Located in Daechi-dong in the heart of Seoul�s business district, the new Ibis has 317 rooms, two meeting rooms, a bar, a restaurant and a full range of other amenities, including a fitness center and a sauna.

There are still very few economy hotels in South Korea, a situation that is perceived as hindering the international development of the market for business conventions and trade shows. With room rates 60% lower than in nearby hotels, the Ibis Seoul targets both business travelers and tourists, mainly from South Korea and other Asian countries, who are looking for high-quality services at affordable prices. 

In China, a first Ibis hotel will open at the end of the year in Tianjin, the country�s fourth-largest city. Offering 154 rooms, the property is located 120 kilometers south east of Beijing in a high-tech business park recently built near the city�s industrial district. A large number of international companies have already set up operations in the park, which is expected to expand rapidly. Accor is the first international hotel company to open an economy unit in the area. 

Accor is also planning to open Ibis hotels in two other cities in China: Chengdu in third-quarter 2004 and Qingdao in 2005.

In addition, the Ibis North Point in Hong Kong is adding 64 new rooms that will increase total capacity to 247 rooms by second-half 2004. With an average occupancy rate of 84% over the past quarter and the prospect of more customers from mainland China, the Hong Kong Ibis should continue to increase its market share.

These openings represent a new stage in Accor�s development in the Asian economy hotel segment.

In Asia, where the major international hotel operators have focused on the upscale segment, Ibis�s unique offer of high-quality services at affordable prices stands out from the competition. It is also in line with new regional trends in business and leisure travel, notably:

• The emergence of a domestic customer base in fast-growing countries like South Korea, China and Indonesia, a country in which Accor already has eight Ibis hotels.
• The steady growth in intra-regional travel.
• The decision by large companies to book employees into less expensive hotels.

With 150,000 associates in 140 countries, Accor is the European leader and one of the world's largest groups in travel, tourism and corporate services.