Accor Hotels: First Quarter 2002

Consolidated sales rose 0.9% to €1,667 million in the first
quarter of 2002. Excluding asset disposals and the currency effect, sales
increased by 2.7%.
Hotel sales grew by 1.4%, reflecting a 3.7% increase gain from business expansion
and a 1.7% decrease from existing units (compared with 3.3% decline in the fourth
quarter of 2001).
All hotel market segments exceeded forecast Q1 2002 RevPAR.
Revenues from Services rose 14.0% on a like-for-like basis. The currency effect, which reduced sales by 6.1%, was mainly due to the devaluation
of the Argentinean peso and the Brazilian real. However, the impact on profit was
limited by currency hedges and the fact that devaluation also reduced expenses.
Travel agency revenues decreased by 9.8% in the first quarter of 2002, versus a 13%
year-on-year decline in the fourth quarter of 2001.
The French casino market suffered from the introduction of euro notes and coins in
January, but the impact was gradually absorbed over the rest of the first quarter.
The decline in other activities revenues is linked to the disposal of three tour
operators in Switzerland, Belgium and the Netherlands, as well as to the slowdown in
Accor Tour’s business in France, in the aftermath of September 11.
In light of the reported data at March 31, 2002, Accor confirms its budget assumptions
for 2002, as presented on March 6, 2002.