Accor Announces Plans to Build Four-Star Sofitel Hotel in Dallas.

NEW YORK--(BUSINESS WIRE)--March 19, 1999--Accor, the world's largest hotel and tourism company, announced plans today to build a four-star Sofitel hotel in Dallas, its fourth new project in the United States in two years.

The 350-room Hotel Sofitel will be constructed in the affluent Turtle Creek area in Dallas. John F. Lehodey, president of Accor North America Business and Leisure Hotels, confirmed today that the company has closed a deal to purchase 2.3 acres of land from Dallas-based Carrozza Investments.

"We are delighted to announce the launch of this project," says Lehodey. "Dallas is a key city for any major player in the hotel industry and it is a market we have been interested in for years. We look forward to bringing Sofitel's French style of hospitality to Dallas."

The land for the new Sofitel is located on Cedar Springs between the Katy Hike and Bike Trail and Carlisle. Across the street is a 6.5 acre site owned by Carrozza Investments, which will be developed as a high-rise luxury residential community. Construction on the first phase, the 23-story Villa Trevi, is expected to begin later this year.

"We are pleased with Hotel Sofitel's decision to locate in this area," says Robert Carrozza, managing partner of Carrozza Investments. "Our partnership with Sofitel fulfills our master plan to include a four-star hotel of distinction with our luxury residential development."

Construction on the Hotel Sofitel is tentatively scheduled to begin before the end of this year. Preliminary plans call for two restaurants, including Sofitel's traditional French brasserie, meeting space and a grand ballroom.

Accor North America currently manages seven Sofitel hotels in the United States, in Chicago, Houston, Los Angeles, Miami, Minneapolis, San Francisco Bay and Washington, D.C. Sofitel will open two hotels in the United States next year, the 400-room Sofitel New York and the 300-room Sofitel Philadelphia. The brand will also add a second hotel in Chicago, scheduled to open in 2001.

The signing of the Dallas agreement underscores Accor's strong commitment toward developing the Sofitel brand in North America. Worldwide, Sofitel's plans include new hotels opening this year in Paris, Morocco, India and China; in Berlin, Cancun and Rio de Janeiro in 2000; and in London, Egypt and Venezuela in 2001.

Paris-based Accor currently operates the world's largest hotel network, with 2,700 units serving all segments of the business and leisure hospitality market, from budget to luxury. In addition to Sofitel, Accor's other major hotel brands include Novotel, Mercure, Ibis, Formule 1, Etap Hotel and Motel 6. Accor is a worldwide group and leader in the travel and tourism business services industries, including hotels, travel agencies with Carlson Wagonlit Travel, car rental with Europcar and service vouchers (Accor Corporate Services). With 121,000 employees, Accor is present in 142 countries.