Accor To Support Dorint Restructure

Accor, which owns 30% of Dorint, is supporting the
restructuring plan proposed by the Dorint Management Board in response to the
particularly difficult business environment currently prevailing in Germany.
The restructuring plan comprise three main measures:
á The issue of 200,000 new Dorint shares, authorized by Dorint shareholders in
August 2002, for a total capital increase of between 16 and 20 million euros.
á A 25% reduction in the rents payable by Dorint in 2003 and 2004 to the funds that
own Dorint hotel buildings.
á A 25% reduction in the the brand royalties and marketing fees invoiced by Accor
Germany for 2003 and 2004.
Dorint’s two largest shareholders, Accor and the Ebertz family, have agreed to take up
their proportion of the issue and to underwrite the transaction.
As provided in the original agreements, the Accor and Dorint sales forces in Germany
have been pooled to improve both companies’ sales performance. Terms of the co-branding
of Dorint hotels with the Sofitel, Novotel and Mercure brands are also under
review, in preparation for deployment in the second half of 2003.
With 150,000 associates in 140 countries, Accor is the European leader and one of the
world’s largest groups in travel, tourism and corporate services, with two major
international activities:
á Hotels: 3,836 hotels (441,281 rooms) in 90 countries, casinos, travel agencies, and
á Services to corporate clients and public institutions: each day, 13 million people in
32 countries use a broad range of services (food vouchers, people care and
services, incentive, loyalty programs, events) engineered and managed by Accor.