Accor and Groupe Michel Pastor Selected to Build Hotel Project in Monaco

A 75-year construction lease was signed last December for the project, which includes a hotel with 232 rooms and suites and a residential hotel. Construction will begin in 2004, with the opening scheduled for 2006. HVS International advised the Monaco Principality in its project selection and in the lease terms.

The project's architecture will be designed by a consortium comprising Wilmotte & Associés, Guy Autran and Michel Chiappori.

The project is Accor's first in the Principality of Monaco and the first internationally branded three-star hotel in the Principality.

Operated under the Novotel brand, the hotel will serve clients visiting Monaco for business, conventions or leisure, while the residential hotel will be geared for people staying longer. Together, the two properties will broaden the Principality's hotel offering, which is currently dominated by luxury hotels.

HVS International is a fully integrated consulting firm focusing exclusively on the hotel industry, and provides a wide range of services to hotel owners, lenders and operators with 13 offices across the globe. The scope of its professional service comprises a wide range of consulting activities including development consulting and project management, valuation, impact studies, management contract analysis and negotiation, franchise evaluation, operator selection, lease reviews and negotiations, litigation support, acquisition due diligence, asset and portfolio transactions, financing advice and research.

Groupe Michel Pastor is the leading real estate developer in the Principality of Monaco, with prestigious properties such as the Europa Residence, the Houston Palace, the Columbia Palace and the Garden House. With more than 40 years' experience in structuring, designing and managing real estate developments, Groupe Michel Pastor directly manages property in the Principality totaling 100,000 m2 of apartments, 10,000 m2 of office space and 5,000 m2 of commercial and industrial facilities.

With 150,000 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: 3,835 hotels (441,418 rooms) in 90 countries, casinos, travel agencies, and restaurants;
• services to corporate clients and public institutions: each day, 13 million people in 32 countries use a broad range of services (food vouchers, people care and services, incentive, loyalty programs, events) engineered and managed by Accor.