Under the agreements signed in January 2004 between Colony Capital, the Desseigne Barrière family and Accor, Colony Capital had an option to sell Accor its 15% stake in Groupe Lucien Barrière SAS, at a price determined by five independent banks.

In November 2008, Colony Capital announced its intention to start the valuation process.

The resulting valuation of € 153 million is the average of the valuations made by the independent experts, excluding the highest and the lowest valuations, in accordance with the agreements signed in 2004.

Following this valuation process, Colony Capital decided to exercise the put option at a price of € 153 million.

The impact on Accor’s net debt should be € 270 million based on the proportional consolidation of 49% of Groupe Lucien Barrière debt in the second half of 2009.

Éliane Rouyer-Chevalier
33 (0)1 45 38 86 26
Accor