Accor Announces the Sale of 57 Hotel Properties in France and Switzerland for EUR 518 Million

As part of its real estate management strategy, Accor has announced the signature of a memorandum of understanding to sell 47 hotels in France and 10 in Switzerland to a Real Estate Consortium including Caisse des Depots et Consignations and two investment funds managed by AXA Real Estate Investment Managers (European Hotel Venture & Alternative Property Income Venture). AXA REIM is an international leader in Real Estate Investment funds with EUR42 billion under management at October 31, 2007. The Novotel, Mercure, Ibis, All Seasons and Etap Hotel properties involved in the transaction represent a total of 8,200 rooms.