Accor S.A. http://www.alacrastore.com/company-snapshot/Accor_S_A-1000157 Friday, November 21, 2008 12:36:19 AM 1000157 Accor S.A. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/680656spcred/680656normThe latest Summary from S&Pglobalstructured11/3/2008 1:07:00 PM175Summary680656FranceHotels, Resorts & Cruise LinesEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesAsiaGlobal IssuersStructured FinanceFinancial InstitutionsCorporationsCollateralized Debt ObligationsCommercial MBSHotel & GamingSummaryThe ratings on France-based hotel operator Accor S.A. reflect its competitive positions in the budget and midscale hotel segments worldwide, and a degree of operating diversification provided by its prepaid service vouchers business, which helps absorb the effects of the lodging cycle. These factors are partially offset by the group's high, yet reducing capital intensity and its intermediate financial profile after operating lease commitments are capitalized. With 3,893 hotels and 465,084 rooms, Accor is Europe's largest hotelier and a global leader in the free cash-flow-generative prepaid service voucher business. In the first half of 2008, hotels represented 75% of sales and 80% of earnings before interest, taxes, depreciation, amortization, and rents (EBITDAR). The group benefits from the good geographic spreadFRA0043M00043M10043M600434725301020 253010 2530 25Accor S.A.126765EMERGINGEUROMIDAFRLATAMERICAUSAASIAAC@FPSUMMARYGLOBISSSTRUCFICORPCDOCMBSHotelCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/bir/460002bir/460002normACCOR S.A.Red Roof Inns Inc.Motel 6 Operating LPFranceServices: Hotels, corporate services, casinos and travel agencies. The company had 3,900 hotels in December 2003 in 90 countries from budget to luxury hotels.70114724751472111053211156151029IM10/25/2008 6:14:51 AM460002Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/ccbn/T1981137ccbn/T1981137norm...Good day, and welcome to the Third Quarter #### Revenue Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Jacques Stern, CFO. Please go ahead, sir. ... 10/16/2008 8:05:00 PMAccor SA54.0000FinalQ3 2008 Accor SA Sales Conference Call TranscriptAC.PA6:30pm CETTranscriptT1981137Credit & Investment ResearchThomson StreetEventsSPAIN - Carlson Wagonlit Espana SL, a unit of Carlson Wagonlit Business Travel (CW), acquired the entire share capital of Viajes Lepanto SL, a Madrid-based travel agency. Terms were not disclosed. CW was a ##:## joint venture between Accor SA and Carlson Cos Inc, a unit of Carlson Holdings Inc.10/14/2008 3:26:21 PM14255F92515J00434792515JCarlson Wagonlit Espana SLViajes Lepanto SLAccor SAViajes Lepanto SLhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Carlson_Wagonlit_Espana_SL_acquires_Viajes_Lepanto_SL-2019146040sdc/20191460402019146040Copyright © 2008, Thomson Financial, All Rights ReservedTransportation and Shipping (except air)SpainTravel agencies4724FFForeignSubsidiary4724:Travel agencies7389:Business services, nec7011:Hotels and motels7389:Business services, necTransportation and Shipping (except air)SpainTravel agencies4724FFForeignPrivate1046122001Own,op hotelsTravel agcyUnspecifiedStock1046118001Oct 14 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.00000Carlson Wagonlit Espana SL,located in Madrid, Spain, is atravel agency, specializing inbusiness travel, meetings andevents. It also providesbusiness travel managementservices. The company wasfounded on November 17, 1997.Carlson Wagonlit Espana SL, located in Madrid, Spain, is atravel agency, specializing in business travel, meetings andevents. It also provides business travel managementservices. The company was founded on November 17, 1997.Carlson Wagonlit Espana SL, located in Madrid, Spain, is a travel agency, specializing in business travel, meetings and events. It also provides business travel management services. The company was founded on November 17, 1997.1.000002.000003.000004.000005.000006.000007.000008.000009.00000Viajes Lepanto SL, located inMadrid, Spain, is a travelagency, specializing inbusiness travel, meetings andevents, to all countries. Ithas offices in Barcelona,Madrid and Valencia. Thecompany was founded onNovember 15, 1957.Viajes Lepanto SL, located in Madrid, Spain, is a travelagency, specializing in business travel, meetings andevents, to all countries. It has offices in Barcelona,Madrid and Valencia. The company was founded on November 15,1957.Viajes Lepanto SL, located in Madrid, Spain, is a travel agency, specializing in business travel, meetings and events, to all countries. It has offices in Barcelona, Madrid and Valencia. The company was founded on November 15, 1957.0.000000.000000.000000.00000Y09 Oct 08Thu, 09 Oct 2008 00:00:00 ESTDate Announced: 10/09/200809 Oct 08Date Effective: 10/09/200809 Oct 08MergerFriendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.00000100.00000100.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.00000SPAIN - Carlson WagonlitEspana SL, a unit of CarlsonWagonlit Business Travel (CW),acquired the entire sharecapital of Viajes Lepanto SL,a Madrid-based travel agency.Terms were not disclosed. CWwas a 50:50 joint venturebetween Accor SA and CarlsonCos Inc, a unit of CarlsonHoldings Inc.SPAIN - Carlson Wagonlit Espana SL, a unit of Carlson Wagonlit Business Travel (CW), acquired the entire share capital of Viajes Lepanto SL, a Madrid-based travel agency. Terms were not disclosed. CW was a 50:50 joint venture between Accor SA and Carlson Cos Inc, a unit of Carlson Holdings Inc.SPAIN - Carlson Wagonlit Espana SL, a unit of Carlson Wagonlit Business Travel (CW),acquired the entire share capital of Viajes Lepanto SL, a Madrid-based travel agency.Terms were not disclosed. CW was a 50:50 joint venture between Accor SA and Carlson CosInc, a unit of Carlson Holdings Inc.SPAIN - Carlson Wagonlit Espana SL, a unit of Carlson Wagonlit Business Travel (CW), acquired the entire share capital of Viajes Lepanto SL, a Madrid-based travel agency. Terms were not disclosed. CWwas a 50:50 joint venture between Accor SA and Carlson Cos Inc, a unit of Carlson Holdings Inc.SPAIN - Carlson Wagonlit Espana SL, a unit of Carlson Wagonlit Business Travel (CW), acquired the entire share capital of Viajes LepantoSL, a Madrid-based travel agency. Terms were not disclosed. CW was a 50:50 joint venture between Accor SA and Carlson Cos Inc, a unit ofCarlson Holdings Inc.Completed0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Completed-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000004724:Travel agencies102782002Euro P.P.MFrance7011ForeignPublicAC4724:Travel agencies1046118001Spain4724ForeignPrivate0.000000.000000.000000.00000Deal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/fitch/404668_report_framefitch/404668_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Accor S.A.803610569/25/2008 2:16:00 PM010000000103000001032100165Credit Update12040404668_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/ccbn/T1912103ccbn/T1912103norm...Good day and welcome to the #### Interim Results Conference Call. Today's conference is being recorded. At this time I'd like to turn the call over to your host today, Mr. Gilles Pelisson, Accor's CEO. Please go ahead sir. ... 9/2/2008 8:15:00 AMAccor SA54.0000FinalInterim 2008 Accor SA Earnings Conference Call TranscriptAC.PA9:00am CETTranscriptT1912103Credit & Investment ResearchThomson StreetEventsFRANCE - An investor group, comprised of Eurazeo SA (ES) and Colony Capital LLC (CCL) of the US, raised its stake to ##.##% from ##.#%, by acquiring a #.#% stake, or #.## mil ordinary shares in Accor SA (AS), an Evry-based owner and operator of hotels, in a privately negotiated transaction. On completion, ES was held a #.#% stake and CCL held a ##.##% in AS.8/1/2008 11:13:31 AM46145M00434746145M004347Investor GroupAccor SAInvestor GroupAccor SAhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Investor_Group_acquires_a_minority_stake_in_Accor_SA-2000595040sdc/20005950402000595040Copyright © 2008, Thomson Financial, All Rights ReservedInvestment & Commodity Firms,Dealers,ExchangesFranceInvestors, nec6799FFForeignPrivate6799:Investors, nec6799:Investors, necEuro P.P.MHotels and CasinosFranceHotels and motels7011FFForeignPublicAC9920001Investor groupOwn,op hotelsUnspecifiedOrdinary Share102782002Aug 1 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.00000Investor groupInvestor groupInvestor group1.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.0000018.0000019.00000Accor SA, located in Evry,France, owns and operates achain of hotels and providescorporate services. Itoperates under five majorsegments, Hotels, Services,Restaurants, Casinos andOn-board railway service.Under hotels the Group,operates luxury hotels, aswell as low budget hotels.Some of their hotels includeNovotel, Mercure, Ibis andEtap Hotel. Under Services,the Group offers services suchas car rentals, ticketrestaurants and consultingservices. The company wasfounded in 1983.Accor SA, located in Evry, France, owns and operates a chainof hotels and provides corporate services. It operates underfive major segments, Hotels, Services, Restaurants, Casinosand On-board railway service. Under hotels the Group,operates luxury hotels, as well as low budget hotels. Someof their hotels include Novotel, Mercure, Ibis and EtapHotel. Under Services, the Group offers services such as carrentals, ticket restaurants and consulting services. Thecompany was founded in 1983.Accor SA, located in Evry, France, owns and operates a chain of hotels and provides corporate services. It operates under five major segments, Hotels, Services, Restaurants, Casinos and On-board railway service. Under hotels the Group, operates luxury hotels, as well as low budget hotels. Some of their hotels include Novotel, Mercure, Ibis and Etap Hotel. Under Services, the Group offers services such as car rentals, ticket restaurants and consulting services. The company was founded in 1983.0.000000.000000.00000224.38000N28 Jul 08Mon, 28 Jul 2008 00:00:00 ESTDate Announced: 07/28/200828 Jul 08Date Effective: 07/28/200828 Jul 08Acq. Part. Int.Friendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.0000035.5000053.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.0000017.5000035.500000.000000.000000.000000.000000.000000.000000.000000.000000.0000071.1950070.1390066.851000.000000.000000.000000.000000.000000.000000.000001451.401000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.00000FRANCE - An investor group,comprised of Eurazeo SA (ES)and Colony Capital LLC (CCL)of the US, raised its stake to21.08% from 17.5%, byacquiring a 3.5% stake, or7.97 mil ordinary shares inAccor SA (AS), an Evry-basedowner and operator of hotels,in a privately negotiatedtransaction. On completion, ESwas held a 9.8% stake and CCLheld a 11.25% in AS.FRANCE - An investor group, comprised of Eurazeo SA (ES) and Colony Capital LLC (CCL) of the US, raised its stake to 21.08% from 17.5%, by acquiring a 3.5% stake, or 7.97 mil ordinary shares in Accor SA (AS), an Evry-based owner and operator of hotels, in a privately negotiated transaction. On completion, ES was held a 9.8% stake and CCL held a 11.25% in AS.FRANCE - An investor group, comprised of Eurazeo SA (ES) and Colony Capital LLC (CCL) ofthe US, raised its stake to 21.08% from 17.5%, by acquiring a 3.5% stake, or 7.97 milordinary shares in Accor SA (AS), an Evry-based owner and operator of hotels, in aprivately negotiated transaction. On completion, ES was held a 9.8% stake and CCL held a11.25% in AS.FRANCE - An investor group, comprised of Eurazeo SA (ES) and Colony Capital LLC (CCL) of the US, raised its stake to 21.08% from 17.5%, by acquiring a 3.5% stake, or 7.97 mil ordinary shares in AccorSA (AS), an Evry-based owner and operator of hotels, in a privately negotiated transaction. On completion, ES was held a 9.8% stake and CCL held a 11.25% in AS.FRANCE - An investor group, comprised of Eurazeo SA (ES) and Colony Capital LLC (CCL) of the US, raised its stake to 21.08% from 17.5%,by acquiring a 3.5% stake, or 7.97 mil ordinary shares in Accor SA (AS), an Evry-based owner and operator of hotels, in a privatelynegotiated transaction. On completion, ES was held a 9.8% stake and CCL held a 11.25% in AS.Completed0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Completed-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000005812:Eating places7011:Hotels and motels9920001Unknown6799ForeignPrivate5812:Eating places7011:Hotels and motels102782002Euro P.P.MFrance7011ForeignPublicAC0.000000.000000.000000.00000Deal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/ccbn/T1887443ccbn/T1887443norm...Good day, and welcome to the First Half #### Revenue Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to your host today, Mr. Jacques Stern, CFO. Please go ahead, sir. ... 7/17/2008 9:06:00 PMAccor SA54.0000FinalQ2 2008 Accor SA Sales Conference Call TranscriptAC.PA6:30pm CETTranscriptT1887443Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T1814000ccbn/T1814000norm...Good afternoon ladies and gentlemen and welcome to the Group Accor first quarter #### sales conference call. For your information today's conference is being recorded. At this time I would like to turn the conference over to Mr. Jacques Stern, CFO. Please go ahead sir. ... 7/16/2008 4:55:31 PMAccor SA54.0000Q1 2008 Accor SA Sales Conference CallAC.PA12:30PM ETTranscriptT1814000Credit & Investment ResearchThomson StreetEventsFRANCE - Eurazeo SA acquired an #.#% stake in Accor SA, a Evry Cedex-based owner and operator of hotels, for ###.### mil Euros ($###.### mil US).6/13/2008 1:37:39 PM29841N00434729841N004347Eurazeo SAAccor SAEurazeo SAAccor SAhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Eurazeo_SA_acquires_a_minority_stake_in_Accor_SA-1986155040sdc/19861550401986155040Copyright © 2008, Thomson Financial, All Rights ReservedEuro P.P.MInvestment & Commodity Firms,Dealers,ExchangesFranceInvestors, nec6799FFForeignPublicRF6531:Real estate agents and managers6719:Offices of holding companies, nec6799:Investors, nec6531:Real estate agents and managers6719:Offices of holding companies, nec6799:Investors, necEuro P.P.MHotels and CasinosFranceHotels and motels7011FFForeignPublicAC156677003Private equity firmOwn,op hotelsCashCash OnlyStock102782002Jun 13 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.00000Eurazeo SA, located in Paris,is a private equity firmoperating in the Europeanmarket. The Group mainlyinvests in unlisted companiesoperating in various sectorsso as to be the majorityshareholder or the principalminority shareholder. Thecompany is also present in thereal estate industry throughits real estate subsidiaries.It was founded in 1971.Eurazeo SA, located in Paris, is a private equity firmoperating in the European market. The Group mainly investsin unlisted companies operating in various sectors so as tobe the majority shareholder or the principal minorityshareholder. The company is also present in the real estateindustry through its real estate subsidiaries. It wasfounded in 1971.Eurazeo SA, located in Paris, is a private equity firm operating in the European market. The Group mainly invests in unlisted companies operating in various sectors so as to be the majority shareholder or the principal minority shareholder. The company is also present in the real estate industry through its real estate subsidiaries. It was founded in 1971.1.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.0000018.0000019.00000Accor SA, located in Evry,France, owns and operates achain of hotels and providescorporate services. Itoperates under five majorsegments, Hotels, Services,Restaurants, Casinos andOn-board railway service.Under hotels the Group,operates luxury hotels, aswell as low budget hotels.Some of their hotels includeNovotel, Mercure, Ibis andEtap Hotel. Under Services,the Group offers services suchas car rentals, ticketrestaurants and consultingservices. The company wasfounded in 1983.Accor SA, located in Evry, France, owns and operates a chainof hotels and provides corporate services. It operates underfive major segments, Hotels, Services, Restaurants, Casinosand On-board railway service. Under hotels the Group,operates luxury hotels, as well as low budget hotels. Someof their hotels include Novotel, Mercure, Ibis and EtapHotel. Under Services, the Group offers services such as carrentals, ticket restaurants and consulting services. Thecompany was founded in 1983.Accor SA, located in Evry, France, owns and operates a chain of hotels and provides corporate services. It operates under five major segments, Hotels, Services, Restaurants, Casinos and On-board railway service. Under hotels the Group, operates luxury hotels, as well as low budget hotels. Some of their hotels include Novotel, Mercure, Ibis and Etap Hotel. Under Services, the Group offers services such as car rentals, ticket restaurants and consulting services. The company was founded in 1983.0.000000.000000.0000023.00000NEURO10 Jun 08Tue, 10 Jun 2008 00:00:00 ESTDate Announced: 06/10/200810 Jun 08Date Effective: 06/10/200810 Jun 08Acq. Part. Int.Friendly0.000000.000000.000000.000000.000000.00000Price/Share0.00000102.75 EURO102.750000.00000102.75 EURO102.750008.900008.900000.000000.00000102.75000102.75 EURO1.54600N81.291000.000000.000000.000000.000000.00000158.81000158.810000.000000.000000.000000.000000.000000.000000.000008.900000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.00000FRANCE - Eurazeo SA acquiredan 8.9% stake in Accor SA, aEvry Cedex-based owner andoperator of hotels, for102.750 mil Euros ($158.809mil US).FRANCE - Eurazeo SA acquired an 8.9% stake in Accor SA, a Evry Cedex-based owner and operator of hotels, for 102.750 mil Euros ($158.809 mil US).FRANCE - Eurazeo SA acquired an 8.9% stake in Accor SA, a Evry Cedex-based owner andoperator of hotels, for 102.750 mil Euros ($158.809 mil US).FRANCE - Eurazeo SA acquired an 8.9% stake in Accor SA, a Evry Cedex-based owner and operator of hotels, for 102.750 mil Euros ($158.809 mil US).FRANCE - Eurazeo SA acquired an 8.9% stake in Accor SA, a Evry Cedex-based owner and operator of hotels, for 102.750 mil Euros ($158.809mil US).Completed0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Completed-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000005812:Eating places7011:Hotels and motels156677003Euro P.P.MFrance6799ForeignPublicRF5812:Eating places7011:Hotels and motels102782002Euro P.P.MFrance7011ForeignPublicAC158.81000102.75000158.8100081.29100Deal InformationTF Mergers & AcquisitionsNETHERLANDS - Accor SA of France divested its Sofitel Amsterdam unit, an Amsterdam-based owner and operator of hotels, to an undisclosed acquirer, for ## mil euros ($##.### mil US).5/9/2008 1:23:00 PM90449I83715Z90449I004347Undisclosed AcquirorSofitel AmsterdamUndisclosed AcquirorAccor SAhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Undisclosed_Acquiror_acquires_Sofitel_Amsterdam_from_Accor_SA-1975948040sdc/19759480401975948040Copyright © 2008, Thomson Financial, All Rights ReservedInvestment & Commodity Firms,Dealers,ExchangesUnknownInvestors, nec6799UNUnknownPrivate6799:Investors, nec6799:Investors, necHotels and CasinosNetherlandsHotels and motels7011FFForeignSubsidiary12752001UnknownOwn,op hotelsCashCash OnlyAssets1009605001May 9 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.00000UnknownUnknownUnknown1.000002.000003.00000Sofitel Amsterdam, located inAmsterdam, Netherlands, ownsand operates hotels.Sofitel Amsterdam, located in Amsterdam, Netherlands, ownsand operates hotels.Sofitel Amsterdam, located in Amsterdam, Netherlands, owns and operates hotels.0.000000.000000.000000.00000NEURO06 May 08Tue, 06 May 2008 00:00:00 ESTDate Announced: 05/06/200806 May 08Date Effective: 05/06/200806 May 08Acq. of AssetsFriendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000060 EURO60.000000.0000060 EURO60.00000100.00000100.000000.000000.0000060.0000060 EURO1.55300N47.226000.000000.000000.000000.000000.0000093.1820093.182000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.00000NETHERLANDS - Accor SA ofFrance divested its SofitelAmsterdam unit, anAmsterdam-based owner andoperator of hotels, to anundisclosed acquirer, for 60mil euros ($93.182 mil US).NETHERLANDS - Accor SA of France divested its Sofitel Amsterdam unit, an Amsterdam-based owner and operator of hotels, to an undisclosed acquirer, for 60 mil euros ($93.182 mil US).NETHERLANDS - Accor SA of France divested its Sofitel Amsterdam unit, an Amsterdam-basedowner and operator of hotels, to an undisclosed acquirer, for 60 mil euros ($93.182 milUS).NETHERLANDS - Accor SA of France divested its Sofitel Amsterdam unit, an Amsterdam-based owner and operator of hotels, to an undisclosed acquirer, for 60 mil euros ($93.182 mil US).NETHERLANDS - Accor SA of France divested its Sofitel Amsterdam unit, an Amsterdam-based owner and operator of hotels, to an undisclosedacquirer, for 60 mil euros ($93.182 mil US).Completed0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Completed-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000007011:Hotels and motels12752001Unknown6799UnknownPrivate5812:Eating places7011:Hotels and motels102782002Euro P.P.MFrance7011ForeignPublicAC93.1820060.0000093.1820047.22600Deal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/spcred/646937spcred/646937normThe latest Full Report from S&Pglobalstructured5/7/2008 12:56:22 PM400Full Report646937FranceHotels, Resorts & Cruise LinesAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceFinancial InstitutionsCorporationsCollateralized Debt ObligationsCommercial MBSHotel & GamingFull ReportGood geographic spread Concentrated on the less volatile economy hotel segment Some offset to the lodging cycle through higher margin cash-flow-generative Services business Strong management record and continuity High yet reducing capital intensity Large operating lease commitments, although moving from fixed to variable leases Lesser presence in the competitive North American lodging market than global peers The ratings on France-based hotel operator Accor S.A. reflect its competitive positions in the budget and midscale hotel segments worldwide, and a degree of operating diversification provided by its prepaid service vouchers business, which helps absorb the impact of the lodging cycle. These factors are partially offset by the group's high yet reducing capital intensity and its intermediate financial profile after operating lease commitmentsFRA0043M00043M10043M600434725301020 253010 2530 25Accor S.A.126765ASIAEMERGINGEUROMIDAFRLATAMERICAUSAAC@FPFULLGLOBISSSTRUCFICORPCDOCMBSHotelCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/646942spcred/646942normThe latest Summary from S&Pglobalstructured5/7/2008 12:56:22 PM175Summary646942FranceHotels, Resorts & Cruise LinesAsiaEmerging MarketsEurope, Middle East, AfricaLatin AmericaUnited StatesGlobal IssuersStructured FinanceFinancial InstitutionsCorporationsCollateralized Debt ObligationsCommercial MBSHotel & GamingSummaryThe ratings on France-based hotel operator Accor S.A. reflect its competitive positions in the budget and midscale hotel segments worldwide, and a degree of operating diversification provided by its prepaid service vouchers business, which helps absorb the impact of the lodging cycle. These factors are partially offset by the group's high yet reducing capital intensity and its intermediate financial profile after operating lease commitments are capitalized. With 3,871 hotels and 461,698 rooms, Accor is the largest European and fifth-largest global hotelier. It is also the global leader in the free cash-flow-generative prepaid service voucher business. Hotels accounted for 72% of 2007 consolidated sales and about 80% of earnings before interest, taxes, depreciation, amortization, and rents (EBITDAR). Consolidated revenues of €8.1FRA0043M00043M10043M600434725301020 253010 2530 25Accor S.A.126765ASIAEMERGINGEUROMIDAFRLATAMERICAUSAAC@FPSUMMARYGLOBISSSTRUCFICORPCDOCMBSHotelCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/fitch/383038_report_framefitch/383038_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Accor S.A.803610564/18/2008 10:16:00 AM010000000103000001032100165Credit Update12040383038_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/ccbn/T1732432ccbn/T1732432norm1/15/2008 11:06:00 PMAccor SA54.0000FinalQ4 2007 Accor SA Sales Conference Call TranscriptAC.PA6:30pm CET...Good day and welcome to the Group Accor #### revenue conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Jacques Stern, CFO. Please go ahead, sir. ... TranscriptT1732432Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/moodys/COP_9230moodys/COP_9230htmlGlobal Credit Research Credit Opinion # AUG #### Credit Opinion: ACCOR S.A. ACCOR S.A. Paris, France Ratings Category Moody's Rating Outlook Stable Commercial Paper -Dom Curr P-# Contacts Analyst Phone Marika Makela/London ##.##.####.####...1/3/2008 8:05:00 PMhtmlACCOR S.A.ACCOR S.A.9230150.0000NewsCredit OpinionCOP_9230Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/fitch/361686_report_framefitch/361686_report_framepdf010303012508036105601030101Accor S.A.12017METRO AG80360209MEOJ. Sainsbury plcCasino Guichard-Perrachon S.A.01255880359969Carrefour S.A.SBRY12040Special Report803613000103000001210180359964AH0100000001032100L'Oreal SA8036083412/13/2007 2:14:00 PM01203280359949CPGLVMH Moet Hennessy-Louis Vuitton SATSCOCompass Group plc80360208809552378036059401212201030300804171790103010001030200Tesco plc80362463Sodexho Alliance S.A.Koninklijke Ahold N.V.361686_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/358964_report_framefitch/358964_report_framepdf01000000Full Rating Report385Accor S.A.8036105612040Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.12/5/2007 2:14:00 PM0103210001030000358964_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/358722_report_framefitch/358722_report_framepdf803610561204080361300Carrefour S.A.80360209010303018036083401032100012558Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Special ReportCasino Guichard-Perrachon S.A.012101J. Sainsbury plc80359964Sodexho Alliance S.A.80362463METRO AG010302000103010080955237L'Oreal SASBRY8036059401000000012032AH12017Accor S.A.12/5/2007 10:12:00 AM012122MEO010303000103010125080360208Koninklijke Ahold N.V.Compass Group plcLVMH Moet Hennessy-Louis Vuitton SA01030000CPG8041717980359949358722_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/388312_pr_framefitch/388312_pr_framehtml120408036105601030000Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.11/30/2007 10:14:00 AM010000007501032100Press ReleaseAccor S.A.388312_pr_frameCredit & Investment ResearchFitch Research