Accor now in contact with Granada Compass over Le Meridien Hotels

Accor has learned of the declaration made by Granada Compass following speculation which has appeared in the press.

Accor repeats that its strategy for the development and sustained growth of its financial results depends principally on the development of its hotel portfolio at a rate of 10 % per year, excluding major acquisitions.

Accor has never excluded the possibility of a more important acquisition, but such an acquisition would only be considered if it were both convincing from a strategic standpoint, financially balanced, and had an accretive effect.

As far as any potential discussions are concerned, it is publicly known that Granada Compass is conducting "a strategic review of its hotel division".

Accor is looking to take advantage of any opportunities which might emerge and which would respect the conditions given above, as communicated regularly by the Group in the past.

In this context, Accor is currently in contact with Granada Compass. These contacts are effectively of an exploratory nature, and their outcome and timing cannot be predicted at this stage.