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COMPANY PROFILE

AccorHotels

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PUBLICATION DATE: 23 May 2017
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AccorHotels
TABLE OF CONTENTS

TABLE OF CONTENTS

Company Overview ........................................................................................................3

Key Facts ......................................................................................................................... 3
Business Description .....................................................................................................4
History ............................................................................................................................. 5
Key Employees .............................................................................................................13
Key Employee Biographies .........................................................................................15
Major Products & Services ..........................................................................................24
SWOT Analysis .............................................................................................................25
Top Competitors ...........................................................................................................29
Company View ..............................................................................................................30
Locations And Subsidiaries ........................................................................................32

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AccorHotels
Company Overview

Company Overview

COMPANY OVERVIEW
AccorHotels (AccorHotels or 'the group') is a hotel operator. The group operates luxury to economy range
hotels in Europe, the Americas, Asia Pacific, Mediterranean, Middle East and Africa. AccorHotels
classifies its business operations into two reportable segments: HotelInvest and HotelServices. The group
operates in 95 countries with 4,144 hotels and 583,161 rooms as of December 31, 2016. It is
headquartered in Paris, France.

The company reported revenues of (Euro) EUR1,603 million for the fiscal year ended December 2016
(FY2016), an increase of 17.2% over FY2015. In FY2016, the company’s operating margin was 17.4%,
compared to an operating margin of 20.2% in FY2015. In FY2016, the company recorded a net margin of
16.5%, compared to a net margin of 17.9% in FY2015.
Key Facts

KEY FACTS

Head Office AccorHotels

82, rue Henri Farman
Issy-les-Moulineaux
Evry
Ile-de-France
Evry
Ile-de-France
FRA
Phone 33 1 45388800
Fax
Web Address www.accorhotels.group
Revenue / turnover (EUR Mn) 5,631.0
Revenue (USD Mn) 6,230.9
Financial Year End December
Employees 150,499
Euronext Paris Ticker AC

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Business Description

Business Description

BUSINESS DESCRIPTION
AccorHotels is engaged in the hospitality business across the world. The group operates in 95 countries
with 4,144 hotels and about 583,161 rooms as of December 31, 2016. In FY2016, AccorHotels operated
1,633 hotels in France; 956 hotels in Europe (excluding France and Mediterranean); 763 hotels in Asia-
Pacific; 372 hotels in the Americas, and 420 hotels in Mediterranean, Middle East and Africa.

The group operates through two business segments: HotelInvest and HotelServices.

The HotelInvest is the group's hotel owner-operator. It is comprised of AccorHotels’ owned and leased
hotels. HotelInvest is involved in various activities including, asset portfolio management activities, hotel
design, construction, refurbishment and maintenance activities, and the legal and finance functions.
HotelInvest hotels are classified into three sub-segments: owned hotels, fixed-leased hotels, and variable-
leased hotels. In FY2016, the Hotelinvest segment reported revenues of EUR4,617 million, which
accounted for 74.7% of the group's total revenue.

HotelServices segment is involved in the group’s hotel operations and franchising operations. It is
comprised of all of the group's hotels, as the hotels owned by HotelInvest are operated by HotelServices
under management contracts. The segment is engaged in the management and franchising activities,
sales and marketing, distribution and information systems. In addition, it is involved in other activities such
as a timeshare business in Australia; Strata, a group that operates the common areas of hotels in
Oceania; and the AccorHotels loyalty program. In FY2016, the Hotelservices segment reported revenues
of EUR1,567 million, which accounted for 25.3% of the group's total revenue.

Geographically, the group classifies its operations into six segments, namely France, Europe (excluding
France/Mediterranean); Asia-Pacific; The Americas; Mediterranean, Middle East and Africa; and
Worldwide Structures. In FY2016, France segment accounted for 27.8% of the group's total revenues,
followed by Europe (excluding France/Mediterranean) with 39%; Asia-Pacific with 12.9%; The Americas
with 9.6%; Mediterranean, Middle East and Africa with 9.4%; and Worldwide Structures with 1.4%.

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History

History

HISTORY
AccorHotels was established as SIEH Group, by Paul Dubrule and Gerard Pelisson.

The group opened the first Novotel hotel in Lille, France, which was succeeded by a second and third in
Colmar and Marseille.

The first ibis hotel was opened in Bordeaux.

The group acquired the three-star chain, Mercure.

SIEH Group acquired the luxury Sofitel hotel brand, which at that time consisted of 43 hotels.

The group acquired Jacques Borel International, adding a new activity: the Ticket Restaurant.

The group changed its name to the Accor Group (Accor).

Accor created Accor Academy, France’s first corporate university for service activities, and Formule 1, a
new budget chain.

The group acquired Motel6 chain in the US, which added 550 properties to Accor's portfolio.

Lenotre becomes an Accor brand.

Accor launched the Coralia label for leisure hotels and renovated the Sofitel and Novotel brands.

Accor created the Suitehotel concept: the concept offers 30 square meter suites.

Accor had teamed up with many companies, including Air France, SNCF, American Express, Credit
Lyonnais and Danone.

The group launched the Accorhotels.com website.

The group introduced Meal Service Card in China.

Accor Services acquired Davidson Trahaire, an Australia-based corporate human resources consulting
and employee assistance group.

In conjunction with France Telecom and Orange France, Accor deployed Wi-Fi networks in many of its
hotels including Formule 1 and Sofitel. Broadband wireless internet access services were made available
across 300 hotels.

The first Ibis hotel was opened in China, in the city of Tianjin.

Accor acquired a 28.9% equity interest in Club Mediterranee, including the 21.2% of shares held by the

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History

Agnelli Group and 7.7% held by Caisse des Depots et Consignations.

Groupe Lucien Barriere, a casino group, was formed. Nearly 51% of shares in this new group were
owned by the Desseigne-Barrière family, 34% by Accor and 15% by Colony Capital, the new company is
a European leader in casinos.

Novotel introduced Novotel Cafe, a new dining concept created by Lenotre.

The group acquired all outstanding shares in Go Voyages.

The group launched the Ticket Alimentacion Electronico food card in Mexico.

WorkLife Benefits, Accor Services’ US subsidiary since 1985, merged with Workplace Options, one of the
country's largest employee service providers.

Accor Services introduced Ticket Restaurant Plus, a multi-purpose smart card that functioned as an
electronic purse, in India.

Sofitel introduced the new MyBed concept, offering the ultimate in sleeping comfort.

Accor sold a 50% interest in Carlson Wagonlit Travel to Carlson Companies and One Equity Partners for
$465 million.

Accor Services acquired Commuter Check Services in the US.

The group divested most of its interest in Club Mediterranee, retaining a 6% stake in that company.

The group acquired Serial in Italy, RID in India and Calicado in Germany.

Accor strengthened its operations in Brazil by acquiring the 50% of shares it did not previously own in
Ticket Servicos.

The group initiated a major hotel expansion program in India, with the goal of opening more than 5,000
Sofitel, Novotel, Mercure, ibis and Formule1 rooms within five years.

The group sold 57 hotels in France and Switzerland worth E518 million 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).

Accor launched Pullman, a new upscale brand dedicated to business travelers; Adagio City Aparthotel, a
city residence brand; and all seasons, a new chain of non-standardized economy hotels.

Accor consolidated its presence in Germany by acquiring control of 52 Dorint hotels.

Accor sold Go Voyages.

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History

It announced the sale of Red Roof Inns as well as 91 hotel properties in Germany and the Netherlands.

The group consolidated its presence in Portugal by acquiring local partner’s stake in joint venture.

Accor Services acquired Kadeos, becoming the French market leader in gift cards and vouchers; and
Surf Gold, a provider of marketing services.

The group strengthened its capacity for technological innovation with the acquisition of PrePay
Technologies, the UK leader in prepaid cards.

Accor Services acquired a 62% stake in Motivano UK, an online provider of flexible benefits, total reward
statements and voluntary benefits solutions; and 80% stake in Quasar, a German reward and loyalty
program operator.

The group sold the Sofitel, The Grand hotel in Amsterdam under a sale and management-back
arrangement and opened Ibis, an economy hotel brand, in Shanghai, China.

Accor changed the name of its budget hotel Formule 1 to hotel F1.

Sofitel unveiled its luxury network in China, Sofitel Wanda Ningbo.

The group sold 1,063,830 Club Mediterranee shares, corresponding to around a 4% interest in the
group's capital, to Group Credit Agricole.

Accor Services and MasterCard formed a strategic alliance, resulting in the creation of PrePay Solutions,
the European leader in prepaid programs for companies and public institutions. The joint venture makes
Accor Services the majority shareholder at 67%.

The group opened its first ibis hotel in Algiers, Algeria; Pune, India; and Moscow.

Mercure brand was launched in Vietnam with two hotels.

Accor opened its first hotel in Taiwan, the Novotel Taipei Taoyuan International Airport.

Sofitel opened its first hotel in Uruguay.

The group demerged its two core businesses: hotels and services. Accor retained the hotels business,
while Edenred was created for the services business.

All seasons opened its first hotel in Belgium. In addition, the first Mercure hotel was opened in Bratislava.

The Suitehotel brand joined the Novotel family, boasting a new name, Suite Novotel.

Accor sold Compagnie des Wagons-Lits' onboard rail catering operations in France, Italy, Austria and
Portugal to Newrest through a joint venture owned 60% by Newrest and 40% by Accor.

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History

The group opened a new hotel in central Beijing, China.

Accor opened its first Sofitel hotel in Saudi Arabia: The Sofitel Al Khobar the Corniche.

Accor and InterGlobe consolidated existing relationship with a new hotel investment fund, aimed at further
network growth in India.

Accor signed a franchise agreement with Focus Hotels, adding 10 hotels to its UK network.

Accor strengthened its position in Australia and New Zealand with the acquisition of Mirvac, a hotel
management company.

MGallery, Accor's label of upscale hotels, opened two distinctive resorts in Thailand: Veranda High Resort
Chiang Mai and Veranda Resort & Spa Hua Hin-Cha Am.

Accor sold 49 hotels in France, Belgium and Germany to a consortium comprised of Predica, a subsidiary
of Credit Agricole Assurances (80%), and Fonciere des Murs (20%).

The group sold seven Suite Novotel hotels in France for E77 million (approximately $107 million) under
variable lease back deal.

Sofitel opened its first location in Turkmenistan (Central Asia) in the city of Ashgabat. Adagio acquired
Citea, an extended stay brand that operates 49 aparthotels in the economy segment.

Accor sold Lenotre to Sodexo.

As part of its asset management program, Accor sold the hotel Mercure Warszawa Fryderyk Chopin to
Echo Investment S.A. for E31 million.

The group completed the sale of its 49% stake in Groupe Lucien Barriere.

Accor entered Bangladesh through management contracts for Novotel Dhaka Gulshan Avenue and
Novotel Chittagong.

Accor sold off its US economy hotels division to an affiliate of Blackstone Real Estate Partners VII, for a
total value of $1.9 billion.

Accor sold Sofitel Paris La Defense under a sale and management-back agreement to Amundi Real
Estate and Algonquin for a total value of E22 million.

Accor entered into a long-term management agreement with PATERO Development, to manage a hotel
complex as part of a multi-functional center to be constructed next to Kievsky Railway Station, in Moscow.

Accor entered Vietnam by opening Pullman Hanoi Horison.

Accor opened Pullman Phuket Arcadia Naithon Beach resort in Thailand.

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History

The group announced the expansion of its offer in main European cities for city breaks, through several
important openings.

Pullman launched its new website, www.pullmanhotels.com.

As part of asset management strategy, Accor sold its 19.4% stake in the Tourism Asset Holdings (TAHL),
an Australia-based hotel owning company, to the Abu Dhabi Investment Authority (ADIA) for a value of
E46 million, and a repayment of E53 million loans.

The group opened Pullman Dubai Deira City Centre hotel in Dubai; and announced its decision to sell its
Sofitel Paris Le Faubourg in Paris, under a sale and management-back agreement, for a total value of
E113 million.

Accor and Huazhu Hotels Group entered in to a long-term alliance to create a diversified hotel company
in China, with more than 2,000 hotels.

Accor acquired a 36.6% stake in hotel company, Mama Shelter.

HotelInvest purchased a portfolio of 13 hotels in the UK from Tritax for a total consideration of E89 million.

Accor's HotelInvest business agreed to purchase two real-estate portfolios.

Pullman opened Pullman Shanghai South in Shanghai, China.

Accorhotels.com launched a new Arabic website for its customers in the Middle East.

Accor launched three hotels under its ibis Styles brand in Brazil.

Accor sold its participation in the Reef Casino in Australia. This participation included a 29% stake in Reef
Casino Trust (RCT), a listed entity, as well as its 50% stake in the related businesses of RCT.

AccorHotels announced the purchase of three hotel asset portfolios in Europe representing 29 hotels
(3,677 rooms), for a total of E284 million.

Samsung Electronics Co. and AccorHotels announced a partnership to roll out Samsung's SMART
Hospitality Display technology across AccorHotels' properties spanning 92 countries.

The group launched AccorHotels Business Solution, a free solution for small and medium enterprises
(SMEs) and small and medium industries (SMIs) that would allow them to manage online their travel
policy and bookings in 2,800 hotels around the world.

AccorHotels signed a management agreement with Aria Ziggurat for its two inaugural properties in
Tehran.

The group entered into an exclusive partnership with the major Angolan company AAA ACTIVOS LDA, to

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History

open 50 hotels (more than 6,200 rooms) in Angola from luxury to economy between 2015 and 2017.

Accor sold and franchised-back seven hotels (708 rooms) in the UK and Ireland for E32.6 million, along
with a commitment from the buyers to carry out E5.2 million worth of renovations.

Accor acquired FASTBOOKING, a France-based provider of digital services for the hotel industry.

As part of the restructuring of HotelInvest's assets, Accor sold and franchised-back 29 hotels (3,354
rooms) in Germany (18 hotels, 2,167 rooms) and the Netherlands (11 hotels, 1,187 rooms) for a total
value of E234 million.

The group also announced the official signing of a 10-year naming rights agreement for the Bercy Arena.

The group inaugurated the Pullman Paris Roissy CDG Airport and ibis Styles Roissy CDG Airport hotels
in the Paris-Charles de Gaulle hub, Europe's second-largest and the world's eighth-largest airport.

Accor changed its name to AccorHotels.

AccorHotels announced the purchase of a portfolio of 43 hotels (4,237 rooms) from Fonciere des
Regions, for a total of E281 million.

AccorHotels acquired a 30% stake in Oasis Collections, a curated marketplace for private rentals. The
group also acquired a 49% stake in Squarebreak, the disruptor operator of hotel homes in France.

AccorHotels and Huazhu Hotels Group finalized a long-term alliance.

MGallery by Sofitel opened the first five-star hotel in eastern Paris, Hotel Paris Bastille Boutet.

AccorHotels acquired Fairmont Raffles Hotels International (FRHI) Hotels & Resorts and its three luxury
hotel brands: Fairmont, Raffles and Swissotel. This acquisition enables the group to increase long term
growth potential and profitability, and significantly expand its footprint in North America, the world’s
largest and most influential consumer market. It also positions AccorHotels as one of the leading players
in the global luxury hotel market.

The group entered into exclusive negotiations with a new hotel investment company for the sale of 85
owned and leased hotels that it currently operates.

MGallery by Sofitel opened its first hotel in Israel.

AccorHotels partnered with LinkedIn to improve its mobile app with new services for travelers.

The group signed a management agreement with Acropole Holdings for Novotel Downtown Dubai in
Dubai, the UAE.

AccorHotels entered into a strategic partnership with Hotelbeds, one of the world’s leading bedbanks, to
double sales for the hotel through the bedbank over the next two years.

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History

The group announced plans to acquire 30% stake in Germany-based, 25hours Hotels.

The group acquired John Paul, one of the leading players in the concierge market.

The group entered into a partnership agreement with Banyan Tree Holdings to develop and manage
Banyan Tree branded hotels around the world. Banyan Tree Holdings will also have access to
AccorHotels’ global reservations and sales network, as well as its loyalty programme Le Club
AccorHotels.

Accorhotels and Huazhu Hotels announced an agreement for expansion in China's midscale and upscale
hotel market.

The group announced plans to acquire 100% stake in US-based, Travel Keys.

AccorHotels and Rixos signed a 50/50 joint venture for the expansion of its presence to the Upper
Upscale/Luxury market.

The group signed an agreement to acquire a portfolio of 26 hotels from Brazil Hospitality, GP Investments
and GTIS Partners.

The group acquired VeryChic, a digital distribution platform for private sale of cruises, luxury hotel rooms
and apartments, breaks and packages.

The group acquired Availpro, one of the leading software providers to hoteliers with more than 6,500
clients in Europe. The acquisition creates the leading European digital services provider for independent
hotels.

The group opened Pullman Miri Waterfront in Malaysia.

AccorHotels announced the conversion and rebranding of a former Sheikh Zayed Road landmark into the
Mercure Dubai Barsha Heights Hotel Suites & Apartments. The property is currently undergoing the first
of a two-phase refurbishment and is expected to open under the Mercure brand in mid-2017.

The group signed a hotel management agreement (HMA) with New Mauritius Hotels Limited, one of the
oldest and largest owning and management hospitality companies based in Mauritius. As per the
agreement, the group will re-launch the existing Morocco resort property under the Fairmont Hotels &
Resorts brand by mid-2017.

AccorHotels opened Novotel, its flagship hotel, in Canary Wharf, London.

Swissotel entered into a franchise agreement with Al Shiddi International for development of a new 218-
room urban resort slated to open in early 2018.

AccorHotels announced plans to acquire 100% of the Fonds de Consolidation et de Development des
Entreprises’ (FCDE), which supplies human resources and financing to spur transformation in high-

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History

potential businesses, minority interest in Groupe Noctis.

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Key Employees

Key Employees

KEY EMPLOYEES

Name Job Title Board Compensation

Patrick Mendes Chief Executive Officer- Senior Management
HotelServices, Latin
America
Sebastien Bazin Chairman, Chief Executive Executive Board 1594361 EUR
Officer
Nicolas Sarkozy Independent Director Non Executive Board
Amir Nahai Chief Executive Officer- Senior Management
Group Food and Beverage
Maud Bailly Chief Digital Officer Senior Management
Michael Issenberg Chief Executive Officer, Senior Management
HotelServices, Asia Pacific
Laurent Picheral Deputy Chief Executive Senior Management
Officer, HotelInvest
Sheikh Nawaf Bin Director Non Executive Board
Jassim Bin Jabor Al-
Thani
Qionger Jiang Independent Director Non Executive Board 26047 EUR
Jean-Jacques Dessors Chief Executive Officer- Senior Management
HotelServices, Europe
(Excluding France and
Switzerland)
Sophie Etchandy- Chief Executive Officer- Senior Management
Stabile HotelServices, France and
Switzerland
Steven Daines Chief Operating Officer-New Senior Management
Businesses and Chief
Executive Officer,
HotelServices, Africa and
the Middle East
Chris J. Cahill Chief Executive Officer- Senior Management
Luxury Brands and
HotelServices, North
America, Central America
and Caribbean Region
Jean-Jacques Morin Chief Financial Officer Senior Management
John Ozinga Chief Executive Officer- Senior Management
HotelInvest
Arantxa Balson Chief Talent and Culture Senior Management
Officer

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Key Employees

Sven Boinet Deputy Chief Executive Senior Management 899926 EUR

Officer
Aziz Aluthman Fakhroo Director Non Executive Board 28074 EUR
Vivek Badrinath Director Non Executive Board 6533 EUR
Iliane Dumas Director Non Executive Board
Patrick Sayer Director Non Executive Board 102164 EUR
Sarmad Zok Director Non Executive Board 32426 EUR
Philippe Citerne Director Non Executive Board 114290 EUR
Gaurav Bhushan Chief Development Officer Senior Management
Mercedes Erra Independent Director Non Executive Board 94423 EUR
Sophie Gasperment Independent Director Non Executive Board 99287 EUR
Bertrand Meheut Independent Director Non Executive Board 71754 EUR
Isabelle Simon Independent Director Non Executive Board 37897 EUR
Natacha Valla Independent Director Non Executive Board 22230 EUR
Jean-Paul Bailly Independent Director Non Executive Board 113022 EUR
Iris Knobloch Senior Independent Director Non Executive Board 66285 EUR
and Vice Chairman

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Key Employee Biographies

Key Employee Biographies

KEY EMPLOYEE BIOGRAPHIES

Sebastien Bazin

Board:Executive Board
Job Title:Chairman, Chief Executive Officer
Since:2013
Age:55

Sebastien Bazin has been the Chairman and Chief Executive Officer at AccorHotels since 2013. He
began his career in the finance sector in 1985 in the US. In 1997, Mr. Bazin joined Colony Capital. Within
15 years, he managed and participated in a number of investments in the hotel sector. Mr. Bazin is the
Vice Chairman of the supervisory board of the Gustave Roussy Foundation. He also serves as a Director
at Adagio and General Electric, and Chairman of the Board at Theatre du Chatelet. Mr. Bazin also served
as the Chairman at Colfilm, ColIllkirch France, Data 4, and Lucia Investissement, among others;
Chairman and Chief Executive Officer at Societe d’Exploitation Sports & Evenements and Holding Sports
& Evenements; and Director at Moonscoop, Carrefour, and Edenred.

Amir Nahai

Board:Senior Management
Job Title:Chief Executive Officer-Group Food and Beverage
Since:2015

Amir Nahai has been the Chief Executive Officer of Group Food and Beverage at AccorHotels since
2015. He was previously a partner at Bain and Group's New York office. Mr. Nahai has more than 15
years of experience with the strategy and management consulting firm in the hospitality, gaming,
media/entertainment and technology sectors.

Maud Bailly

Board:Senior Management
Job Title:Chief Digital Officer
Since:2017

Maud Bailly has been the Chief Digital Officer at AccorHotels since April 2017. She started her career in
2007 at the Inspection Generale des Finances. Previously, Ms. Bailly served as a Director of Paris
Montparnasse Station, and the Deputy Director of TGV Product Coordination.

Michael Issenberg

Board:Senior Management
Job Title:Chief Executive Officer, HotelServices, Asia Pacific

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Key Employee Biographies

Age:56

Mr. Issenberg currently serves as the Chief Executive Officer, HotelServices, Asia Pacific at AccorHotels.
He began his hospitality career in 1981 with the Westin St Francis Hotel in San Francisco. In 1986, he
moved to Sydney, Australia, where he was the Director of Leisure Services for Horwarth & Horwath. In a
career spanning more than three decades, he has held senior positions across hotel management and
property investment including as the Director of Development for Merlin Properties and Chief Executive
Officer of Mirvac Hotels. He joined AccorHotels in 1994 as a Director of Operations Pacific.

Sheikh Nawaf Bin Jassim Bin Jabor Al-Thani

Board:Non Executive Board

Job Title:Director
Since:2017
Age:45

Sheikh Nawaf Bin Jassim Bin Jabor Al-Thani has been a Director at AccorHotels since March 2017. He
began his career at Qatar Airways before joining Katara Hospitality as the Chairman of the Board of
Directors. Mr. Jabor Al-Thani also serves as the Chairman of Al Hosn Investment Company and the
Deputy Chairman at the Sheikh Jassim Bin Jabor Charitable Foundation. He serves as the Chairman at
Al Hosn Investment Company. Mr. Jabor Al-Thani was a Director at GVE, Creative Design, Qatari Diar
and FRHI Holding Limited; and the Chairman at Dhofar Tourism Company.

Qionger Jiang

Board:Non Executive Board

Job Title:Independent Director
Since:2016
Age:40

Qionger Jiang has been an Independent Director at AccorHotels since 2016. She is the Chief Executive
Officer and Artistic Director at Shang Xia. Ms. Jiang served as a Director at China Lodging Group in the
past.

Jean-Jacques Dessors

Board:Senior Management
Job Title:Chief Executive Officer-HotelServices, Europe (Excluding France and Switzerland)
Since:2017

Jean-Jacques Dessors has been the Chief Executive Officer of HotelServices, Europe (Excluding France
and Switzerland) at AccorHotels since 2017. He joined the Group’s Executive Committee in 2013 as the
Chief Executive Officer of HotelServices Mediterranean, Middle-East and Africa. Mr. Dessors worked in
France and in international positions before joining Compagnie Generale d'Hotellerie et des Services (a
subsidiary of Vivendi Group) in 1992 as the Director of Operations, Westin Demeure Hotels and Libertel.
He joined the group in 1999 as Director of Business and Leisure Operations, Paris Ile de France. In 2002,

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Key Employee Biographies

Mr. Dessors joined the UK and Ireland teams as the Managing Director of Economy Hotels and later, he
became the Chief Operating Officer of the UK and Ireland in 2005. In 2012, he was named Chief
Operating Officer of Africa, Middle East, Indian Ocean and Caribbean Islands at the group.

Sophie Etchandy-Stabile

Board:Senior Management
Job Title:Chief Executive Officer-HotelServices, France and Switzerland
Since:2017

Sophie Etchandy-Stabile has been the Chief Executive Officer of HotelServices, France and Switzerland
at AccorHotels since 2017. Prior to that, she served as the Chief Executive Officer of HotelServices in
France and the Chief Financial Officer at the group. Ms. Etchandy-Stabile has also been responsible for
the group's procurement since 2013. She began her career at Deloitte, before joining AccorHotels in 1999
to head the group's Consolidation and Information System department. In 2006, Ms. Etchandy-Stabile
was appointed Group Controller-General. She is also the President of the Women At Accor Generation
(WAAG).

Steven Daines

Board:Senior Management
Job Title:Chief Operating Officer-New Businesses and Chief Executive Officer, HotelServices, Africa and
the Middle East
Since:2017

Steven Daines has been the Chief Operating Officer of New Businesses and Chief Executive Officer,
HotelServices, Africa and the Middle East at AccorHotels since 2017. He joined the Group’s Executive
Committee in 2014 as the Chief Executive Officer of HotelServices the UK, Ireland, Benelux, Switzerland,
Russia and Commonwealth of Independent States (CIS). Mr. Daines began his career with the group at
Compagnie des Wagons-beds, where he held several operational positions in France and abroad from
1994 to 2005. He was then appointed Managing Director of Economy Brands in Latin America. Mr.
Daines has been a Managing Director of ibis Budget and hotelF1 France since 2012.

Chris J. Cahill

Board:Senior Management
Job Title:Chief Executive Officer-Luxury Brands and HotelServices, North America, Central America and
Caribbean Region

Chris J. Cahill currently serves as the Chief Executive Officer of Luxury Brands and HotelServices, North
America, Central America and Caribbean Region at AccorHotels. He also serves on the Board of
Directors at two Canadian real estate companies. Mr. Cahill is the Chairman at Temple Hotels and a
Director at Morguard Corporation. Previously, he served as the Executive Vice President of Global
Operations at Las Vegas Sands. Before joining Las Vegas Sands, Mr. Cahill served in various positions
at FRHI and its predecessor companies, including President and Chief Operating Officer.

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Key Employee Biographies

Jean-Jacques Morin

Board:Senior Management
Job Title:Chief Financial Officer
Since:2015

Jean-Jacques Morin has been the Chief Financial Officer at AccorHotels since 2015. He began his career
at Deloitte, where he spent five years in Audit and Consulting in Paris and Montreal, and 13 years in the
international high-tech sector at Motorola, and ON Semiconductor. Mr. Morin worked as Chief Financial
Officer at Communicant. He joined Alstom in 2005 and held the positions of Chief Financial Officer.

Arantxa Balson

Board:Senior Management
Job Title:Chief Talent and Culture Officer
Since:2015

Arantxa Balson has been the Chief Talent and Culture Officer at AccorHotels since 2015. She started her
career in 1994 at France Telecom, where she was in charge of international training. In 1998, Ms. Balson
joined Alcatel-Lucent (Previously Lucent Technologies), where she held various positions, including
Director of Human Resource in Western Europe, Spain and Portugal, and Director of Human Resource at
Lucent Worldwide Services Europe, the Middle East and Africa (EMEA). In 2004, she joined Endesa, an
electricity utility in Spain and Latin America, as the Director of Development and Human Resource
Innovation. Ms. Balson has also been the Director of Human Resources at Adeo, a Do-It-Yourself (DIY)
and home improvement retailer in Europe, since 2010.

Sven Boinet

Board:Senior Management
Job Title:Deputy Chief Executive Officer
Since:2013
Age:64

Sven Boinet has been the Deputy Chief Executive Officer at AccorHotels since 2013. He started his
career in the oil industry at Schlumberger and Coflexip and as a consultant for SRI International, before
joining the group. Mr. Boinet became the Chairman at Groupe Lucien Barriere from 2004 to 2009, and
served as the Chief Executive Officer at Groupe Pierre & Vacances from 2009 to 2012. Currently, he
serves as the Chairman at Alliance 46.2.

Aziz Aluthman Fakhroo

Board:Non Executive Board

Job Title:Director
Since:2016
Age:39

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AccorHotels
Key Employee Biographies

Aziz Aluthman Fakhroo has been a Director at AccorHotels since 2016. He served as a Director of
Mergers and Acquisitions at Qatar Investment Authority (QIA). Mr. Fakhroo founded and managed
Idealys SARL before joining QIA in 2007. He served as a Director of the Public Investment Management
Department, Public Budget Department and the Under-Secretary of State at the Ministry of Finance,
Qatar. Currently, Mr. Fakhroo serves as a Director at Axa Real Estate, Ooredoo Group, and Canary
Wharf, among others.

Vivek Badrinath

Board:Non Executive Board

Job Title:Director
Since:2016
Age:47

Vivek Badrinath has been a Director at AccorHotels since 2016. Previously, Mr. Badrinath served as the
Deputy Chief Executive Officer responsible for marketing, digital solutions, distribution and information
systems at the group. Previously, he served as the Deputy Chief Executive Officer of innovation,
marketing and technology at Orange Business Services (Orange) in 2013. From 2010 to 2012, Mr.
Badrinath served as the Chief Executive Officer at Orange. He also served as the Chief Technical Officer
of the Mobile Division and the Director of the Networks and Operators Division at Orange. Earlier, Mr.
Badrinath served as the Chief Executive Officer of the Indian subsidiary of consumer electronics
company, Thomson. Currently, he serves as the Chief Executive Officer for Africa, Middle East and Asia
Pacific at Vodafone Group.

Iliane Dumas

Board:Non Executive Board

Job Title:Director
Since:2014
Age:46

Iliane Dumas has been a Director at AccorHotels since 2014. She joined the group in 1991, where Ms.
Dumas was initially part of the sales team in the Distribution Department. Ms. Dumas held several
employee representative positions, notably Representative of the Central Works Council on AccorHotels'
Board of Directors. She is currently Business Project Manager within the group's Talent and Culture
Department and is a judge at the Paris Employment Tribunal.

Patrick Sayer

Board:Non Executive Board

Job Title:Director
Since:2008
Age:59

Patrick Sayer has been a Director at AccorHotels since 2008. Previously, he held the positions of
Managing Partner at Lazard Freres et Cie in Paris and Managing Director of Lazard Freres & Co. in New

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Key Employee Biographies

York. Mr. Sayer was formerly the President of the Association Francaise des Investisseurs pour la
Croissance (AFIC). He is a Director of the Musee des Arts Decoratifs in Paris. Mr. Sayer is a member of
the Club des Juristes and a Judge at the Paris Commercial Court. He also serves as the Chairman of the
Executive Board at Eurazeo; and a Director at Tech Data Corporation and I-Pulse.

Sarmad Zok

Board:Non Executive Board

Job Title:Director
Since:2016
Age:48

Sarmad Zok has been a Director at AccorHotels since 2016. He also serves as the Chairman and Chief
Executive Officer at Kingdom Hotel Investments and a Executive Director at Kingdom Holding Group. Mr.
Zok also serves as a Director at Blackrock Frontiers Investment Trust. He served as a Director at
Kingdom 5-KR-181, Kingdom 01 FZ, and Yotel Investments Limited in the past.

Philippe Citerne

Board:Non Executive Board

Job Title:Director
Since:2016
Age:68

Philippe Citerne has been a Director at AccorHotels since 2016. Previously, he served as permanent
representative of Societe Generale on its supervisory board from 2003 to 2006. Mr. Citerne also served
as the Senior Independent Director and Vice-Chairman of the Board of Directors from 2013 to 2016. He
joined Societe Generale in 1979, where Mr. Citerne served as Vice President of Economic Research,
Vice President of Finance and Vice President of Human Relations, prior to becoming a Director, Deputy
Chief Executive Officer and Co-Chief Executive Officer from 1997 to 2009. Currently, he serves as the
Chairman at C2.O, Filcico, Inverewe Capital and Telecom Ecole de Management; and a Director at
Edenred, and MK2. Mr. Citerne served as a Director at Sopra Group and Rexecode, in the past.

Gaurav Bhushan

Board:Senior Management
Job Title:Chief Development Officer

Gaurav Bhushan currently serves as the Chief Development Officer at AccorHotels. He began his career
at the group in 1995, and held various roles in operations and finance before moving into development,
as Business Development Manager for Australia and New Zealand, in 2000. Mr. Bhushan was then
appointed as the Chief Development Officer for Australia, New Zealand and Japan, and later, Vice
President of Development for North Asia and the Pacific in 2004.

Mercedes Erra

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Key Employee Biographies

Board:Non Executive Board

Job Title:Independent Director
Since:2011
Age:62

Mercedes Erra has been an Independent Director at AccorHotels since 2011. In 1995, she co-founded
BETC, an advertising agency in France. Ms. Erra is also Chairman of the Board of Directors at Musee de
l'Histoire de l'Immigration. She is involved in a variety of women's advocacy groups. Ms. Erra is a member
of the French Committee of Human Rights Watch, and a member of the Innovation 2030 and Childhood
and Adolescence Commissions put in place by the French government, and the Medici Committee set up
by Amundi. She also sits on the Boards of Directors of SNCF, the France Televisions Foundation, the Elle
Foundation and Entreprises pour la Cite.

Sophie Gasperment

Board:Non Executive Board

Job Title:Independent Director
Since:2010
Age:52

Sophie Gasperment has been an Independent Director at AccorHotels since 2010. She began her career
at L'Oreal, where she held both operational and strategic marketing positions. Ms. Gasperment served as
the Chairman and Chief Executive Officer of The Body Shop International. She was appointed French
Foreign Trade Advisor in 2005. Ms. Gasperment also serves as the Group General Manager of Financial
Communication and Strategic Prospective at L'Oreal and a Director of the Supervisory Board at
Cimpress.

Bertrand Meheut

Board:Non Executive Board

Job Title:Independent Director
Since:2009
Age:65

Bertrand Meheut has been an Independent Director at AccorHotels since 2009. He served as the
Chairman at the Canal+ Group Management Board from 2002 to 2015. Prior to that, Mr. Meheut joined
Aventis CropScience in 1984 as the Deputy Chief Operating Officer, Europe, in charge of corporate
services for the Agro Division. Later, he became Chief Executive Officer of the German subsidiary,
Deputy Chief Executive Officer of Aventis CropScience and Executive Vice-President and Chief
Operating Officer Europe. Mr. Meheut also served as the Chairman and Chief Executive Officer at Aventis
CropScience. Currently, he serves as a Director at Edenred, Aquarelle.com Group, Pierre et Vacances;
and Director and Vice-Chairman at SFR.

Isabelle Simon

Board:Non Executive Board

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Key Employee Biographies

Job Title:Independent Director

Since:2016
Age:47

Isabelle Simon has been an Independent Director at AccorHotels since 2016. She began her career in
1995 at law firm Cleary Gottlieb Steen & Hamilton, where Ms. Simon practiced as a lawyer in Paris and
New York. Previously, Ms. Simon served as the Executive Director of the Investment Banking Division at
Goldman Sachs in 2003. She served as the Senior Vice President, Merges and Acquisitions and Legal
departments, and managed the Group’s external development strategy and minority holdings at Publicis
Group in 2009. In 2011, Ms. Simon served as the Senior Vice President at Societe des Bains de Mer de
Monaco. She serves as the Group Secretary and General Counsel, and a member of the Executive
Committee at Thales Group.

Natacha Valla

Board:Non Executive Board

Job Title:Independent Director
Since:2016
Age:41

Natacha Valla has been an Independent Director at AccorHotels since 2016. From 2001 to 2008 she
served as an economist in charge of monetary policy stance and implementation at the European Central
Bank. In 2005, Ms. Valla was seconded to the Research Directorate of the Banque de France, before
being appointed as the Executive Director at Goldman Sachs in 2008. In 2014, she became the Deputy
Director at CEPII. Currently, Ms. Valla is the Head of economics policy and strategy at the European
Investment Bank (EIB). She also serves as a Director at LVMH, Commission Economique de la Nation,
and Conseil d’Analyse Economique, among others.

Jean-Paul Bailly

Board:Non Executive Board

Job Title:Independent Director
Since:2009
Age:70

Jean-Paul Bailly has been an Independent Director at AccorHotels since 2009. He became Deputy Chief
Executive Officer at Paris Transit Authority (RATP) in 1990 and then served as RATP's Chairman and
Chief Executive Officer between 1994 and 2002. Mr. Bailly served as the Chairman and the Chief
Executive Officer at La Poste from 2002 to 2013. Currently, he is the Honorary Chairman at La Poste
Group; a Director at Edenred; and the Chairman of the Supervisory Board at Europcar.

Iris Knobloch

Board:Non Executive Board

Job Title:Senior Independent Director and Vice Chairman
Age:54

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Key Employee Biographies

Iris Knobloch currently serves as the Senior Independent Director and Vice Chairman at AccorHotels.
She has also been a Director at the group since 2013. Currently, Ms. Knobloch serves as the President at
Warner Bros. Entertainment France. Previously, she spent more than 18 years with Warner Bros. and the
Time Warner Group, and held various positions. Earlier, Ms. Knobloch was an attorney with Norr,
Stiefenhofer & Lutz and O’Melveny & Myers in Munich, New York and Los Angeles.

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Major Products & Services

Major Products & Services

MAJOR PRODUCTS & SERVICES

AccorHotels is a hotel operator. The group's key services include the following:

Services:

Boarding, Lodging and Hospitality Services

Dining Services

Brands:

Luxury and Upscale:

Raffles
Sofitel Legend
SO/ Sofitel
Fairmont
Sofitel
onefinestay
MGallery by Sofitel
Pullman
Swissotel
Grand Mercure
The Sebel
25hours

Midscale:

Novotel
Mercure
Adagio
Mama Shelter

Economy:

Ibis
Ibis budget
ibis Styles
JO&JOE
hotelF1

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AccorHotels
SWOT Analysis

SWOT Analysis

SWOT ANALYSIS
AccorHotels is a hotel operator. An established presence across several countries lends the group with
significant level of brand awareness, which, in turn, helps AccorHotels to expand its operations into new
markets. However, intense competition could lead to pricing pressures, thereby decreasing the
profitability of the group.

Strength Weakness

Established Presence across Several Countries Majority of Revenues Generated from Europe
Strong Brand Image of Diversified Group of Hotels
Opportunity Threat

Digital Transformation Initiatives Intense Competition may Lead to Pricing Pressures

Growing Global Hotels and Motels Industry Currency Risk
Hotel Expansion may help the Group in its Topline
Growth

Strength

Established Presence across Several Countries

AccorHotels is uniquely positioned in the global hotel market, with 4,144 hotels and 583,161 rooms in 95
countries around the world, as of December 31, 2016. AccorHotels is the largest hotel group in Europe,
with a network of 2,589 hotels and 282,501 rooms accounting for 48% of its room base as of December
31, 2016. In other regions, its expertise is deployed through 763 hotels (27% of the room base) in Asia-
Pacific, 372 hotels (13%) in the Americas region, and 420 hotels (12% of the room base) in the
Mediterranean, Africa and the Middle East. The group is more focused on the geographic expansion. In
FY2016, the group opened 347 hotels with a total of 81,042 new rooms, of which 89% were under
management contracts and franchise agreements and 84% outside Europe, including 35% in the Asia-
Pacific region, 31% in Americas and 18% in the Mediterranean/Africa/Middle East region.

An established presence across several countries lends AccorHotels with significant level of brand
awareness, which, in turn, helps the group to expand its operations in new markets and increase access
to lucrative markets.

Strong Brand Image of Diversified Group of Hotels

AccorHotels caters to every customer segment, from luxury to economy hotels. The group is one of the
major operators in luxury and upscale hotels with brands, including Raffles, Banyan Tree, Fairmont,
Sofitel Legend, SO Sofitel, Sofitel, MGallery by Sofitel, Pullman, Grand Mercure, The Sebel and
Swissotel. It is also one of the popular companies in the midscale segment with 25hours, Novotel,

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SWOT Analysis

Mercure, Mama Shelter and Adagio brands; and in economy lodging, with JO&JOE, ibis, ibis budget, ibis
Styles and hotelF1 brands. AccorHotels also provides luxury private rentals and concierge services under
onefinestay, Oasis, Squarebreak and John Paul brand names. A diverse brand portfolio, each having its
own service range, pricing strategy and unique brand image, serves multiple customer segments and
provides various revenue streams for the group.

Weakness

Majority of Revenues Generated from Europe

Although AccorHotels operates in diverse markets, it relies on European markets for a significant portion
of its revenues. For FY2016, the group generated 27.8% of its revenues from France and 39% from
Europe (excluding France/Mediterranean). This dependency could make its business and operations
vulnerable to region-specific trends. For instance, the group's business was affected by various
uncertainties in 2016, particularly in its key markets. These uncertainties also weighed on the European
travel industry's performance and negatively impacted the share prices of companies operating in the
industry. In addition, the revenues from France declined by 7.5% in FY2016, compared to FY2015.

Such geographic concentration increases the risk that, should any adverse economic, regulatory,
environmental or other developments occur in Europe, the group's business and financial condition will be
affected. AccorHotels may be substantially affected by the political or cultural changes that occur due to
the geographical concentration.

Opportunity

Digital Transformation Initiatives

In 2014, AccorHotels announced a five-year investment plan. This plan aims at rethinking and
incorporating digital technology, improving the services on offer for investor partners and consolidating
the group's distribution market share. The plan includes eight programs focused on clients (four
programs), partners, employees, information technology infrastructure and data management. The
EUR225 million envelope earmarked for the 2014–18 period would be allocated to capital expenditure for
55% and to operating expenditure for the remaining 45%.

In line with its digital transformation objectives, in 2014 AccorHotels acquired Wipolo, a France-based
start-up, which has developed a mobile travel application. In 2015, the group acquired FASTBOOKING, a
France-based group engaged in providing digital services for the hotel industry. FASTBOOKING provides
daily support to nearly 4,000 hotels worldwide. The take-over of FASTBOOKING would help speed up the
implementation of the group's digital strategy. In 2015, the group also launched AccorHotels Business
Solution, a free solution for SMEs and SMIs that would allow users to manage online their travel policy
and bookings in 2,800 hotels around the world. The group also announced the official signing of a 10-year
naming rights agreement for the Bercy Arena in 2015. In 2016, AccorHotels teamed with LinkedIn to
enhance its mobile application with new services for travelers.

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SWOT Analysis

Furthermore, in 2017, the group acquired Availpro, one of the leading providers of software to hoteliers in
Europe. With this acquisition, AccorHotels would offer its hotelier clients an enhanced application suite,
enabling them to increase their online visibility and sales. The group acquired of VeryChic, a digital
platform for the private sale of luxury hotel rooms and apartments, cruises, breaks and packages, in
2017. Through this acquisition, AccorHotels plans to strengthen its expertise in the creation of unique
private sales and also to enhance VeryChic to boost its global development. Digital transformation
initiatives taken by AccorHotels may help in enhancing its services to its customers.

Growing Global Hotels and Motels Industry

The global hotels and motels industry has witnessed significant growth in recent past. According to
MarketLine, the global hotels and motels industry grew by 6.9% in 2015 to reach a value of $719.1 billion.
By 2020, the global hotels and motels industry is forecasted to have a value of $978.3 billion, an increase
of 36% since 2015. Leisure is the largest segment of the global hotels and motels industry, accounting for
74.6% of the industry's total value. In 2015, Europe accounted for 34.6% of the global hotels & motels
industry value. As AccorHotels operates in the hotel industry with a wide geographic presence, it is
strongly positioned to gain from the growing global hotels and motels industry, which would positively
impact the group's top-line growth.

Hotel Expansion may help the Group in its Topline Growth

AccorHotels has been expanding its presence worldwide. According to AccorHotels, Russia, the CIS and
Georgia provide it with an opportunity for expansion, given their low penetration of international hotel
brands, growing interest from foreign investors, as well as high tourism potential. The group intends to
build its strong hold in these regions. For instance, in 2016, AccorHotels and Huazhu Hotels Group (also
known as China Lodging, or Huazhu) completed a strategic alliance in China. As part of the arrangement,
AccorHotels’ Economy and Midscale business in China was sold to Huazhu (including franchise and
management agreements as well as 12 hotels properties), which now holds an exclusive master
franchise agreement for the ibis, ibis Styles and Mercure brands in China. In addition, Huazhu becomes a
minority shareholder in AccorHotels’ Luxury and Upscale business in China, with a 28.1% stake. It will
also develop and operate the Grand Mercure and Novotel brands as per co-development agreements.
The combined hotel networks represented over 6,500 hotels globally, and the two loyalty programs have
more than 75 million members. After connecting both global reservation system and loyalty programs, the
two groups expanded their distribution channels, which attracted more customers. Also in 2016, the group
further announced the expansion of its luxury and economy segments with the acquisition of FRHI,
Banyan Tree, 25hours and JO&JOE. With these acquisitions, AccorHotels expects to offer new growth
opportunities and a sustained pace of growth in coming years.

In 2017, the group further expanded its presence in Brazil with the integration of 26 new hotels
(representing around 4,400 rooms) in the economy, midscale and upscale segments, which were located
in the country's main hotel markets. This portfolio of hotels was owned or managed by Brazil Hospitality
Group (BHG), the country's third-largest hospitality group. The acquisition extends AccorHotels
leadership in all segments of the Brazilian market. Therefore, hotel expansion may help the group in its
topline growth.

Threat

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SWOT Analysis

Intense Competition may Lead to Pricing Pressures

The hospitality industry is characterized by a large number of players, with many of them having a
worldwide presence similar to AccorHotels. There are many large hotel chains similar to the group such
as Hilton Worldwide Holdings, InterContinental Hotels Group, Marriott International and Wyndham
Worldwide. In addition, the wide presence of independent hotels especially in the European region
provides scope for consolidation, which would increase competition further. Furthermore, some of the
group's competitors have greater financial resources, resulting in greater purchasing power, better
financial flexibility and more capital resource for expansion and improvement, which enables them to
compete more effectively. Therefore, intense competition could lead to pricing pressures, thereby
decreasing the profitability of the group.

Currency Risk

AccorHotels is an enterprise with worldwide operations. Its businesses are conducted in a variety of
currencies, from which currency risks arise. Since a portion of the group's revenues are generated
outside the Euro currency region, the currency risk is an extremely important factor for AccorHotels'
earnings. The effect of changes in demand and refinancing conditions and fluctuations in exchange rates
has a significant impact on the group's earnings. This is related in particular to the US dollar, the British
pound, the Argentine peso, Australian dollar, Brazilian real, and other world currencies, against the Euro.
The value of the group's equity investment in foreign countries may fluctuate based upon changes in
foreign currency exchange rates. These fluctuations, which are recorded in a cumulative translation
adjustment account, may result in losses in the event a foreign subsidiary is sold or closed at a time when
the foreign currency is weaker than when the group initially invested in the country. Any unfavorable
change in other currencies would have an adverse effect on the profitability of the group.

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AccorHotels
Top Competitors

Top Competitors

TOP COMPETITORS
The following companies are the major competitors of AccorHotels

Choice Hotels International Inc

Hilton Worldwide Holdings Inc
InterContinental Hotels Group Plc
Marriott International Inc
Whitbread PLC
Wyndham Worldwide Corporation

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AccorHotels
Company View

Company View

COMPANY VIEW
A statement by Sebastien Bazin, the Chairman and Chief Executive Officer at AccorHotels, is given
below. The statement has been taken from the group's website.

‘We are now expanding our playing field in a unique way’

Innovate, surprise, shake up - that’s our vision of hospitality, and it’s a vision that has been deeply rooted
in our DNA for nearly fifty years.

Our recent history reflects it, and events in the coming months will more than confirm it. Indeed, the winds
of conquest have never blown so strongly at AccorHotels. We intend to prove this daily to our investors,
shareholders and partners, as well as to our guests and employees, of course.

Our guest passion drives us to constantly go the extra mile to meet our guests’ expectations. AccorHotels
has been experiencing an in-depth cultural transformation since 2015. In my view, this transformation is
primarily designed to make each employee, guest and partner feel recognized, expected and valued in
every one of our 4,100 addresses around the world. Of course, it is no accident that we chose to launch a
new promise through our “Feel Welcome” signature and our name, AccorHotels. It is also what our
ambitious digital plan is all about, itself unprecedented in the hospitality industry. Lastly, it is the
cornerstone of our new management and talent development model. Our new culture is based on
collective and collaborative intelligence, which unlocks the leadership potential of our 250,000 talented
employees, encouraging them to dare, to take risks, to be bold. The creation of a shadow executive
committee, the Shadow Comex, is a powerful illustration of our shift from a top-down system to a bottom-
up organization, where everyone is an agent of collective change.

As a result, with our sector undergoing radical change, it has taken us just three years to demonstrate our
ability to adapt fast, and above all to anticipate and invent new forms of hospitality. We intend to build on
this momentum.

To reinvent ourselves, I believe we must accept the fact that we can make mistakes, that we might want
to see things differently. Most importantly, we must not be afraid to take risks, to blaze new trails, to act
like leaders. That is precisely what we did when we created our own marketplace, shared our digital might
with independent hotels and became a hotelier that serves other hoteliers, a first in the industry. Similarly,
we are now expanding our playing field in a unique way, by creating new brands, acquiring entire
companies or sizeable stakes in firms and with them new guests. We are also conquering new markets
and offering new services. Our hotelier profession is being fundamentally redefined by our disruptive
acquisition strategy and by the entrepreneurial enthusiasm of our employees.

AccorHotels is expanding at a robust pace and projecting itself into the future. We are taking a disciplined
approach, harmoniously reinforcing our presence in strategic markets and targeting high potential
destinations, with a focus on meticulous expansion. Strategic transactions like the acquisition of Fairmont
Raffles Hotels International, the alliance with China’s Huazhu Hotels Group and the partnership with
Asian operator Banyan Tree Holding, will further add to our global clout in the years to come.

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Company View

Our recent record growth reflects the fact that our extensive portfolio of brands is currently one of the
most attractive in the sector. I am proud of every single one of these brands. They are strong,
complementary and innovative, and will continue to delight all our guests in an ever-growing number of
addresses and destinations.

Our passion for hospitality, for serving others, goes beyond the walls of our hotels. It guides our ambitious
CSR policy, which I am deeply attached to. It is at the heart of the corporate values which inspire each of
our actions. Lastly, it propels us towards new growth opportunities and unchartered territories.

With the unconditional support of our teams around the world, we will forge the hospitality of the future, a
sustainable and responsible hospitality, based on an optimistic, bold, innovative vision of our professions.
Now that our business model has evolved, giving us the resources to match our ambitions more than ever
before, at AccorHotels, we definitely dream big for our future.

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AccorHotels
Locations And Subsidiaries

Locations And Subsidiaries

LOCATIONS AND SUBSIDIARIES

Head Office

AccorHotels
82, rue Henri Farman
Issy-les-Moulineaux
Evry
Ile-de-France
Evry
Ile-de-France
FRA
Phone:33 1 45388800
www.accorhotels.group

Other Locations and Subsidiaries

Accor Accor Asia Pacific Corp.

FRA 7 Engels street
www.accor.com Yekaterinburg
Sverdlovsk Oblast
Yekaterinburg
Sverdlovsk Oblast
RUS
Phone:7 343 2535383
Fax:7 343 2535384
www.accorhotels.com
ACCOR Hospitality Germany GmbH Accor Hoteles Espana SA
Hanns-Schwindt-Strasse 2 Avenue Capital de Espana, 10
Munchen Campo de las Naciones
Bayern Madrid
Munchen Madrid
Bayern Madrid
DEU Madrid
Phone:49 89 63002500 ESP
www.accor.com Phone:34 91 7210070
Fax:34 91 7210515
www.accor.com
Accor Hotels Accor Hotels Australia
FRA Level 30
Phone:33 161618140 123 Pitt Street
www.accorhotels.com Sydney
New South Wales

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AccorHotels
Locations And Subsidiaries

Sydney
New South Wales
AUS
Phone:61 2 92809935
www.accorhotels.com.au
Accor Hotels Bulgaria Accor Hotels Hungary
115 North Tsarigradsko Shosse Boulevard Jozsef korut 4
Sofia Budapest
Sofia Budapest
Sofia HUN
Sofia Phone:36 1 4774500
BGR Fax:36 1 4774501
Phone:359 2 9043000 www.accorhotels.com
Fax:359 2 9043000
www.accorhotels.com
Accor Hotels Indonesia Accor hotels Italy
Jalan Cikini Raya No.75 Via Giovanni Battista, Pirelli 18
Cikini Milan
Jakarta Milan
Jakarta ITA
IDN Phone:39 236666211
Phone:62 21 31908188 Fax:39 236666370
Fax:62 21 31908588 www.accorhotels.com
www.accorhotels.com
Accor Hotels Mauritius Accor Hotels Morocco
Wolmar, Flic en Flac Angle Zaid Ou Hmad - Rue Sidi Belyout
Riviere Noire Casablanca
Riviere Noire Casablanca
MUS MAR
Phone:230 453 8700 www.accorhotels.com
Fax:230 453 8320
www.accorhotels.com
Accor Hotels New Zealand Accorhotels SA
20 Wyndham Street GBR
Auckland www.accorhotels.com
Auckland
Auckland
Auckland
NZL
Phone:64 9 3089140
Fax:64 9 3087200
www.accorhotels.com
Adagio aparthotel Adagio aparthotel
GBR GBR
www.adagio-city.com

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AccorHotels
Locations And Subsidiaries

Availpro S.A. Fairmont Raffles Hotels International

FRA 155 Wellington St
CAN
Fairmont Raffles Hotels International Inc FRHI (Fairmont Raffles Hotels International)
Suite 3300 CAN
155 Wellington Street West www.fairmont.com
Toronto
Ontario
Toronto
Ontario
CAN
Phone:1 416 8742600
Fax:1 416 8742601
www.fairmont.com
FRHI Hotels & Resorts Groupe ACCOR
USA 2, rue de la Mare-Neuve
www.frhi.com Evry Cedex
Evry Cedex
FRA
Phone:33 161 618080
Fax:33 161 617900
www.accor.com
Ibis Hotel ibis Hotel Gloucester
MYS Gloucester
www.ibis.com England
Gloucester
England
GBR
ibis Hotels Mercure
20 rue Jules Saulnier
La plaine Saulnier
Saint Denis
Ile-de-France
Saint Denis
Ile-de-France
FRA
Phone:33 1 48094810
Fax:33 1 48130571
www.ibishotel.com
Mercure Hotels France Novotel
25 rue Thomann
Paris
Paris
FRA
Phone:33 3 90227070

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AccorHotels
Locations And Subsidiaries

Fax:33 3 90227071
www.mercure.com
Novotel Hotels France Novotel hotels Hong Kong
3 Rue de la Mare Neuve
Lac de Courcouronnes
Evry
Evry
FRA
Phone:33 1 69368500
Fax:33 1 69368510
www.novotel.com
Novotel Lima Onefinestay
Pullman Hotels Pullman Hotels and Resorts
2 rue de la Mare Neuve 110 avenue de France
Evry Cedex Cedex 13
Evry Cedex Cedex 13
FRA Paris
Phone:33 01 61618080 FRA
www.pullmanhotels.com Phone:33 1 45 38 86 00
Fax:33 1 45 38 47 00
www.pullmanhotels.com
Sofitel Hotels Sofitel Luxury Hotels
2 Rue de la Mare Neuve FRA
Evry
Paris
Ile-de-France
Paris
Ile-de-France
FRA
Phone:33 1 61618080
www.sofitel.com
Sofitel Luxury Hotels Algeria Sofitel Luxury Hotels France
172, rue Hassiba Benbouali 4 Place Saint Pierre Le Jeune
Algiers Strasbourg
Algiers Strasbourg
DZA FRA
www.sofitel.com Phone:33 3 88154900
Fax:33 3 88154999
www.sofitel.com
Sofitel Luxury Hotels Peru VeryChic SAS
Camino Real 1050 23 Rue d'Anjou
Lima Paris
Lima Paris
PER FRA
Phone:51 1 2151616 www.verychic.com

AccorHotels Page 35
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Locations And Subsidiaries

www.sofitel.com

AccorHotels Page 36
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