Novotel

As part of its asset management strategy, Accor announces the sale of the Novotel Times Square in New York under a sale and management-back agreement, for a total value of €160m (€335,000 per room). The selling price amounts to €71m. The buyer has committed to complete a full renovation of the hotel between 2012 and 2013, at an estimated cost of €89m based on a scope defined by Accor. The hotel will remain open while the work is being carried out. In addition, an earn-out amounting up to €12m could be cashed in depending on the results of the hotel after the refurbishment.

Open in 1984 in the center of one of the world's most popular tourist and business destinations, this 480-room flagship hotel will continue to be operated by Accor under a long-term management agreement.

The buyer is a joint-venture formed by two key players in the hotel real-estate asset management business: Chartres (Chartres Lodging Group, LLC) and Apollo (Apollo Global Management, LLC).

Denis Hennequin, Accor's Chairman and CEO, said, "This operation highlights once again our capability to attract leading investors willing to finance value-creative projects, as part of our Asset Management program."

About Accor, a world-leading hospitality group

Accor is a world leading hospitality group offering experiences across more than 110 countries, over 5,700 properties, 10,000 food & beverage venues, wellness facilities or flexible workspaces. The Group has one of the industry's most diverse hospitality ecosystems, encompassing more than 45 hotel brands from luxury to economy, as well as Lifestyle with Ennismore. Accor is focused on driving positive action through business ethics, responsible tourism, environmental sustainability, community engagement, diversity, and inclusivity. Founded in 1967, Accor SA is headquartered in France and publicly listed on the Euronext Paris Stock Exchange (ISIN code: FR0000120404) and on the OTC Market (Ticker: ACCYY) in the United States. For more information, please visit group.accor.com or follow us on X, Facebook, LinkedIn, Instagram and TikTok.