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-Management of the ibis, Etap Hotel and Formule1 chains is consolidated within Sphere International.

-Launch of the Compliment Card in partnership with American Express.

1997

-Accor changes its corporate governance system. Paul Dubrule and Gérard Pélisson become Co-Chairmen of the Supervisory Board, while Jean-Marc Espalioux is appointed Chairman of the Management Board.

-Carlson and Wagonlit Travel merge to form Carlson Wagonlit Travel, owned equally by Accor and Carlson Companies.

-Public offer made for all outstanding shares of Accor Asia Pacific Corp.

-Acquisition of a majority interest in SPIC, renamed Accor Casinos.

1998

-Introduction of the Corporate Card in partnership with Air France, American Express and Crédit Lyonnais.

-Development of new partnerships, with Air France, French National Railways SNCF, American Express, Crédit Lyonnais, Danone, France Telecom and others.

1999

-The hotel portfolio grows by 22% with 639new properties, led by the acquisition of Red Roof Inn in the United States.

-Deployment of the Internet strategy.

-The 50% interest in Europcar International is sold.

2000

-Launch of accorhotels.com.
-Brand logos are redesigned to highlight the Accor name,

raising international visibility and public awareness.

-38.5% interest in Go Voyages acquired.

-80% interest in Courtepaille sold.

2001

-Broader presence in the Chinese hotel market in partnership with Zenith Hotel International and Beijing Tourism Group.

-Suitehotel launched in Europe.

2002

-Acquisition of a 30% interest in German hotel group Dorint AG (87hotels, 15,257rooms).

-Accor Casinos is now equally-owned with the Colony Capital investment fund, with Accor continuing to manage the Company.

-Stake in Go Voyages is raised to 60%.

Corporate Presentation

MILESTONES

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2003

-Stake in Orbis is raised to 35.58% by purchasing an 8.41% interest held by minority shareholders.

-Stake in Go Voyages raised to 70% following the acquisition of an additional 10% interest.

-All the Dorint hotels are cobranded as Dorint Sofitel, Dorint Novotel and Dorint Mercure.

2004

-Accor, the Barrière Desseigne family and Colony Capital set up Groupe Lucien Barrière SAS to hold the casino and hotel assets of Société Hôtelière de la Chaîne Lucien Barrière, Société des Hôtels et Casino de Deauville, Accor Casinos and their respective subsidiaries. Accor owns 34% of the new combination.

-Acquisition of a 28.9% interest in Club Méditerranée.

-Stake in Go Voyages is raised from 70% to 100%.

2005

-Colony Capital invests €1billion in Accor in exchange for €500million in ORA equity notes and €500million in convertible bonds, enabling Accor to strengthen its equity base and step up the pace of expansion.

-Accor implements a new property management strategy and signs an initial agreement with French real estate company Foncière des Murs to transform fixed-rent leases on 128hotels in France into variable leases.

2006

-Accor changes its corporate governance system from a Supervisory Board and Management Board to a Board of Directors, with Serge Weinberg as Chairman and Gilles Pélisson as Chief Executive Officer.

-As part of the non-strategic asset disposal process, Accor sells its 1.42% stake in Compass Group PLC and its 50% interest in Carlson Wagonlit Travel, as well as most of its investment in Club Méditerranée (22.9% out of a total 28.9% stake).

-As part of the on-going shift in the Hotels business model, Accor carries out a second transaction with Foncière des Murs, involving 59hotels and five seawater spas in France, as well 12hotels in Belgium. Accor will continue to operate the hotels under 12-year leases with variable rents and no guaranteed minimum, renewable four times per hotel at Accor’s option.

-Accor sells six US Sofitel hotels to a joint venture comprised of GEM Realty Capital, Whitehall Street Global Real Estate Limited Partnership 2005 and Accor. Accor remains a 25% shareholder in the joint venture and continues to manage the hotels under the Sofitel brand through a 25-year contract.