Accor 2001 Consolidated Sales up +4 % to EUR 7,290 million

(in EUR million)	2000	2001	Change

Hotels	               4,738   5,052	+6.6%
Services	         437	 498   +14.0%
Other activities       1,832   1,740    -5.1%
Total Group	       7,007   7,290	+4.0%

Paris, January 29, 2002. _ Consolidated sales rose 4% to E 7,290 million in 2001. Excluding asset disposals and the currency effect, sales increased by 8.3% during the year.

Reported growth of 4.0% broke down as follows:

• Like-for-like +2.5%
• Business expansion +5.8%
• Currency effect - 0.7%
• Asset disposals - 3.5%

Hotels: +6.6%

Hotel sales grew by 6.6%, reflecting a 0.8% increase in existing units and a 7.1% gain from business expansion.

Services: +14%

Services continued to enjoy strong growth, as sales rose 14% despite the negative currency effect (mainly the Brazilian real). On a comparable basis, sales were up 18.4%.

Other activities: - 5.1% (up 3.1% on a comparable basis)

• Travel agencies - 5.9% (- 6.6% on a comparable basis)
• Casinos + 24.6% (+9.8% on a comparable basis)
• Restaurants - 13.1% (+7.5% on a comparable basis)
• Onboard train services - 16.4% (+6.7% on a comparable basis)

Fourth quarter 2001

In the aftermath of September 11, the fourth quarter figures were in line with Accor's expectations. The economy hotel segment held up very well in Europe, with comparable sales rising 3.9%, while in the US, economy hotel sales dropped by 7.1% still outperforming its competitive set. Mid- and upscale hotels lost 4.0% overall from the year-earlier period. The negative impact was more noticeable for Sofitel in the US, as the European business was supported by results from Novotel and Mercure and firm demand in the French and the UK provinces. Services turned in a remarkable performance in the fourth quarter, with revenues up 18.9% in Europe and 18.3% in Latin America.

2001 earnings outlook

In light of the reported data at December 31, 2001, Accor confirms its September 18 forecast that 2001 profit before tax and earnings per share will be close to those realized in 2000.

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: 3,700 hotels (415,000 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.