2003 was an exceptional year for the tourism industry, which was heavily
impacted by geopolitical events, the SARS epidemic, and the decline in the
dollar and Latin American currencies. The fourth quarter saw encouraging
signs of a recovery, particularly in the United States, the United Kingdom
and Germany. In this environment, Accor`s consolidated revenues for 2003
declined by a reported 4.3%. Excluding the currency effect, revenues were
up 1.1% for the year and 2.9% in the fourth quarter alone. Business
expansion accounted for 3.4% of revenue growth, while asset disposals
reduced it by 2.4%. In all, like-for-like revenues were stable (up 0.1%),
highlighting once again the balanced nature of Accor`s business portfolio.

- Hotels -

Hotel revenues at December 31, 2003 were down 0.7% like-for-like. The 3.3%
reported decline was due to a negative 5.5% currency effect, while the
contribution from newly opened hotels added 3.8%. For the year,
like-for-like revenues in the Upscale and Midscale segments were down
0.6%, while Economy hotel revenues rose 0.6% in Europe and contracted 2.4%
in the United States. The fourth quarter confirmed the improvement noted
in the third quarter. Business expansion was pursued throughout the year
with the opening of 170 new hotels totaling 22,000 rooms.

- Services

Like-for-like revenues from Services were up 8.4% for the year and 7.7% in
the fourth quarter. The decline in Latin American currencies caused
reported revenues to decline by 2.3%. Including acquisitions, revenues
were up 10.6% excluding the currency effect.

- Other businesses

Revenues from other Group businesses (travel agencies, casinos,
restaurants and onboard train services) contracted by a reported 8.3%
during the year, but rose 0.3% like-for-like.

Full-year earnings objective maintained
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As expected, the third-quarter improvement continued through the fourth
quarter. Accor is maintaining its full-year objective of EUR500 million in
profit before tax.
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:

- hotels: nearly 4,000 hotels (more than 450,000 rooms) in 90 countries,
casinos, travel agencies, and restaurants;

- services to corporate clients and public institutions: 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. Further information on Accor is available on Internet at
www.accor.com
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