Accor Negotiating New Terms for Group of Leased Hotels

11th Feb 2005

Accor today began exclusive
negotiations with a consortium of institutional investors led by Fonciere
des Regions and comprising, among others, Assurances du Credit Mutuel,
Generali and Predica (Groupe Credit Agricole). The negociations concern
the transfer of the real estate properties of a group of 128 hotels in
France. The properties are currently leased by Accor from financial investors and
the negotiations, if successfully concluded, will improve the terms of the
lease contracts.


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