2004.

The increase reflected the gradual

improvement in margins and the efficient

management of fixed asset holding

costs (rental expense, depreciation,

amortization and provision expense,

and financial expense), which represented

18.2% of revenue, compared

with 18.6% in 2004.

2005 ANNUAL RESULTS

Accor's results showed sharp improvement in 2005, thanks to a more

favorable hotel cycle and sharp growth in the services business. The

balance sheet was also considerably strengthened.

Like-for-like

Expansion

Disposals

Currency impact

+7.9% Total (reported)

Breakdown of 2005

revenue growth

LETTER TO SHAREHOLDERS - APRIL 2006

■ €333m: up 42.9%

Net profit, Group share increased by

a sharp €100 million to €333 million,

from €233 million in 2004. Earnings

per share rose to €1.55 from €1.17

in 2004, based on the weighted average

214,782,601 shares outstanding

in 2005.

■ €935m: up 9.6%

Funds from operations increased by

€82 million over the €853 million

reported in 2004.

■ €449m: up 43%

Expenditure for renovation and

maintenance of assets increased by

€135 million for the year, in line with

Group strategy, and represented

5.9% of revenue, versus 4.4% in

2004.

■ €479m: up 28.8%

Excluding €308 million for the acquisition

of a stake in Club Méditerranée,

development expenditure rose by

€107 million over the €372 million

reported in 2004.

■ 32% versus 71%

The net debt-to-equity ratio improved

significantly, as equity rose by €822

million, while net debt declined to an

all-time low of €1,420 million, from

€2,244 million in 2004.

■ 10.7% versus 10.0%

Return on capital employed improved

in both the Hotels and Services businesses.

€2.40 €2.18

€1.15: up 9.5%

€1.36 €1.17 €1.55

2001 2002 2003 2004 2005

IFRS IFRS

Earnings per share

■ €236m: up 28.3%

Based on ROCE after tax of 8.6%, a

weighted average cost of capital of

6.5% (versus 6.4% in 2004) and capital

employed of €11.3 billion (€10.9 billion

in 2004), EVA ® (Economic value

added) [(ROCE after tax – weighted

average cost of capital) x capital

employed] totaled €236 million, a

28.3% increase over 2004.

The dividend to be submitted

for approval to the Annual

Shareholders' Meeting on May 10*

compares to an ordinary dividend

of €1.05 and an exceptional dividend

of €0.25 paid for 2004. It

corresponds to a payout of 74%

of earnings per share for the year.

*The Annual Shareholders’ Meeting is webcasted

live and recorded for later viewing at

www.accor.com.

Holders of registered shares and members

of the Accor Shareholders Club who have so

requested received the notice of meeting in

April. It is also sent on request (see contact

information on page 1).


HOTELS

Revitalizing the brands will make it

possible to capture the full value of the

leadership levers Accor derives from

its size, positioning and image.

■ In terms of operations, more powerful

brands will more effectively drive revenue

growth.

■ Strong brands will enable the Group

to attract the best talent and enhance

its human capital, while accelerating

expansion.

■ Lastly, in terms of asset management,

more powerful brands will heighten

Accor's profile, thereby supporting its

strategy of partnering with leading real

estate companies around the world.

Accor needs to redefine the identity of

its brands and above all promote them

to enhance their visibility. It also needs

to improve its knowledge of customers

to more effectively satisfy their needs.

STRATEGY:

FIRST OUTLINES

Accor is solidly anchored in two global core businesses:

Hotels and Services.

■ MAKING THE BRANDS EVEN MORE ATTRACTIVE

Asset management lever

Deepen partnerships with

leading real estate companies

Operational levers

Operational management ● Purchasing ● IT systems

● Sales and Marketing ● Communication ● Human Resources

LEVERAGE OUR POWERFUL BRANDS AND COMPETITIVELY

DIFFERENTIATED, INNOVATIVE PRODUCTS TO CAPITALIZE

ON OUR “LEADERSHIP DRIVERS”

Development lever

Speed growth through owned

properties, management and

franchise contracts

OUR AMBITION: CUSTOMER-FOCUSED BRANDS

Strategic marketing

and innovation

A structured, global Strategic Marketing

Department will help Accor meet these

goals, while promoting the creation of

innovative products that have always set

the Group apart from the competition.

Accor created Novotel, Ibis, Formule 1

and Etap Hotel and must continue to

proactively respond to emerging trends

in lodging concepts and product

developments.

Beginning this summer, these repositioned

brands will be more widely

publicized across Europe, thanks to a

targeted advertising campaign. Webbased

marketing initiatives will be

stepped up and the accorhotels.com

portal and individual brand websites

must become industry benchmarks.

Lastly, loyalty programs will be revitalized

to take into account the different needs

of customers, especially during the week

and on weekends.

■ Differentiating and promoting

the hotel brands

Upper upscale

192 hotels

41,000 rooms

52 countries

Ambition: create a more

consistent network, present in leading

cities and resorts on all continents.

Upscale and midscale

398 hotels

69,000 rooms

56 countries

Ambition: consolidate the

brand's global presence in

major national and international cities

and resorts, and renew the focus on

innovation.

738 hotels

87,000 rooms

49 countries

Ambition: become the benchmark in

non-standardized hotels, with the goal of

developing large franchise networks in the

upscale segment with Grand Mercure and

the midscale segment with Mercure.

Economy

720 hotels

79,000 rooms

36 countries

Ambition: become the world

leader in its segment by positioning

the brand as the right product for

deployment on all continents, especially in

emerging markets for regional customers, with

its standardized rooms and theme restaurants.

344 hotels

38,000 rooms

United States

Ambition: grow the brand from

a regional to a national chain,

primarily through franchising

and capitalizing on a renovated room that

delivers near-midscale comfort at economy

rates.

Budget

905 hotels

94,000 rooms

United States and Canada

Ambition: maintain its leadership

positioning as the budget

hotel network offering "the best price of

any national chain".

331 hotels 377 hotels

27,000 rooms 29,000 rooms

11 countries 12 countries

Ambition: clarify the use of these brands and

remain the global leader in budget hotels.

LETTER TO SHAREHOLDERS - APRIL 2006

3


■ FROM BRAND SEGMENTATION

TO DIFFERENTIATED OPERATING STRUCTURES

Sensitivity to economic cycles varies

from one segment to another, resulting

in greater or lesser volatility in earnings

and return on capital employed. The

upscale hotel segment, for example, is

more sensitive to these cycles than the

economy segment and delivers a lower

return on capital employed. Revenue per

available room (RevPAR), which is defined

as occupancy rate times average

room rate, may vary between cycle highs

and lows for a Sofitel establishment

while remaining unchanged for an Ibis or

a Formule 1. Similarly, a Sofitel generates

ROCE of 4 to 8%, compared with

13 to 15% for an Ibis, Etap Hotel or

Formule 1.

Rationalizing

the hotel portfolio

Grand Mercure Cabourg - France

Based on these observations,

an in-depth

analysis of the portfolio

has made it possible

to classify hotel

assets in new categories.

■ Strategic hotels,

whose operating

structures need to

be tailored to return

on capital employed

and earnings volatility.

This means management

contracts in the

upper upscale segment,

variable leases in the midscale

segment, variable or fixed leases and

franchise agreements in the economy

segment in Europe, and franchise

agreements in the economy segment

in the United States.

■ Non-strategic hotels, which deliver a

low return and/or are situated in relatively

unfavorable locations and could be

sold, either outright or through sale &

franchise-back arrangements.

Sofitel Buenos Aires - Argentina

4 LETTER TO SHAREHOLDERS - APRIL 2006

Optimizing

financing

structures

for strategic

hotels

Accor’s property

strategy is global

and involves partnering

with real estate investors whose

profiles differ, depending on the market

segment and country. Hotels that

are sold are owned or leased with an

option to buy (in which case the option

is sold), for which a new contract is

signed.

In the upper upscale segment,

Accor’s objective is to sell the hotels to

real estate partners and then manage

them under the same banner for very

long periods (at least 25 years). In this

way, Accor operates as a service

provider, paid with a management fee,

without making any capital investment

(or possibly retaining around a 25%

stake in the acquiring company). In the

midscale segment, earnings volatility

is minimized through a flexible cost

structure: long-term variable leases

(60 years) based on a percentage of

revenues with no minimum

guaranteed.

Achievements

and action plans

In the midscale segment,

128 Novotel, Mercure

and Ibis hotel properties

in France were sold to

Foncière des Murs in

2005 and leased back

at variable rents equal to

15.5% of revenue. Each

12-year lease may be

rolled over four times.

In early 2006, a second tranche of 76

hotels of which five thalassotherapy

centers in France and Belgium were

sold to Foncière des Murs and leased

back at rents equivalent to 14% of

revenue.

In the upper upscale segment, six Sofitel

units in the United States, of which four

were leased, are now being operated

under 25-year management contracts

that can be rolled over for three ten-year

periods. Accor has retained a 25%

interest in the joint venture formed with

the US real estate investment funds

that now own the properties.

Another 14 Sofitel units in Europe,

seven of which are leased with an

option to buy, will be transferred to a

management contract system by 2008.

In the midscale and economy segments,

130 hotels in Europe (of which 75%

that are currently leased with an option

to buy) will be sold and leased back

under variable leases.

Around 200 non-strategic hotels across

all segments and on all continents may

be sold. Fifty of them have in fact

already been sold, including the

Sofitel Paris Forum Rive Gauche in

early 2006.

These transactions will result in a

significant decrease in the number

of hotels that are owned or operated

under fixed leases, especially in the

upper upscale segment (see table

below). Disposal of these assets is

expected to generate €1.5 billion in

cash for the period 2005-2008 and

improve return on capital employed

by 0.6 points.

Upper

Upscale

Midscale

Economy

Europe

Economy

US

2004

Owned Managed

Fixed Franchised

leases Variable leases

2008

Owned Managed

Fixed Franchised

leases Variable leases

51% 49% 11% 89%

55% 45% 27% 73%

71% 29% 47% 53%

84% 16% 82% 18%

Change in Holding Structure 2004 – 2008

(excl. Development) in Mature Markets


■ NEW RESOURCES:

FOR WHAT KIND OF DEVELOPMENT?

Anticipating changes in global

demand, Accor plans to open more

than 200,000 new rooms by 2010, of

which half in economy and budget

hotels. Accor's expertise in production

processes and holding structures

provides indisputable strengths in

pursuing this program.

Two-thirds

of openings

in emerging markets

Between now and 2015, nearly 50%

of growth in the global economy will

come from emerging markets, where

business development, increasing

purchasing power and declining air

fares are encouraging both business

and leisure travel.

Since demand is mainly for affordable

lodging, the potential for developing

economy hotels is especially high.

Novotel St. Petersburg - Russia

Ibis Tianjin

China

Moreover, hotel chains are still not

particularly present in these markets

and their growing importance, along

with local economic development, will

drive further segmentation in the hotel

industry.

Sofitel Xian - China

The countries being most

closely targeted are China,

of course, as well as Brazil,

India and Russia—markets in

which Accor currently operates

just 150 hotels.

70% under

management

contracts or

franchise agreements

The level of risk Accor is

willing to take depends on a

market's growth potential. At

present, management contracts are

the preferred operating structure in

emerging markets, regardless of the

country or the brand. Because of

improvements in the economic and

political environment, financial partnerships

can now be envisioned in

some countries, through joint ventures

or even equity investments, such as

Red Roof Inn Philadelphia - United States

for Ibis in China. The first hotels

opened have shown high return on

capital employed.

In mature markets, where Accor's

chains already offer dense coverage,

expansion will continue without

excessive capital investment (see

above) and account for one-third of

the 200,000 new rooms.

In the United States, Motel 6 will

pursue its expansion through franchise

agreements, leveraging its strong

brand recognition (with an occupancy

rate 10 points higher than the competition)

and its strategic fit with Red

Roof Inn. The Motel 6 network will be

made more aligned and the Red Roof

Inn network more geographically

balanced, especially by expanding in

California.

Motel 6 Las Vegas - United States

For the period 2006-2010, Accor

plans to invest some €2.5 billion in

developing its hotel portfolio, with

a ROCE objective of 15% in 2010,

compared with 10% today.

LETTER TO SHAREHOLDERS - APRIL 2006

5


The business originated

with an outstanding

product:

the Ticket Restaurant ®

meal voucher, which

was created in the

late fifties to enable employers who

did not have a staff restaurant to offer

their employees a subsidized lunch.

Along with Ticket Alimentacion ®,

which is used for food purchases in

supermarkets across Latin America,

Ticket Restaurant® generates 78% of

service business revenue.

In response to emerging needs, Accor

Services has expanded this approach

over the years, launching a wide range

of other products and services that

are deployed in four services lines—

three for companies and one for institutions

(see box).

Other countries

4%

North

America

1%

France

20%

Latin

America

39%

2005 Services Revenue

by Region

This innovative, efficient business has

become the global industry leader,

with operations in 35 countries. It now

must continue deploying products

and services to drive sustained organic

growth while stepping up the pace

of acquisitions.

Three growth drivers

Accor Services' markets are growing

rapidly in the current environment.

Higher living standards and demand

FOCUS ON… ACCOR SERVICES:

WIDENING OUR LEAD

Creating a strategic fit with the hotels business, because of its low capital

intensity and sensitivity to economic cycles, Accor's second business

enjoys solid margins and high potential for long-term growth.

Europe

(excl. France)

36%

6 LETTER TO SHAREHOLDERS - APRIL 2006

for better working conditions are the

main reasons, albeit with major differences

depending on economic and

social conditions. In mature markets,

demand for sophisticated, differentiated

products is being driven by increases

in the percentage of women in the

workforce and in travel time, as well as

by a growing need for a better worklife

balance and retirement financing

solutions. In emerging markets, initiatives

to provide life's basic needs and

reduce unreported employment have

created demand for simple, reliable

products.

The second growth driver is the

convergence of stakeholder interests.

Government authorities, especially in

France and Belgium, want to create

jobs in the people care sector, reduce

unreported employment, and ensure

that allocated funds are used as

intended. Companies, for their part,

want to increase employee loyalty,

through a modular compensation policy

that offers tax-exempt solutions to

help boost purchasing power, while

improving productivity. For beneficiaries,

the goal is to provide additional

income, incentives and recognition.

And for restaurants, supermarkets,

service stations and other affiliates,

the objective is to increase revenue.

The third growth driver involves using

the Internet, terminals, databases and

other technology-driven opportunities

to win new customers, like small and

mid-size businesses. The goal is to

improve understanding of users and

affiliates so that they can be informed

and provided with new products and

services. Products are becoming

easier to use, thanks to magnetic and

microchip cards that are gradually

replacing vouchers, for obvious reasons

of convenience, security and costsavings.

The number of cardholders

now totals 4.7 million (of which 1.6 million

loyalty cards) in 16 countries, including

Brazil, France, Sweden, Mexico, Turkey

and China.

Pursuing

organic growth

Every year, Accor Services develops

new products, introduces existing

products in new markets and sets up

operations in new countries. This

strategy requires close relations with

the various countries, whose legal and

regulatory frameworks are of crucial

importance. Changes in legislation

may create new beneficiary categories

in traditional markets (e.g. French and

Italian civil servants have been entitled

to Ticket Restaurant® since 2004) or

increase tax-exemption ceilings (e.g.

for childcare services in the United

Kingdom or for public transportation

in the United States since 2005).

2005 Services

Key Figures

Revenue:

€630 million

(8% of Accor revenue)

Operating profit before tax

and non recurring items:

€226 million

(37% of Accor total)

Ebitdar margin:

40.4%


Service providers

1million affiliates

Individual users,

personal life

Accor Services' business model is based on its ability to bring together stakeholders

and to leverage its expertise in managing customer relationships and

transaction flows. 90% of the business's revenue is generated by commissions

paid by customers and service providers.

Stepping up the pace

of acquisitions

Acquisition opportunities enable Accor

Services to procure expertise that

can then be developed. The recent

purchase of Delicard in Finland is one

example. A gift voucher that enables

beneficiaries to choose from a variety

of gourmet food products, Delicard is

widely distributed by companies for

the year-end holidays and will be

developed in Belgium and Germany.

Acquisitions are also used to increase

market share. The purchase of

Commuter Check ®, a US leader in

transit benefits with operations in 15

cities, provides Accor Services with a

nationwide product and will make it

the country's leading issuer of transit

vouchers.

Partnerships are another

means of consolidating leadership

positions. To issue France's

new people care vouchers

(CESU), a joint company was

created last December in which

Accor holds a 60% stake and

Caisse d'Epargne the remaining

40%. Bien-Etre à la Carte ®, an

Accor Services subsidiary, and

Europ Assistance have also joined

forces to create Bien-

Etre Assistance ®, a business

Beneficiaries

21million users

Individual users,

working life

Groups of users,

working life

Companies

Customers

340,000 companies and

public institutions

Public

institutions

platform for offering people care services

that is available to companies and

institutions.

In all, €500 million will be invested

in the Services business over the next

five years, with the pace of acquisitions

to accelerate as products are

developed and a ROCE objective

of 20%.

Accor Services is committed to ranking

first in all its markets, demonstrating leadership

in innovation while maintaining

double-digit growth in earnings.

Four service

lines

of which three for companies and

one for institutions

Employee benefits

(78% of revenue)

for a better work-life balance

■ Two flagship products: Ticket

Restaurant ® meal vouchers in mature

markets and Ticket Alimentacion ®

food vouchers in emerging markets.

■ An array of new solutions, including

childcare, transport and pension

vouchers, as well as a new people

care voucher, issued in support of

the French government's CESU

program, which has a promising

future.

Incentive and loyalty

programs

(12% of revenue)

Accor Services designs and

manages incentive campaigns

and loyalty programs through its

Accentiv' consulting brand, and

offers gift vouchers, gift catalogues

and other special offers through

its Compliments ® brand. These

products are sold to companies'

sales and marketing departments

in 24 countries.

Expense management

(5% of revenue)

To help companies control and

manage business-related expenses,

Accor Services markets a

range of products for automotive

fuel with Tarjeta Gasolina ® in

Latin America, fleet vehicle maintenance

with Ticket Car ® and

work clothing/uniform cleaning

with Clean Way ® in France, the

United Kingdom and the

Netherlands.

Social programs

(5% of revenue)

Solutions like Ticket Service ®

enable local authorities to ensure

the proper use and traceability of

public funds earmarked for specific

groups.

LETTER TO SHAREHOLDERS - APRIL 2006

7


SPECIAL OFFERS

Bordeaux invites you to a wine celebration

From June 29 to

July 2, hotels in the

Bordeaux region will

organize concerts,

an art exhibition and

an enormous table

d'hôte, in the true

tradition of Southwestern

France. Don't

miss this exciting

event.

Novotel Le Lac

Arriving guests will receive a winetasting

pass entitling them to visit the

stands of participating Bordeaux

vineyards and sample their vintages.

€49 instead of €69

Per person rate for one night in a double

room, breakfast buffet and a wine

festival pass.

Discover the brand new

Novotel in Paris

Ideally located in a neighborhood known for its famous brasseries, the

Novotel Paris Gare Montparnasse invites you, for its May 10 opening,

to discover the hotel's 200 rooms featuring all the latest comfort and

technological amenities. Accor shareholders are entitled to a special

15% discount.

Information and bookings by phone at +33 (0)1 53 91 23 75

or e-mail at h5060@acccor.com

Valid every day from May 10 to August 31, 2006, depending on availability, on presentation of

this Letter or the Accor Shareholders' Club membership card upon arrival.

Join the Accor

Shareholders’ Club!

Information, meetings

and special offers

For more information, contact the

following hotels in Bordeaux and

mention this offer:

Mercure Le Lac***: Tel: +33 (0)5 56 43 36 72

Mercure Château Chartrons****: Tel: +33 (0)5 56 43 15 00

Mercure Cité Mondiale****: Tel: +33 (0)5 56 01 79 79

Mercure Aéroport***: Tel: +33 (0)5 56 34 74 74

Mercure Mérignac***: Tel: +33 (0)5 56 55 93 42

Mercure Sud Villenave-d’Ornon**:

Tel: +33 (0)5 56 87 82 86

Novotel Aéroport: Tel: +33 (0)5 57 53 13 30

Novotel Centre Meriadeck: Tel: +33 (0)5 56 51 46 46

Novotel Le Lac: Tel: +33 (0)5 56 43 65 00

Valid every day from June 29 to July 2, depending on

availability. For one or two children, the room (if shared

with parents) and breakfast are free of charge, depending

on the hotel.

Gift Month at

Accor Thalassa

From May 28 to July 8, Accor Thalassa

is offering a number of extras in its La

Cure ® by Accor Thalassa spa treatment

package.

■ “My Gift” : the single room supplement

is offered free of charge*, a savings

of up to €1,000 (at Sofitel Thalassa Biarritz)

per spa patient.

*with the exception of Dinard, Quiberon, Dax and the

Sofitel Porticcio, Timi Ama and Essaouira.

■ “Our Gift” : the sixth day of spa treatment

is offered free of charge*, a savings

of up to €100 (at Ibis Quiberon and Sofitel

Thalassa Vichy Les Célestins) per spa patient.

(No reductions for guests not receiving spa treatment).

*with the exception of Dax, Biarritz, Carnac, Dinard

and the Sofitel Diététique Quiberon, Thalassa

Quiberon, Essaouira and Timi Ama.

(1) These offers are valid from May 28 to July 8 for La

Forme ® by Accor Thalassa spa packages of at least

six days of treatment and six nights (with one meal;

with the exception of Résidence Carnac: seven nights

without meals) at Accor Thalassa establishments.

The offers are not retroactive, may not be combined

with other promotions and are subject to the availability

of a limited number of rooms in each establishment.

Examples of prices:

La Cure ® by Accor Thalassa package

at the Mercure Thalassa Les Sables

d’Olonne

■ €859 instead of €954 per person

(double room facing east), a savings

of €95

■ €954 instead of €1,134 per person

(single room facing east), a savings of

€180.

(Rates for rooms with a sea view available on request.)

The offer includes six days in the spa

(four treatments a day), six

nights in a double or single

room with one meal included,

and unlimited access to the

wellness area, which features

a sauna, Turkish bath, swimming

pool, and fitness room.

The Accor Shareholder Extra:

The Accor Thalassa Institute

special offer of moisturizing

body butter and sugar scrub.

Generally sold in shops for a combined

total of €49, these two products will be offered as

complimentary gifts in establishments distributing

Accor Thalassa Institute brand products, depending on

availability. In case of shortages, guests will be provided

with other products selling at the same price. (Photo

does not necessarily represent the products selected).

Information and bookings available

with Accor Thalassa by phone in

France at +33 (0)1 46 62 45 44,

using the «LAAVRIL» password.

The Letter to Shareholders is published by the Accor Investor Relations and Financial Communications Department - Tour Maine-Montparnasse - 33, avenue du Maine - 75755 Paris Cedex 15

Publisher: Éliane Rouyer - Design and editing: Laurence Duc - Production: GIP Communication

Photo credits: © L.Aubert - © F.Charaffi - © Y.Forestier/Deadline Photo Press - © J.Y.Garcia - © J.Lebar - © D.Lefranc - © F. Rambert - © P.Wang - Accor photo library - All rights reserved

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