As part of its real estate management strategy, Accor is signing a
memorandum of understanding to sell hotel properties to Foncière des Murs.

The transaction, with a market value of €583 million, concerns 59 hotels and 5
Thalassotherapy institutes in France and 12 hotels in Belgium, for a total of 8,300 rooms. 

Accor will continue to manage the hotels under the Novotel, Mercure and Ibis names. Rent
will equal on average 14% of revenues for a period of twelve years. The contract is
renewable four times, for a total of 60 years. 

As with the first transaction carried out in June 2005, this sale is designed to reduce earnings
volatility by making use of variable leases based on a percentage of revenues with no
minimum guaranteed. 

With this development, Accor and Foncière des Murs are building on a year-old partnership
in hotel real estate management that supports both of their growth plans. 
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