€510-530 million EBIT target confirmed · Positive trends in the third quarter: revenue up 2.7% as reported and 5.8% like-forlike despite high prior-year comparatives · Nine-month revenue up 3.8% as reported and 5.8% like-for-like · Faster third-quarter growth in the Economy segment led by strong demand and a
solid increase in average room rates · Expansion at September-end: 28,000 rooms opened, of which 86% through management contracts and franchise agreements. Full-year goal of 35,000 rooms confirmed
Nine-month revenue at September-end 2011 up 3.8% as reported and 5.8% like-for-like
Revenue for the first nine months of 2011 amounted to €4,597 million, shaped by the following factors:
· Expansion added €80 million to revenue and 1.8% to reported growth. The increase was attributable principally to the opening of 224 hotels, representing nearly 28,000 rooms, during the first nine months of the year.
· Ongoing deployment of the asset-right strategy reduced revenue by €163 million and reported
growth by 3.7%.
· The currency effect was a negative impact of €7 million or 0.2%, due to the unfavorable change in
the US dollar rate beginning in the second quarter (which reduced revenue by €33 million), while
the Australian dollar continued to have a positive impact on revenue.
Underlying revenue growth came to 5.8% in the third quarter, lifted by a steady rise in occupancy rates
and a recovery in average room rates in all segments.
Third-quarter revenue up 2.7% as reported and 5.8% like-for-like Third-quarter revenue amounted to €1,623 million, shaped by the following factors:
· An ongoing overall improvement in RevPAR led by occupancy rates and average room rates.
· Expansion, which increased revenue by €30 million, adding 1.9% to reported growth. The
increase reflected the opening of 116 hotels representing nearly 14,300 rooms, of which 4,700
related to the acquisition of Citea and nearly 2,700 related to the 24 Mercure hotels in the United
Kingdom taken over under franchise agreements.
· Changes in the scope of consolidation arising from the ongoing deployment of the asset-right
strategy reduced revenue by €61 million and reported growth by 3.9%.
· The currency effect was a negative €18 million or 1.1%, mainly reflecting the unfavorable change
in the exchange rate for the US dollar against the euro, while the Australian dollar in particular had a positive impact on revenue.
At constant scope of consolidation and exchange rates, the like-for-like increase for the first nine months of the year was 5.8%.

Upscale & midscale Hotels: revenue up 5.3% like-for-like to €907 million in the third quarter 2011
Revenue in the Upscale & midscale segment rose 3.3% as reported in the third quarter, including like-for-like
growth of 5.3%. Despite less favorable prior-period comparatives than in the first two quarters, RevPAR in the third quarter posted substantial gains, led by increases in occupancy rates and average room rates.
Economy Hotels excluding the United States: revenue up 7.5% like-for-like to €516 million in the third quarter 2011
Revenue from Economy hotels excluding the United States rose by a very solid 5.3% as reported and 7.5%
like-for-like. Revenue continued to increase at a faster pace, mainly driven by improvements in occupancy
rates in Europe.
Geographic focus – Third quarter
The third quarter saw a solid performance in France, one of the most dynamic market in Europe, with
increases of 6.7% like-for-like in the Upscale & midscale segment and 7.1% like-for-like in the Economy
segment. Growth was led by an exceptional summer season, particularly in Paris.
· In the Upscale & midscale segment, RevPAR again rose sharply in the third quarter and remained
mainly driven by average room rates. All the brands benefited from summer season demand and
posted robust improvements in key indicators, especially Sofitel with a doble-digit rise in RevPAR.
· In the Economy segment, occupancy rates continued to improve, gaining 1.9 points over the quarter,
while average room rates recovered sharply, with a 2.6% increase. Revenue growth was mainly driven
by demand, especially in Paris.
In Germany, revenue for the third quarter was up 1.8% like-for-like in the Upscale & midscale segment and
2.6% like-for-like in the Economy segment. Business was adversely impacted by an unfavorable calendar
effect, owing to the large number of corporate events held in third-quarter 2010. Higher demand nonetheless offset the decline in average room rates in both Upscale & midscale and Economy hotels.
In the United Kingdom, third quarter like-for-like revenue growth stood at 6.6% in the Upscale & midscale
segment and 9.8% in the Economy segment. Business was led by a dynamic London market, where
occupancy rates of over 90% enabled rate increases across all segments. RevPAR growth was driven by both
occupancy rates and average room rates. The third quarter also saw stronger demand in other regions.
Demand remained very strong in emerging markets. In the Asia-Pacific region, revenue grew 10.0% like-forlike
in the Upscale & midscale segment and 10.9% like-for-like in the Economy segment. In Latin America,
revenue was up 10.8% like-for-like in Upscale & midscale hotels and 19.0% like-for-like in Economy hotels. In
Brazil, demand rose sharply while the hotel offering was unchanged, enabling a robust increase in average
room rates in both Upscale & midscale and Economy segments.

Economy Hotels in the United States: revenue up 5.1% like-for-like to €153 million in the third quarter 2011
Revenue in the US Economy Hotels segment saw its strong rise since the beginning of the year, increasing
5.1% in the third quarter alone. It was attributable to a 1.8-point rise in occupancy rates and a 1.7%
improvement in average room rates. The increase was especially strong in September, when occupancy rates
were up 2.2 points and average room rates up 2.7%. The relatively unfavorable economic environment
continued to show the effects of higher unemployment.
Motel 6 continued to expand its network with 31 hotels opened under franchise agreements in the first nine
months of the year. The brand benefited from a substantial increase in franchising fees, which were up 26% at end-September, thanks to the transformation of its business model towards asset-light.
Outlook for 2011: continuation of positive first-half trends
With a good revenue performance in the summer months and in September, the third quarter was in line
with the positive trends noted in the first six months of the year. Revenue growth was faster in the Economy
segment, led by strong demand and a recovery in average room rates.
The Group maintained its sustained expansion dynamic, opening 28,000 rooms during the first nine months
of the year, of which 14,300 in the third quarter alone, and has confirmed its full-year target of 35,000 rooms.
Against this backdrop and in light of the following factors:
- Ongoing sustained sales in the fourth quarter and the absence of any signs of a slowdown in
demand.
- A flow-through ratio objective unchanged at 50%.
Accor is confirming its full-year EBIT target of €510-530 million.

Significant transactions and events of the third quarter
Investor Day 2011
At Investor Day on September 13, Accor announced a number of major developments concerning its brand,
operating strategy and financial objectives, including:
· A new architecture for the Group’s economy brands built around ibis.
· A sharp acceleration in Motel 6’s transformation to a 100% asset-light model.
· Annual expansion targets of 35,000 rooms in 2011 and 40,000 beginning in 2012
· Confirmation of the property asset disposal program already underway and the announcement of a new
plan for 2013-2015 to reduce adjusted net debt by €1.0 billion, increasing the total reduction to €2.2 billion for the 2011-2015 period.
· The following financial objectives:
- Generate structurally positive free cash flow.
- Improve the Group’s EBIT margin by 2-4 points over the medium term, in particular by optimizing
the performance at hotels owned by the Group or leased under fixed or variable rent leases.
Completion of the sale of Lenôtre
On September 22, 2011, following approval by competition authorities, Accor completed its sale of Lenôtre to
Sodexo.
In line with its asset-right strategy, Accor completed the disposal of the Pullman Paris Bercy and the
Sofitel Arc de Triomphe under sale-and-management agreements Accor carried out two major real estate transactions in Paris:
- The sale of the Pullman Paris Bercy for €105 million, including €9 million in renovation costs to be paid by
the buyer.
- The sale of the Sofitel Arc de Triomphe for €69 million, including €25 million in renovation costs to be paid
by the buyer.
24 hotels in the United Kingdom taken over under franchise agreements
On September 30, Accor signed a franchise contract for 24 hotels, representing 2,664 rooms, with Jupiter
Hotels Ltd, the new owner of the Jarvis hotel network. This is the biggest franchise contract that Accor has
signed in 2011. The hotels are already operating under the Mercure brand, which has 68 hotels in the United
Kingdom.
Consequently, Accor is well on its way to attaining its goal of a network of 300 hotels in the UK by 2015.

Transaction carried out since September 30, 2011
Disposal of seven Suite Novotel hotels in France
Accor announced the sale of seven Suite Novotel hotels in France for €77 million, as part of its asset-light
strategy. Representing a total of 930 rooms, the hotels will be leased back under variable-rent contracts. The
transaction will be carried out before the end of 2011 with a consortium of leading French institutional
investors through a property investment fund (OPCI) managed by La Franchise REM and Atream as asset
manager. It includes an €8.7 million renovation program, of which €4.7 million will be financed by the buyer.

Upcoming events
- January 17, 2012: Fourth-quarter 2011 revenue
Accor, the world’s leading hotel operator and market leader in Europe, is present in 90 countries with 4,200 hotels and more than 500,000 rooms. Accor’s broad portfolio of hotel brands – Sofitel, Pullman, MGallery, Novotel, Suite Novotel, Mercure, Adagio, ibis, all seasons/ibis styles, Etap Hotel/Formule 1/ibis budget, hotelF1 and Motel 6 – provide an extensive offer from luxury to budget.
With 145,000 employees worldwide, the Group offers to its clients and partners nearly 45 years of know-how and expertise.