2014 Registration Document and Annual Financial Report - page 165

4
2014 Review OF THE YEAR
Subsequent events
4.3. MATERIAL CONTRACTS
In 2014, material contracts (other than contracts entered into in
the ordinary course of business) corresponded to agreements
signed in relation to disposals, acquisitions, organic growth and
real estate transactions, as described in note 3, paragraphs
A to B, and in note 41 to the consolidated financial statements,
pages 190 and 208 below.
4.4. SUBSEQUENT EVENTS
The following significant events have occurred since the end of 2014.
Sale and Management-Back of the Zurich
MGallery for €55 million
As part of its asset management strategy, Accor has announced the
sale and management-back of the Zurich MGallery
to a private
investor, already an Accor franchisee, for
a total of €55 million.
This
amount includes the sale price of €32 million and a commitment
from the buyer to carry out €23 million in renovations.
Ideally located close to the main railway station and the old town,
and offering 138 rooms and suites, the hotel will continue to
be operated by Accor under a long-term management contract.
Accor purchased the hotel property in 2014 as part of a portfolio of
properties previously owned by Axa.
Establishment of a sponsored Level 1
American Depository Receipt (ADR)
program
Accor has also announced its decision to
establish a sponsored
Level 1 American Depository Receipt (ADR) program
to enable
US investors to hold Accor shares indirectly and to trade them in
the US over-the-counter (OTC) market. BNY Mellon will issue ADR
certificates representing Accor shares, with dividend and voting
rights. As depositary bank, it will distribute dividends in US dollars
and facilitate voting by ADR holders.
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Registration Document 2014
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