Accor, holder of a 40% stake in Dorint, has announced its support for the
long-term plan proposed by the Dorint Management Board and approved by the
Supervisory Board. The plan is designed to position the German hotel
company to make the most of the coming economic recovery in Germany.
The plan, which extends measures undertaken in 2003 to reduce rental
expense and operating costs, is based on the following measures:
- A EUR 30 million new share issue.
- An additional issue of new shares and/or dividend rights certificates
(Genussschein) in a maximum amount of EUR 25 million.
- The implementation of a management contract of Dorint hotels by Accor
Germany, in order to improve their sales and operating performance as part
of the co-branding strategy now being deployed with the Sofitel, Novotel
and Mercure brands.
The plan will be submitted to Dorint shareholders for approval at a
Special Meeting. The company`s two largest shareholders-Accor and the
Ebertz family-have announced their support for the plan, with Accor taking
up its full stake in the share and/or dividend rights certificate issue.
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: 14 million people
in 34 countries use a broad range of services (food vouchers, people care
and services, incentive, loyalty programs, events) engineered and managed