Accor First-Half 2004 Revenues Up 5.3% Like-for-Like PARIS, July 28 /PRNewswire-FirstCall/ -- % change % change (in EUR millions) 2003 2004 (reported) (like-for-like*) Hotels 2,343 2,455 +4.8 % +5.4 % Services 231 249 +7.8 % +9.5 % Other businesses 733 739 +0.8 % +3.6 % Total Group 3,306 3,443 +4.1 % +5.3 % *At comparable scope of consolidation and exchange rates. Accor's consolidated revenues rose 4.1% in the six months that ended June 30, 2004. Excluding the currency effect and changes in the scope of consolidation, the increase was 5.3%, thanks to a 6.1% rise in the second quarter that built on the first quarter's 4.3% improvement. The 4.1% rise in reported revenues breaks down as follows: - Like-for-like growth: + 5.3% - Business expansion: + 2.4% - Currency effect: - 2.1% - Asset disposals: - 1.4% Hotels Hotel revenues for the first half were up 5.4% like-for-like. On a reported basis, the increase was 4.8%, taking into account new hotel openings, which contributed 2.5% to revenue growth, and a negative 2.3% currency effect due to the dollar. In upscale and midscale hotels, revenues increased 7.1% like-for-like, thanks to strong performances in the United Kingdom (up 13.0%), the United States (19.8%), Germany (5.2%), Asia-Pacific (13.0%) and Latin America (13.0%). In economy hotels, like-for-like revenues rose 3.0% in France and 4.7% in the rest of Europe (up 9.0% in the United Kingdom, 13.0% in Spain, 4.0% in Belgium and 1.9% in Germany). In the United States, revenues increased 2.4% like-for-like. Services First-half revenues from Services rose by 9.5% like-for-like, led by sustained demand in Latin America (revenues up 11.2%) and Europe (up 8.0%). On a reported basis, the increase was 7.8%, mainly because of the second-quarter depreciation in the Brazilian real. Other businesses Revenues from other businesses (travel agencies, casinos, restaurants and onboard train services) increased by 0.8% as reported and 3.6% like-for-like. * Outlook First-half 2004 confirmed the recovery in the worldwide economic cycle. In Hotels, the turnaround still varies by region. A number of large markets are enjoying strong growth: in the United States (upscale and midscale hotels), in the United Kingdom, Central Europe, Asia-Pacific and Latin America. In Southern Europe and in the economy segment in the United States, most of the recovery is yet to come. In Services, the first-half momentum should persist. With 158,000 people 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 (455,000 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 by Accor. Further information on Accor is available on Internet at http://accor.com/ First Quarter Second Quarter Half Year Sales Sales Sales Sales Sales Sales 2003 2004 2003 2004 2003 2004 Hotels Upscale and Midscale 609,640 650,050 685,265 762,478 1,294,905 1,412,528 Economy (excl.US) 258,191 273,001 302,498 320,577 560,689 593,579 Economy U.S. 230,191 202,220 257,302 246,658 487,493 448,879 Sub-total Hotels 1,098,022 1,125,272 1,245,065 1,329,714 2,343,087 2,454,985 SERVICES 110,853 121,152 120,000 127,680 230,853 248,832 Other businesses Travel Agencies 92,699 87,714 100,165 105,662 192,865 193,375 Casinos 51,281 53,341 51,038 53,199 102,319 106,541 Restaurants 99,571 109,504 108,034 113,061 207,605 222,565 Onboard train services 62,679 58,669 71,645 65,049 134,324 123,718 Other 43,012 42,293 52,404 50,202 95,416 92,495 Sub-total other businesses 349,242 351,521 383,286 387,173 732,528 738,695 TOTAL 1,558,118 1,597,945 1,748,351 1,844,567 3,306,469 3,442,512 First Quarter Second Quarter Half Year Change Change Change Change Change Change Reported like for Reported like for Reported like for % like % % like % % like % Hotels Upscale and Midscale 6.6 % 4.9 % 11.3 % 9.1 % 9.1 % 7.1 % Economy (excl.US) 5.7 % 4.1 % 6.0 % 3.8 % 5.9 % 3.9 % Economy U.S. -12.2 % 2.3 % -4.1 % 2.4 % -7.9 % 2.4 % Sub-total Hotels 2.5 % 4.2 % 6.8 % 6.4 % 4.8 % 5.4 % SERVICES 9.3 % 10.4 % 6.4 % 8.6 % 7.8 % 9.5 % Other businesses Travel Agencies -5.4 % -3.4 % 5.5 % 4.0 % 0.3 % 0.4 % Casinos 4.0 % -0.5 % 4.2 % 1.8 % 4.1 % 0.7 % Restaurants 10.0 % 9.0 % 4.7 % 6.9 % 7.2 % 7.9 % Onboard train services -6.4 % 2.7 % -9.2 % 0.9 % -7.9 % 1.7 % Other -1.7 % 5.1 % -4.2 % 7.6 % -3.1 % 6.5 % Sub-total other businesses 0.7 % 2.7 % 1.0 % 4.4 % 0.8 % 3.6 % TOTAL 2.6 % 4.3 % 5.5 % 6.1 % 4.1 % 5.3 % Hotel RevPAR by Occupancy Rate Average RevPar RevPar market segment Room reported excl. 2004 Half Year, YTD Rate basis expansion, Subsidiaries Subsidiaries and (2) managed (1) (in %) (chg. (chg. (chg. (chg. in %) in pts) in %) in %) Upscale and Midscale 62.6 % +2.7 -0.9 % +3.6 % +3.1 % Europe Economy Europe 71.4 % +1.1 +2.2 % +3.8 % +3.2 % (excl. US) Economy US (in $) 63.6 % +0.2 +1.3 % +1.5 % +1.4 % Hotel RevPAR Number Occupancy Rate Average RevPar RevPar by country of Room reported excl. 2004 Half Rooms Rate basis expansion, Year, YTD (1) Subsidiaries Subsidiaries and (2) managed (1) (in local (chg. (chg. (chg. (chg. in %) currency) (in %) in pts) in %) in %) France 82,696 68.6 % +1.3 +0.5 % +2.5 % +2.5 % Germany 31,331 62.7 % +1.8 -1.0 % +1.9 % +2.3 % U.K. 11,232 73.1 % +2.9 +5.5 % +9.9 % +8.4 % The Netherlands 5,853 67.3 % +1.4 -3.3 % -1.3 % -1.9 % Belgium 5,376 68.0 % +1.4 -1.1 % +0.9 % +2.9 % Spain 4,069 69.9 % +3.4 -7.1 % -2.3 % -1.9 % Italy 3,817 57.0 % -0.5 -1.9 % -2.7 % +0.1 % Hungary 3,314 60.6 % +8.2 +3.6 % +19.9 % +19.8 % USA (Upscale and Midscale) 3,764 70.4 % +8.6 +3.8 % +18.3 % +19.3 % (1) Subsidiaries (owned and leased) hotels and hotels under management contract, in local currency (2) Subsidiaries hotels, on same perimeter and currency basis DATASOURCE: Accor CONTACT: Eliane Rouyer, Director, Investors Relations of Accor, +33-1-45-38-86-26

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