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