Predica and Foncière des Murs are strengthening their partnership with the Accor group
with a new major European hotel property deal

Paris, the 23 august 2010 - Predica, a subsidiary of Crédit Agricole Assurances, and Foncière des Murs have signed a protocol with the Accor group to acquire a new portfolio of 48 hotels.

The portfolio* includes 31 hotels in France, 10 in Belgium and 7 in Germany. The deal is expected to go through for 367 million euros and paid by Predica for 80 per cent and by Foncière des Murs for 20 per cent. 

The Accor group is to remain owner of the business and responsible for managing the hotels, which will continue to operate under the Etap Hôtel (42 per cent of rooms), Ibis (39 per cent), Novotel (17 per cent) and SuiteHotel (2 per cent) brands. 

The leases have been negotiated for a 12-year period. In 2011, net rent in proportion to revenue is expected to provide an average 6.6 per cent yield on the portfolio compared with the investment amount. The transaction will be carried out via a disposal of assets and through leasing contracts, invested in France under the tax regime of Article 210 E of the French General Tax Code. 

With this deal, to be finalised in late 2010, Accor, Predica and Foncière des Murs are strengthening their partnership in hotel property in Europe as part of their respective investment strategies.

*The transaction concerns 48 hotels including:
� Etap Hôtel: 28 hotels for 2,648 rooms (o/w 24 hotels in France)
� Ibis: 13 hotels for 2,482 rooms (o/w 6 hotels in France
� Novotel: 6 hotels for 1,087 rooms
� SuiteHotel: 1 hotel for 100 rooms in France

The biggest hotels are:
� Ibis Roissy (772 rooms)
� Ibis Paris Porte d�Italie (283 rooms)
� Novotel Munich Airport (257 rooms)