Paris, December 17, 2001. _ Accor Casinos is launching a friendly bid to purchase all outstanding shares of Compagnie Européenne de Casinos at a price of 52 euros per share. The share price represents a premium of 36% over the average share price of the past three months. Based on the acquisition of 100% of all outstanding shares, convertible securities and warrants, the bid is valued at 258 million euros.

On December 14, 2001 Accor Casinos acquired, from the founders of Compagnie Européenne de Casinos and other investors, at a price of 52 euros per share, several blocks of shares representing 23.4% of share capital, as well as commitments to tender an additional 16.6%.

This operation will be realized in cooperation with Colony Capital, a US-based investment fund, with the objective of creating a leading casino group in the European market. The partnership will be materialized through Colony Capital's acquisition of a 50% stake in Accor Casinos, with Accor remaining the industrial operator.

The merging of Compagnie Européenne de Casinos (22 establishments) with Accor Casinos (16 establishments) will create the leading French casino group. This marks a significant step in the process of concentration within the sector, which is growing strongly in Europe. This operation doubles the size of Accor Casinos and fits perfectly with Accor's overall strategy. It will have a positive impact on earnings in 2002, as well as on the Group's financial structure.

With a favorable outlook for the evolution of casino regulatory issues in Europe, the widespread opening of establishments to a well-diversified customer base, Accor is becoming a major player in this attractive market.

Compagnie Européenne de Casinos, founded in 1995 by André Der Krikorian, presently operates 22 casinos, including 19 in France and 3 in Belgium. Gross revenue totaled approximately 240 million euros in 2001. The company recently won the Meyrin casino concession, near Geneva.

Colony Capital, a private US-based investment fund specializing in real estate, has invested over US$ 8 billion, of which US$ 1.5 billion in Europe. Since 1999, Colony Capital and Accor have concluded several partnership agreements in the hotel sector. Colony Capital is one of the only US-based financial investment firm to pass the rigorous American regulatory and licensing standards for ownership of casinos, and has been an investor in the gaming industry since February 1999. Earlier this year, the firm purchased Resorts International in Atlantic City, New Jersey.

Accor Casinos presently operates 16 establishments (14 in France, 1 in Belgium, 1 in Malta) and generated gross revenue of 302 million euros in 2001. Accor Casinos recently won two new concessions in Switzerland.

With 145,000 associates 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: 3,600 hotels (400,000 rooms) in 90 countries, casinos, travel agencies, and restaurants;
  • services to corporate clients and public institutions: each day, 12 million people in 31 countries use a broad range of services (food vouchers, people care and services, incentive, loyalty programs, events) engineered and managed by Accor.

Marie Claire Camus (ACCOR)
+ 33 1 45 38 84 85
Accor