ACCOR : Q1 2014 revenue up 2.1% like - for - like to €1,135 billion (648 Kb)

Paris - April 17, 2014

 Robust demand in every key market outside France, with pro forma revenue gaining 2.1%

like-for-like and declining 5.5% as reported.

 HotelInvest, Hotel owner and Investor

o Revenue up 1.2% like-for-like to €992 million, of which €109 million paid to

HotelServices as fees.

o Good revenue growth in every geography except France (down 3.9%), where demand was dampened in particular by the increase in the VAT rate on January 1st.

 HotelServices, Hotel operator and brand franchisor

o Gross revenue1 up 3.5%, excluding the currency effect, to €2.5 billion, led by expansion in emerging markets.

o Revenue up 4.7% like-for-like to €262 million, with strong gains in the Mediterranean, Middle East, Africa region (MMEA, up 7.5%), the Asia Pacific region (up 8.1%) and the Americas (up 11.6%), thanks to expansion that was 85% under management and franchise contracts.

 4,449 new rooms opened during the quarter, 50% of which were in emerging markets and

85% of which through franchise and management contracts.

Sébastien Bazin, Chairman and Chief Executive Officer of Accor, said: "Accor's performance continued to improve in first-quarter 2014, despite a tough French market. HotelServices confirmed its high potential and is expanding quickly in fast growing geographies, while HotelInvest consolidated its position as the leading hotel investor in Europe, benefiting in particular from strong dynamics in the United Kingdom and Germany. These trends should continue in the coming months. At the same time, the Group is pursuing deployment of its new

strategy at a fast pace".

1 Gross revenue corresponds to revenue from owned, leased and managed hotels and to room revenue from franchised hotels. Change is as reported.

1

NB: With the application of IFRS 11 since January 2014, joint ventures may no longer be consolidated using the proportional method, but instead must be accounted for by the equity method in the same way as associates. First-quarter

2013 revenue figures in this press release have been adjusted accordingly, with a negative €26-million pro forma impact

(details by segment may be found in the appendix).

Revenue up 2.1% like-for-like and down 5.5% as reported

At comparable scope of consolidation and exchange rates (like-for-like), revenue rose by 2.1% in the first quarter of 2014, thanks to very favorable demand in every key market except France, where the higher VAT rate in effect since January 1st has had a negative impact on net room rates.
Reported revenue for the quarter reflected the following factors:

 Expansion, which added €8 million to revenue and 0.6% to growth, with the opening of 4,449 rooms (32 hotels), of which 85% under management and franchise agreements.

 Changes in the scope of consolidation, which reduced quarterly revenue by €55 million or 4.6%.

 The negative €44-million currency effect, which reduced reported growth by 3.7%, mainly due to a decline in the Australian dollar and Brazilian real against the euro.

In all, first-quarter revenue stood at €1,135 million, down 5.5% as reported.

France

NCEE (Northern, Central and Eastern Europe)

MMEA (Mediterranean, Middle-East & Africa)

Asia-Pacific

Americas

Corporate

Total*

*Of which €119 million in intra-Group revenue

HotelInvest: revenue up 1.2% like-for-like to €992 million

HotelInvest revenues amounted to €992 million in the first quarter of 2014, up 1.2% like-for-like (pro forma)

from the year-earlier period. This overall performance reflected situations that varied within each region.
Northern, Central and Eastern Europe (NCEE), which accounted for 44% of total HotelInvest revenues, delivered a particularly robust performance, with a 4.0% like-for-like gain led by sustained strong demand in the United Kingdom and solid business in Germany. Revenue in the MMEA region (up 4.5% like-for-like) and the Americas (up 5.7%) continued to trend sharply upwards. There were notably sustained signs of recovery in Southern Europe (MMEA), where RevPAR was up for two straight quarters for the first time since 2007.

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On the other hand, HotelInvest's performance in France, where revenue contracted by 3.9% like-for-like, was clearly dampened by several factors:
- The increase in the VAT rate from 7% to 10% since January 1st could not be passed on to the
majority of guests, with a negative effect throughout the quarter.
- Poor weather conditions early in the year discouraged, in particular, short-stay leisure guests in
January.
- Municipal elections over two weekends in March.
HotelInvest enjoyed good business levels in the Asia Pacific region, except in China and in the economy segment in Australia, with an aggregate 0.8% like-for-like increase in revenue.

HotelServices: revenue up 4.7% like-for-like to €262 million

HotelServices reported €2.5 billion in gross revenue in the first quarter of 2014, an increase of 3.5% at constant exchange rates, led by the combined impact of expansion and growth in RevPAR.
On a like-for-like basis (i.e. pro forma and including expansion), revenue rose by 4.7% year-on-year, with strong gains in every geography except France, where it declined by 3.7%.
Expansion remained focused on the Americas, where revenue rose 11.6%, and the Asia Pacific region, up
8.1%. Performance was also robust in the MMEA (up 7.5%) and in NCEE (up 6.8%).
Growth in revenue by segment at HotelServices was 8.2% in the economy segment, 4.7% in the midscale and 5.8% in the luxury/upscale. These performances reflect both solid activity levels and the asset-light expansion.
Fees paid by HotelInvest to HotelServices amounted to €109 million in the first quarter, or 42% of
HotelServices revenue for the period.

First-quarter trends remain generally robust, with rising demand in almost every country, signs of recovery in Southern Europe and firm hotel pricing power, to the exception of France, Spain and Italy. The difficulties encountered in the French market are expected to continue into the second quarter, with the VAT effect and an unfavorable vacation and holiday calendar in April and May. However, the Group should continue to benefit from a solid trading environment in all of its other geographies.

*****

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Expansion

A total of 4,449 new rooms were opened in the first quarter, of which 85% under asset-light structures and
50% in emerging markets. Among the most emblematic openings, were the Mercure Montevideo Punta Carretas in Uruguay, the Pullman Shanghai South in China, and the Sofitel Bali Nusa Dua Beach Resort in Indonesia.

HotelInvest Property asset management

Twenty-one hotels were restructured during the period, of which 16 leased properties.

Bond issues and redemptions

On January 31, Accor successfully issued €750 million in seven-year, 2.625% bonds.
On February 4, the outstanding 7.5% bonds were redeemed in an amount of €402.3 million.

Appointment

On April 15, Accor announced the appointment of John Ozinga as Chief Operating Officer of HotelInvest, effective June 18.

Accor, the world's leading hotel operator, offers its guests and partners the dual expertise of a hotel operator and brand franchisor (HotelServices) and a hotel owner and investor (HotelInvest) with the objective of ensuring lasting growth and harmonious development for the benefit of the greater number.

With around 3,600 hotels and 460,000 rooms, Accor welcomes business and leisure travelers in 92 countries across all hotel segments: luxury-upscale with Sofitel, Pullman, MGallery, and Grand Mercure, midscale with Novotel, Suite Novotel, Mercure and Adagio and economy with ibis, ibis Styles, ibis budget and hotelF1. The Group boasts a powerful digital ecosystem, notably its booking portal accorhotels.com, its brand websites and its loyalty program Le Club Accorhotels.

As the world's top hospitality school, Accor is committed to developing the talents of its 170,000 employees in Accor brand hotels. They are the daily ambassadors of the culture of service and innovation that has driven the Group for over 45 years.

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Agenda :

- 29 April 2014: Annual General Meeting

- 17 July 2014 : 2014 Half year Revenue

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RevPAR excluding tax by segment and market (Q1 2014)

NCEE: Northern, Central and Eastern Europe (does not include France nor Southern Europe)

MMEA: Mediterranean, Middle-East and Africa (includes Southern Europe)

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RevPAR excluding tax by segment and market (Q1 2014) - Cont'd

AsPac: Asia Pacific Region

Americas: Northern, Central and South America

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Q1 2013 proforma Revenue - IFRS 11 impact

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