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Bär & Karrer Ltd.

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Geneva, Lugano, Zug, Zurich

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19 June 2008 - Accor completes the sale of several hotels to a real estate consortium

September 2008

In June 2008, Accor has completed the sale of several of its hotels located in France and Switzerland to a real estate consortium including two funds managed by AXA Real Estate Investment Managers (AXA REIM), this under a sale and lease back agreement and a price consideration of around EUR 466 millions.

The transaction was partly financed by Calyon, HSBC France, BNP Paribas and Natixis. Calyon, HSBC France, BNP Paribas and Natixis were advised by Bär & Karrer as to Swiss law and by Gide Loyrette Nouel as to French law. The Bär & Karrer team comprised partner Eric Stupp and associate Yasmine Sabeti. AXA REIM was advised as to Swiss law by Lenz & Staehelin in Zurich and Accor Suisse S.A. by Carrard et Associés in Lausanne.

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