The completion of the merger between Accor’s casino division and Groupe Lucien Barrière in partnership with the Colony investment fund has led to a shareholder pact for the three companies that now become Groupe Lucien Barrière SAS. Barrière-Desseigne will hold 51% of the new group, Accor 34% and Colony Capital 15%.

GROUPE LUCIEN BARRIÈRE
The Barrière Group is organised around a concept: the resort - a holiday centre where luxury hotels, restaurants, sport and fitness facilities are provided around a casino for both private and corporate clients. The Group currently operates 13 hotels (2,000 rooms), 14 casinos in France and one in Switzerland. Their casino in Enghien-les-Bains has been ranked top in France for two years running. Among the Group’s other properties there is their flagship restaurant Fouquet’s, plus 56 other restaurants, 3 golf courses, 2 tennis clubs, and 1 thalassotherapy centre. Additionally, the Hôtel Fouquet Barrière, an ultra luxury development, is expected to open in 2005.

The Groupe Lucien Barrière currently employs around 4,400 people, and posted Year End revenues of L.450 million.

ACCOR CASINOS
Accor has about 150,000 associates in 140 countries, is the European leader in the hotel business, has one of the world’s largest groups in travel, tourism and corporate services with two major institutional business activities - hotels with nearly 4,000 units, and services to corporate clients and public institutions.

Accor Casinos, a subsidiary of Accor and Colony Capital, operates 24 casinos, including 3 new ones. For fiscal Year End 2003 Accor Casinos posted revenues of L.270 million. COLONY CAPITAL
Colony Capital is a private investment fund, specialising in real estate, with invested capital of more than US$10 billion since 1991, of which US$4 billion was in Europe. Colony Capital has been investing in the casino sector since 1999, and is one of the few funds to meet the requirements of the American casino regulators. Funds managed by Colony Capital own Resorts International at Atlantic City, Costa Smeralda in Sardinia, and the Guanahani on Saint Barts. Colony Capital recently announced that it has entered into an agreement to buy the Las Vegas Hilton. Since 1999, Colony Capital and Accor have entered several partnership agreements in the hotel and casino sector.

Colyzeo is the European investment fund formed from a partnership between Colony Capital and Eurazeo.

The new group has named Dominique Desseigne as Chairman of the Supervisory Board with specific additional powers, and Benjamin Cohen of Accor as the Vice-President. The Board will consist of twelve members, five from the Barrière-Desseigne family, four Accor representatives, two from Colony Capital and one from Colyzeo.

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