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					HORIZONS
CORPORATE BROCHURE – 2009
    40 YEARS
    OF INNOVATION
1967: opening of the first Novotel in Lille, France


1974: creation of Ibis


1975: acquisition of Mercure


1980: takeover of Sofitel

1983: acquisition of Jacques Borel International,
      with the Ticket Restaurant® voucher,
      and founding of Accor

1984: creation of Formule 1


1990: acquisition of Motel 6


1991: creation of Etap Hotel


1999: creation of Suitehotel

2007: creation of All Seasons and Pullman,
      repositioning of Sofitel in the luxury segment,
      and acquisition of Kadéos and PrePay
      Technologies Ltd for Accor Services

2008: creation of MGallery and launch of
      the A|Club worldwide loyalty program

2009: an alliance between Accor Services and
      MasterCard Europe to create PrePay Solutions
“A commitment
to making our customers smile, every day…


… that’s our mission and our passion in our Hotels
and Services businesses.”
For more than forty years, Accor has constantly reinvented
its businesses to keep pace with the world around it, with
the goal of providing innovative, high-quality products to
Hotel and Services customers. Backed by powerful,              THE ACCOR SPIRIT
highly respected brands, our employees help create lasting     Since the opening of the first Novotel in Lille in 1967,
interpersonal relationships and deploy their unique skills     team members have been driven by a pioneering, spirit of
to develop and deliver solutions that create wellness.         conquest. A key factor in Accor’s success, this mindset
Every day, Accor is pleased to:                                is also shaped by a constant concern for people and a
                                                               commitment to the highest performance standards. For
  provide travelers with the accommodation and dining
                                                               more than forty years, across all brands and regions,
solution best suited to their needs and assure them of the
highest quality service;                                       Accor’s five core values of innovation, a spirit of
                                                               conquest, performance, trust and respect have been
  create services for our companies and public institutions
                                                               shared by all employees, who today number some
that support their development, enhance their performance
and make their daily lives.                                    150,000.




           more than

 150,000   employees
                                                4,000
                                                hotels worldwide
                                                                                       32 million
                                                                                              users of Services
Data at December 31, 2008
                                                                                                                          1
                                                                              INNOVATION IS OUR TRADEMARK




 Imagining and developing
 solutions that drive progress
 WHETHER IN HOTELS OR SERVICES, ACCOR CONSTANTLY INNOVATES TO ADDRESS ALL
 OF ITS CUSTOMERS’ NEEDS AND EXPECTATIONS.




 Accor Hospitality                                               Accor Services
 Federated under the Accor Hospitality banner, the Group’s       The world leader in prepaid service media, Accor Services
 hotel business extended its traditional portfolio by creating   constantly creates new high value-added, increasingly per-
 and repositioning brands to cover all market segments with      sonalized services in such areas as gifts and rewards for
 a standardized and a non-standardized offering. Among the       employees, government social benefit programs and prepaid
 new products:                                                   services for un- and underbanked employees. From highly
                                                                 secure paper vouchers, to electronic payment cards and
    the creation of Pullman and the MGallery label in the
                                                                 Internet and mobile phone solutions, innovation also involves
    upscale market and All Seasons in the non-standardized
                                                                 new technologies, as evidenced by the promising future for
    economy segment;
                                                                 prepaid electronic services.
    the introduction of the A|Club loyalty program;

    the launch of a new room concept for Etap Hotel and
    Motel 6.




       28,000
  rooms opened in 2008, with
                                              1,350,000
                                                 members enrolled in the
                                                                                             €500 M
                                                                                            allocated to Accor Services
 the goal of 40,000 additional                  new A|Club loyalty program                   for acquisitions between
rooms a year beginning in 2010                       at year-end 2008                              2006 and 2010

2
                                                         THE SPIRIT OF CONQUEST IS OUR GROWTH ENGINE




Boldly expanding our horizons
Already present in ninety countries, Accor Hospitality                   With operations in forty countries, Accor
will open 200,000 rooms between 2006 and year-                           Services is a forefront player in Europe and
        1,
end 201 the Group’s most ambitious development                           Latin America. Whether deploying existing
target ever. Beginning in 2010, some 40,000 new                          products in new markets or deepening its
rooms will open each year. This spirit of conquest                       presence in traditional markets, Accor Services
involves doubling the annual pace of openings and                        is constantly driven by a spirit of conquest.
deploying Accor hotels more widely in international                      Today, in response to growing demand for
markets, especially in Asia-Pacific, Latin America                       prepaid electronic solutions, the business has
and Eastern Europe.                                                      crossed a new technological threshold.




                                                                                                                       3
                                               PERFORMANCE IS THE KEY TO OUR CONTINUED SUCCESS




 Aligning all the conditions necessary to do
    our very best and achieve fulfillment
 IN A SERVICES COMPANY LIKE ACCOR, PEOPLE ARE THE MOST IMPORTANT ASSET.




 That’s why Accor has always been on the leading edge in           Employee retention and fulfillment:
 terms of human resources management, with a constant             – by promoting team spirit and a local management style;
 focus on employee well-being. To support the faster deploy-      – by living our values in the workplace while respecting cul-
 ment of the strategy launched in 2006, the human resources         tural and generational differences;
 team is introducing new initiatives to meet the challenges of:   – by enabling employees to find the best balance between
  Development:                                                      their jobs and their personal lives;
 – by identifying and nurturing new talent;                       – by encouraging internal mobility around the world.
 – by stepping up efforts to hire the most highly skilled peo-     Revenue growth:
   ple around the world. One such initiative is the AccorJobs     – by enhancing the professional capabilities of certain
                                        1
   website, which can be consulted in 1 languages;                  job tracks, such as developers, revenue managers and
 – by deploying new programs and tools to prepare for the           Customer Relation Management specialists;
   future. These include such schemes as the GM Pass for          – by providing teams with new tools like the RM Pass and
   hiring 1,000 new hotel general managers by 2010 and the          offering specialized training, like the course offered for
   Top Talent program to meet tomorrow’s need for new man-          A|Club, Accor’s new worldwide, multibrand loyalty program;
   agers;                                                         – by supporting the brands in their specific features with the
 – by training employees through the Group’s global network         goal of making them more attractive to customers and
   of 16 academies, to meet the growing need for new job            future employees.
   skills within the organization.




             More than                                                                                      More than

     160,000
     people took part in, at least
                                                          90%
                                                      of all managers were
                                                                                                           100
                                                                                                           different job
    one training program in 2008                      promoted internally                                   categories

4
                                                       TRUST IS THE FOUNDATION OF OUR MANAGEMENT




Accor is developing and so are its employees
Every year since 1989, the Bernaches awards have been presented to employees who demonstrate exemplary behavior.
This highly coveted award epitomizes our corporate culture and commitment to recognizing and rewarding the most
deserving employees. Accor is also renowned worldwide for the quality of its training programs, which are intended to reach
as broad a public as possible. Training is provided either in one of the 16 Accor Academies, whose outstanding instructional
modules are highly respected throughout the business world, or via the Internet. In addition to training, job mobility and skills
recognition processes also ensure that the “Made in Accor” corporate ladder provides a real opportunity for all employees
and achieves benchmark status in the job market.

                                                                                                                                5
 Earth Guest
 “As guests of the Earth, we welcome the world”
 MORE THAN JUST A SLOGAN, THIS PHRASE EMBODIES ACCOR’S PHILOSOPHY. THAT’S BECAUSE GROWTH IS ONLY
 MEANINGFUL IF IT’S SUSTAINABLE OVER THE LONG TERM AND ITS BENEFITS ARE SHARED AS WIDELY AS POSSIBLE.




 Accor’s Earth Guest program, which is the                           To promote these eight priority areas, Accor has set a
 cornerstone of our commitment, focuses on                           number of objectives for 2010, including:
 eight priority areas                                                – deploying AIDS and malaria prevention programs around
    local development;                                                 the world;
                                                                     – extending throughout Europe our programs to eliminate
    the fight against epidemics;                                       sexual tourism involving children, a process that is already
    protection for children;                                           well underway in Asia and Africa;
                                                                     – reducing hotel water and energy consumption by 10% in
    healthy eating;
                                                                       owned and hotels, compared with 2006;
    reducing energy use to help combat global warming;               – outfitting 200 hotels with solar panels;
    conservation of water resources;                                 – recycling 60% of paper, carton and glass and 95% of
                                                                       batteries and compact fluorescent light bulbs in all owned
    effective waste management;
                                                                       and leased hotels;
    preservation of biodiversity.                                    – financing the planting of 3 million trees by 2012.




    Plant for the Planet
                               Tested in 2008, the Plant for the Planet project, conducted in partnership with the United Nations
                               Environment Programme, is being deployed throughout the Group. The goal is to take drastic
                               action to stop the destruction of seven of the world’s forests by implementing responsible
                               practices. An innovative approach is being taken in Accor hotels. Customers are asked not to
                               systematically change their towels, with 50% of the savings on laundry costs donated to
                               reforestation programs. Accor’s goal is to finance the planting of 3 million trees by 2012.


6
                                            RESPECT IS THE FOUNDATION OF ALL OUR RELATIONSHIPS




Accor promotes environmental stewardship
At Accor the philosophy is that growth and development should always represent an opportunity and never a danger for our
employees, customers, host communities and the environment. To meet the urgent challenge of sustainable development and
to protect the planet and the well-being of its inhabitants, Accor is leveraging the commitment of its 150,000 employees, over
100 million customers, 2,000 suppliers and all of its Non-governmental organization partners.

                                                                                                                             7
                           perfor
    490,000 corporate and public institution customers
    1.2 million affiliated service providers
    40 countries worldwide
    32 million users
8
Well-being
and
mance Because the world is constantly evolving, Accor Services reinvents itself every day
      to meet the emerging needs of individuals, companies and local communities.
      Part of its genetic code, this continuous growth reflects Accor Services’ extraordi-
      nary ability to respond proactively to societal changes. More women in the work-
      force, an aging population, longer working lives, and transportation and purchas-
      ing power issues are all deep-seated trends that, when combined with a business
      model that’s beneficial to all parties, ensure Accor Services’ future growth. The
      world leader in prepaid services, Accor Services has stepped up its development
      by deploying its products more widely and penetrating the enormous market for
      electronic prepaid solutions. Over the medium term, these solutions will involve
      cards as well as Internet and mobile-phone based services – new formats for
      products with a bright future, such as gifts and rewards for employees, govern-
      ment social programs and services for un- and underbanked individuals.

                                                                                        9
                                                                 One voucher can lead to another
                                                                 Accor Services delivers a wide range of tailored products
 The red ball and Ticket logo go worldwide                       organized into three families: benefits for employees and
 All prepaid Accor Services products have been brought           constituents, rewards and loyalty programs, and business
 under the same “Ticket” umbrella brand with its universally     expense management. Given the growing number of women
 recognized “red ball” symbol. Thanks to the expertise and       in the workforce, the break-up of the traditional nuclear fam-
 creativity of its teams, Accor Services provides tangible       ily, longer life expectancies, employee demand for wellness
 responses to changing lifestyles while helping to enhance       in the workplace, and the search for a new work-life balance,
 well-being, motivate employees and improve business per-        new organizational solutions must be found. Accor Services
 formance.                                                       is also helping to reconcile the economic and social needs of
                                                                 emerging countries with solutions designed to satisfy peo-
 Accor Services’ uncontested market leadership is based on       ple’s basic needs.
 its two original flagship products – Ticket Restaurant® and
 Ticket Alimentación® – and its constantly expanding prod-
 uct portfolio is shaped by the growing trend toward urbaniza-
 tion and the resulting need for services and assistance. The
 goal is always the same: listen to people’s concerns and        A STEADY FLOW OF INNOVATIVE PRODUCTS
 provide the solution best suited to each situation, in both
 mature and emerging markets. Meeting that goal requires an      Offering profitable, sustainable growth prospects, the
 unwavering capacity for innovation and in-depth knowledge       services market is already firmly established in the B2B
 of each market.                                                 segment. The business is now beginning to address a host
                                                                 of increasingly specific needs, in response to new demand
                                                                 in such areas as culture, health care, leisure, personal
                                                                 assistance and tutoring. The future resides in high value-
                                                                 added, prepaid solutions supported by services that may
                                                                 be delivered by phone, company concierges or websites.




10
Conquering the electronic prepaid market
The market for prepaid electronic solutions enjoys enormous growth potential and Accor Services, because of its leadership
and expertise, is better positioned than any of its rivals to take advantage of this opportunity. In the future, the Internet, electronic
payment cards and mobile telephones will gradually replace the paper voucher. The broader use of these new media reflects
the emergence of new types of services and new relationships with customers and affiliates. These relationships are becoming
closer, more responsive and therefore more personalized, with new services that create even more added value.
With the creation in early 2009 of PrePay Solutions in partnership with MasterCard Europe, Accor Services will speed its
growth by providing a unique, end-to-end solution in Europe’s prepaid cards market that covers the entire process – from
personalized products and services to a far-reaching acceptance network.

                                                                                                                                        11
1
     BENEFITS FOR EMPLOYEES AND CONSTITUENTS

 Ticket Restaurant®                         Ticket Childcare Vouchers®              Ticket CESU®
 Created in 1962, this voucher allows       With this voucher, developed in the     In France, this solution provides employ-
 employees who don’t have access to a       United Kingdom in 1989, employers       ees with tax-exempt access to house-
 company cafeteria to have lunch out-       help pay daycare costs for employees’   keeping, childcare and other services
 side the workplace in a participating      children.                               that simplify their daily lives.
 restaurant of their choice, while also     81,000 parents take advantage           Nearly 200,000 users of Ticket
 enabling them – and their employers        of this solution in the UK.             CESU® vouchers in France in 2008.
 – to benefit from exemptions from
 certain taxes and payroll expenses.
                                            Ticket Service®
 Offered in 35 countries.                   Ticket Service® provides the disad-
                                            vantaged with access to a prepaid
 Ticket Alimentación®                       service that allows them to procure
 Launched by Accor Services in Mexico       groceries and essential services from
 in 1983, these vouchers are used by        specialty service providers.
 employees to pay for groceries in neigh-   Offered in 15 countries.
 borhood stores and supermarkets.
 1.8 million corporate customers
 in Mexico.




12
                                                                        ACCOR SERVICES’ FLAGSHIP PRODUCTS




                                                                                     3
2                                                                                        EXPENSE
    REWARDS AND MOTIVATION                                                               MANAGEMENT

Accentiv’®                                 Ticket Compliments®                       Ticket Car®
Accentiv’®  designs, deploys and man-      and Ticket Kadéos®                        Introduced in Brazil in 1990, and sub-
ages programs to enhance customer          Gift vouchers and cards are distributed   sequently in Mexico and Argentina,
loyalty, motivate employees and pro-       to works councils for employees and       Ticket Car is Latin America’s most
vide incentive for distribution net-       to local communities for social welfare   widely deployed gasoline payment
works. In France, for example, Accentiv’   recipients.                               solution. Available as a paper voucher,
Kadéos develops, manages and mar-          350,000 acceptance outlets                magnetic-stripe card or smartcard, it is
kets gift cards.                           in France.                                used by companies to monitor and
Offered in 19 countries.                                                             manage expenses related to the use
                                                                                     of company cars, especially fuel.
                                                                                     500,000 cards in circulation
                                                                                     worldwide.




                                                                                                                            13
 Driven by the growth in international travel and the rise of
 a leisure-based culture, the hotel industry has undergone
 extraordinary changes in recent decades. While travelers
 still want a friendly, comfortable, safe place to stay, they’re
 now also looking for intense feeling and enriching experi-
 ences. With 4,000 hotels and nearly 500,000 rooms around
 the world, Accor Hospitality is constantly reinventing the
 hotel concept to satisfy the needs and expectations of
 business and leisure customers alike. The portfolio com-
 prises an array of attractive, highly respected, complemen-
 tary brands, covering all categories, from budget to luxury,
 and capable of meeting every traveler’s need. Accor
 Hospitality continues to innovate, introducing new banners
 and renovating existing brands, with the goal of adding
 40,000 rooms a year beginning in 2010.




14
             4,000 hotels
      Nearly 500,000 rooms

             90 countries




Welcome
home                         1
                             15
 LUXURY
 HOTELS AND DINING
 (Data as of December 31, 2008)




 Sofitel, “life is magnifique”                  Lenôtre, creator of upscale
 French-style luxury                          gourmet dining
 Now repositioned in the luxury seg-          With its focus on refinement, excel-
 ment, Sofitel delights a cosmopolitan        lence and creativity, Lenôtre is the
 clientele in search of quality and excel-    leader in French fine dining and the
 lence. The brand’s unique hotels com-        uncontested “ambassador of taste”
 bine French-style elegance and the           around the world. Its expert skills cover
 best of the local culture, in a wide range   a wide range of dining experiences,
 of destinations and world-class cities.      from gourmet catering and restaurants
 From the United Kingdom to Argentina,        to chef training and events manage-
 Luxembourg to China, five flagship           ment.
 hotels opened in 2008 and all of them
                                              NETWORK 52 sales outlets
 fulfill the new Sofitel promise. Two sis-      in international markets,
 ter brands will soon be launched to          18 boutiques and 5 restaurants
 broaden and deepen the Sofitel portfo-        in France.
 lio: Sofitel Legend, a selection of legen-
 dary establishments, and So by Sofitel,
 a new concept of highly innovative bou-
 tique hotels that offer a mix of style,
 spirit, design and pleasure.
 NETWORK 149 hotels,
 34,521 rooms in 48 countries.




16
Argentina – Sofitel,
Buenos Aires Arroyo


                      HOTELS
                      UPSCALE
                      (Data as of December 31, 2008)




                      Pullman                                      Dominican Republic – Hostal Nicolas de Ovando,
                                                                   Santo Domingo



                      Pullman, “check in, chill out”               MGallery,
                      Pullman provides business travelers          “the art of staying”
                      with hotels designed for living and for      This new collection combines upscale
                      interacting with others and with the city.   hotels – each with a highly distinctive
                      Located in the heart of leading regional     personality – that will delight travelers
                      and international cities, they deliver a     looking for premium services or ven-
                      wide range of customized services,           ues with character. Whether located in
                      access to innovative technologies and        city centers or leading tourist destina-
                      a new approach to organizing meet-           tions, each hotel in the collection pro-
                      ings, seminars and upscale incentive         vides a unique environment for an
                      trips with the Co-Meeting offer. At          exceptional experience, with a focus
                      Pullman, business travelers can make         on pleasure and enjoyment.
                      their own plans or seek the assistance
                                                                   NETWORK 40 hotels
                      of hotel staff members, who are availa-      in 21 countries at year-end 2010.
                      ble around the clock.
                      NETWORK 59 hotels by year-end 2009.




                                                                                                                    17
                                                                                             France – Novotel Paris Vaugirard


 HOTELS
 MIDSCALE
 (Data as of December 31, 2008)




                                      Germany – Mercure Düsseldorf City Center



 Novotel, “designed                              Mercure, “Meet
 for natural living”                             the Mercures”
 With its modern, open spaces for relax-         The Mercure network brings together
 ing, spacious rooms for work or rest,           distinctively different hotels with com-
 convenient services, and friendly, atten-       mon features: dedicated, attentive
 tive staff, Novotel creates an atmos-           hospitality professionals, a warm atmos-
 phere of natural well-being for business        phere with a rebellious yet classical
 and leisure customers alike. Hotels are         spirit, and comfortable living spaces. In
 located in the heart of the world’s major       city centers, at the seaside or in the
 cities and near business centers.               mountains, each Mercure hotel derives
                                                 its personality from the local environ-
 NETWORK 393 hotels,
 71,456 rooms in 59 countries.                   ment, inviting customers to discover
                                                 authentic products and services that
                                                 renew the experience of pleasure.
                                                 NETWORK 690 hotels,
                                                 85,969 rooms in 51 countries.




18
France – Suitehotel Nice Aéroport Arenas    Switzerland – Adagio Basel City




Suitehotel, “A new way                      Adagio City Aparthotel,
of hotel living”                            “Just like at home,
Suitehotel targets today’s new nomadic      throughout Europe”
travelers, who are looking for space,       Created through the 2007 joint venture
enjoyment and hospitality. The chain’s      with Pierre & Vacances, the Adagio City
30-square-meter suites feature work         Aparthotel chain offers three-star apart-
and relaxation areas that can be            ments with à la carte services for “just
adapted to individual desires or needs.     like at home” stays in major European
All suites are equipped with the Suite      cities. This type of accommodation is
Box, which offers free, unlimited           perfect for both business and tourist
access to the Internet, calls to landline   travel. The residences are comprised of
telephones in France, movies and            80 to 140 apartments, each with a fully
music. Targeting medium-stay custom-        equipped kitchen, living room and an
ers, Suitehotel is Accor’s solution for     office with a WiFi connection.
people who feel that the hotel is their
                                            NETWORK 100 residences
“home away from home.” Suitehotel           in Europe by 2012.
was honored at the 2008 Hospitality
Awards for the best hotel e-commerce
strategy.
NETWORK 23 hotels,
2,945 suites in 4 countries.




                                                                                    19
 ECONOMY
 AND BUDGET
 HOTELS
 (Data as of December 31, 2008)




                                                                France – All Seasons Lille Centre Gare Beffroi




 Ibis, “Hotels the way                       All Seasons,                                           Etap Hotel,
 you like them”                              “ is all you need”                                     “Be smart, Stay smart”
 The global benchmark in economy             A new non-standardized economy                         With operations in Europe, the network
 hotels, Ibis delivers consistently high-    hotel brand for today’s demanding                      offers budget hotels for smart custom-
 quality accommodation and services in       travelers, All Seasons features an all-                ers, who are guaranteed a convenient,
 all its establishments, with the best       inclusive rate that delivers simplicity,               pleasant stay at a very reasonable price.
 value for money, a fully equipped room,     quality, warmth, attentive service and                 This chain features newly redesigned,
 round-the-clock service and a wide          a full range of amenities.                             award-winning rooms that are more
 variety of dining options. The chain        Located in downtown areas and busi-                    modern, more restful and more ergo-
 was awarded ISO 9001 certification in        ness centers, each establishment has                   nomic. Outside Europe (Brazil, South
 1997 in recognition of its commitment       its own personality and integrates the                 Africa, Australia, Japan, Indonesia and
 to quality. Ibis is also the world’s first   same brand spirit – colorful, bright and               New Zealand), the hotels are under the
 chain to be acknowledged for its envi-      energetic, with a touch of humor.                      Formule 1 name.
 ronmental stewardship, with one-third
                                             NETWORK 49 hotels,                                     ETAP HOTEL NETWORK 388 hotels,
 of its hotels having been certified to                                                             32,508 rooms in 10 countries.
                                             4,867 rooms in 6 countries.
 ISO 14001 standards.
                                                                                                    FORMULE 1 NETWORK 55 hotels
 NETWORK 814 hotels,                                                                                outside Europe.
 94,742 rooms in 40 countries.




                                                                                                        EUROPE     OUTSIDE EUROPE



20
                                                                                        OTHER BUSINESSES



                                                                    Motel 6 prototype   Accor Thalassa,
                                                                                        there is travel your
                                                                                        body never forgets.
                                                                                        In sites selected for their exceptional nat-
France – Etap Hotel Toulouse Blagnac
                                                                                        ural beauty, Accor Thalassa’s highly
                                                                                        trained therapists and other professionals
                                                                                        invite customers to discover the benefits
hotelF1, “PAYEZ MOINS                     Motel 6, “We’ll Leave
                                                                                        of seawater, which is rich in the mineral
BOUGEZ PLUS*”                             the Light on for You®”
                                                                                        salts and trace elements the body needs.
With the creation of Formule 1 in 1984,   North America’s leading chain of econ-        The chain offers a range of cures that
Accor radically transformed the hotel     omy motels, Motel 6 is known for its          ensure lasting wellness to people looking
industry, making hotels widely afforda-   comfortable, welcoming rooms at the           to relax, recuperate and restore their fit-
ble with a comfortable room for one,      lowest price in the market. The chain is      ness and vitality.
two or three people priced at less than   currently deploying a major upgrade           NETWORK 11 seawater spas and
100 francs (around 15 euros). The         program and reworking its services            3 hot-spring spas in France,
benchmark in low-cost hotels, Formule     offer to provide customers with even          2 spas outside France, in Timi Ama,
                                                                                        Sardinia and Essaouira, Morocco.
1 has embarked on a new adventure         more comfort and well-being.
with a new name in France – hotelF1.
                                          NETWORK 951 hotels, 95,753 rooms.
More dynamic than ever, the brand has                                                   CWL, a taste for travel
recreated the hotel interior with an      Studio 6, “Extend your stay,                  With operations in Europe (Austria,
attractive design, a new room concept,    not your budget”                              France, Italy, Portugal, Spain and the
a new reception and breakfast area,                                                     United Kingdom), Compagnie des
and a new logo.                           NETWORK 52 hotels, 6,182 rooms.
                                                                                        Wagons-Lits delivers a wide range of
* Pay less, get around more.                                                            onboard food and hotel services on
                                                                                        train networks, with innovative con-
NETWORK 271 hotels, 20,100 rooms.
                                                                                        cepts tailored to the local culture and
                                                                                        operator needs.
                                                                                        NETWORK 6 countries,
                                                                                        27.3 million customers a year
                                                                                        served on day trains,
                                                                                        3.4 million travelers a year
                                                                                        cared for on night trains.
      FRANCE                              CANADA – UNITED-STATES



                                                                                                                                       21
 CENTERS OF EXPERTISE




                       Creators                              of

             innovative
              products
 Accor has leveraged its more than forty years of experience to develop very high-level skills plat-
 forms. These interconnected units extend across all businesses and countries to create a system
 that is truly unique. By sharing best practices and pooling costs, they enhance the performance of
 our brands, support employees and hotel owners in their day-to-day operations and guarantee
 that customers always receive the very best service.

22
22
and   solutions
                  2
                  23
 Prototype – Innovation and Design




 Unique centers of expertise
 TO SUPPORT THE PERFORMANCE OF THE GROUP, OUR PARTNERS AND OUR CUSTOMERS.



 Hotel development                                               Management and finance
 Team members analyze market trends, define development           Management and finance teams allocate resources and pro-
 priorities, choose sites, manage acquisitions, disposals and    vide frontline managers with benchmarking tools designed to
 other complex operations and apply the “asset right” strat-     improve performance. In cooperation with development teams,
 egy, deciding whether a given property should be owned,         property management experts optimize return on capital
 leased or operated under a management contract or fran-         employed and apply the “asset right” strategy to reduce future
 chise agreement. Exercising discipline and expertise and        earnings volatility. They also forge partnerships with leading
 pursuing opportunities as they arise, they ensure Accor’s       real estate companies to speed Accor’s development.
 development with the support of local partners.
                                                                 Purchasing
 Design, construction and maintenance                            Backed by a network of 200 people around the world, Accor
 A constant source of innovation, Accor’s design, construction   has acquired expertise in the purchase of hotel products and
 and maintenance platform leverages the Group’s years of         services, especially with regard to food, equipment and services.
 experience to reinvent the hotels of tomorrow. A global net-    It has developed capabilities, processes and high-performance
 work of 300 professionals optimize design, track construc-      tools for procurement and sourcing, as well as for supplier
 tion, integrate environmental concerns, select equipment and    tracking. Recognized by franchisees, this expertise helps to
 rationalize operations, whether for owned and leased proper-    optimize purchasing by reducing costs with certified suppliers
 ties or managed and franchised hotels.                          around the world. The Purchasing Department has prepared a
                                                                 Sustainable Procurement Charter to encourage suppliers and
                                                                 service providers to pursue environmental protection measures
                                                                 and engage in socially responsible practices.



24
                                                                                                 CENTERS OF EXPERTISE




Training and human resources                                         Marketing and sales
Accor has always pursued an enlightened human resources              Marketing and sales experts support the distribution of
strategy based on local management and respect for diver-            Accor’s innovative, attractive brands by optimizing revenue
sity that offers employees opportunities for training, recogni-      management, loyalty programs, sponsorship agreements and
tion and job mobility. The result is a remarkable corporate          partnerships. Today, Accor benefits from a portfolio of highly
culture characterized by a special attitude, behavior and            visible, complementary brands covering all market segments.
expertise that are transmitted by the 16 Accor Academies.            By rethinking strategies, reinventing products, redesigning
                                                                     visuals and reworking advertising campaigns, the teams
                                                                     have made the brands even more powerful, in local markets
Technological support
                                                                     and around the world. In 2008, the A|Club multibrand, inter-
Technological support teams install WiFi systems in hotels,
                                                                     national loyalty program was created to support the brands
help migrate services to electronic media and manage book-
                                                                     and their customers.
ing and distribution systems, with the goal of providing frontline
teams with easier access to information and customers with
the full range of Accor products at the lowest possible price.       Distribution and hotel website
                                                                     Distribution teams enhance hotel visibility and simplify book-
                                                                     ing via accorhotels.com, individual brand sites and partner
                                                                     portals, thereby supporting the brands’ online development.
                                                                     Each year, more than 100 million people visit Accor websites
                                                                     around the world. The goal is to increase online sales from
                                                                     14% of the total in 2008 to 35% by 2012.




                                                                                                                                  25
                                                                            DATA AT DECEMBER 31, 2008



                                                                                  €7,739 M
                                                                                        Total revenue
                                                                                         75% Hotels
                                                                                      13% Prepaid services
                                                                                          12% Other



 Accor is staying
 on course                                                                            29.6%
                                                                                        EBITDAR margin
 and continuing to transform
 its two core businesses
     Stepping up the technological shift and developing new products
     in Prepaid Services.                                                           €875 M
                                                                                         Operating profit
     Transforming the hotel business model, a process that is already           before tax and non-recurring items
     60% completed.


                                Revenue by region

            NORTH                     FRANCE                      REST OF
                                                                                    €575 M
           AMERICA                    (36%)                       EUROPE                   Net profit,
                  (9%)                                            (38%)                    Group share




                                                                                       €1.65
                                                                                        Net dividend
                                                                                   Payable in stock or in cash
          LATIN AMERICA
                         (9%)

                                              REST OF THE
                                              WORLD
                                              (8%)                                     14.1%
                                                                                              ROCE
                                                                                    (Return on capital employed)
26
OPERATING PROFIT BEFORE TAX ON TARGET AT €875 MILLION

Operating profit before tax increased 13.0% in 2008, on a like-for-like basis and excluding the impact on financial expense of
the return to shareholders. Growth varied widely over the year, however, from 25.3% in the first half to 4.3% in the second.



Services                                                        Hotels
Revenue rose 12.9% like-for-like, in line with the Group’s      Performance in 2008 was shaped by the sharp downturn in
organic growth target of 8 to 16% a year. Operating margin      business in the second half, caused by the global financial and
improved by 1.4 points like-for-like, to 43.5%.                 economic crisis. Revenue ended the year up 2.1% like-for-like,
Accor’s strategy in Prepaid Services is being pursued in two    while operating margin gained a slight 0.1 point like-for-like,
directions:                                                     to 31.5%.
  continue to grow traditional prepaid products (employee       Accor’s strategy in Hotels is based on three growth drivers:
  benefits),                                                       a portfolio of powerful brands now repositioned.
  win new global contracts in the fast growing prepaid            an “asset-right” property management strategy designed
  services market.                                                to lower capital intensity and earnings volatility.
                                                                  expansion aligned with global demand.




THE LESS CYCLICAL BUSINESSES ACCOUNTED FOR 70% OF 2008 EBIT




                                                                                       Upscale and Midscale
                                                                                       Hotels
                         Services 40%
                                                                                       23%


                                                                                       Economy Hotels
                                                                                       US
                                                                                       7%

                       Economy Hotels
                        outside the US
                                  30%




                                                                                                                              27
                                                                                                                 CORPORATE DIRECTORY


                                                        Accor Services                                       Accor Latin America
                                                        Immeuble Odyssey                                     Avenida das Nações Unidas,
                                                         10,
                                                        1 avenue de France                                   7815 – Pinheiros
                                                        75210 Paris Cedex 13                                 05425 905 São Paulo SP
                                                        France                                               Brazil
                                                        Tel.: + 33 (0)1 45 38 86 00                          Accor Hospitality
                                                        Fax: + 33 (0)1 45 38 47 00                                          1
                                                                                                             Tel.: + 55 (0)1 3818 6200
                                                        www.accorservices.com                                Accor Services
                                                                                                                            1
                                                                                                             Tel.: + 55 (0)1 3066 4000
                                                        Accor Hospitality                                    www.accorbrasil.com.br
                                                        2, rue de la Mare-Neuve
                                                        91021 Évry Cedex                                     Accor Asia-Pacific
                                                        France                                               250 North Bridge Road
                                                        Tel.: + 33 (0)1 61 61 80 80                          #31-02/03/04
                                                        Fax: + 33 (0)1 61 61 79 00                           Raffles City Tower
                                                        www.accorhotels.com                                  Singapore 179101
                                                                                                             Singapore
                                                        Accor Customer Contact Center                        Tel.: + 65 (2) 6408 8888
Head Office
                                                        31, rue du Colonel-Pierre-Avia                       Fax: + 65 (2) 6820 7082
2, rue de la Mare-Neuve
                                                        75904 Paris Cedex 15
91021 Évry Cedex                                                                                             www.accorhotels-asia.com
                                                        France
France
                                                        Tel.: + 33 (0)0 825 88 00 00                         Lenôtre
Tel.: + 33 (0)1 61 61 80 80
                                                        Fax: + 33 (0)1 41 33 71 71                           40, rue Pierre-Curie – BP 6
Fax: + 33 (0)1 61 61 79 00
                                                        www.accorhotels.com                                  78375 Plaisir Cedex
www.accor.com                                                                                                France
                                                        Accor North America                                  Tel.: + 33 (0)1 30 81 46 46
Executive Managment
                                                        4001 International Parkway                           Fax: + 33 (0)1 30 55 14 88
Immeuble Odyssey
                                                        Carrollton, Texas 75007
1 avenue de France
 10,                                                                                                         www.lenotre.fr
                                                        United States
75210 Paris Cedex 13
                                                        Tel.: + 1 972 360 9000                               Compagnie des Wagons-Lits
France
                                                        Fax: + 1 972 360 5821                                Head Office
Tel.: + 33 (0)1 45 38 86 00
                                                        www.accor-na.com                                     54, avenue Herrmann-Debroux
Fax: + 33 (0)1 45 38 71 34                              www.motel6.com                                       B1 160 Brussels
www.accor.com                                           www.staystudio6.com                                  Belgium
                                                                                                             Onboard Train Service Division
                                                                                                             126, rue de Charenton
                                                                                                             75012 Paris
                                                                                                             France
  The document was written and produced by the Accor Communication and External Relations Department
                                                                                                             Tel.: + 33 (0)1 44 67 67 09
                                  Design and layout:
                                                                                                             Fax: + 33 (0)1 44 67 82 71
      Photo credits: Joël Biletta, Jack Burlot, Fabian Charaffi, Serge Detalle, Alain Diveu, Getty Images,
Jacques Yves Gucia, Stéfan Kraus, Fabrice Rambert, Pierre-Emmanuel Rastoin, Philippe Wang – February 2009.   www.cwl-services.com
The Accor Foundation
was created with the goal of linking
cultures and elevating the human spirit
TO ACHIEVE THIS AMBITION, THE FOUNDATION
HELPS EMPLOYEES CARRY OUT THREE TYPES
OF PROJECTS:


 supporting initiatives that promote local
 skills, culture and heritage;

 helping disadvantaged youth obtain
 training and jobs;

 participating in humanitarian initiatives
 and emergency aid programs.




                             www.fondation-accor.com