Sunday, August 7, 2011

Adagio acquires Citéa and becomes the European No.1 in Urban Tourism Residences

Pierre & Vacances/Center Parcs and Lamy (Nexity group) have signed an agreement to purchase

from Lamy : -50% of Citéa, mandated administrator of 49 2* Urban Tourism Residences on behalf

of Pierre & Vacances, Lamy and other interests. Which will bring the participation of Pierre &

Vacances/Center Parcs in Citéa to 100% - the branch of activity operating the 31 Urban Tourism

Residences (3193 apartments) managed by Citéa.

Secondly, the Pierre & Vacances/Center Parcs Group will cede 100% of Citéa to Adagio. By the

end of this operation, Adagio will manage 84 Urban Tourism Residences.

Adagio’s strategy

In 2007, the Pierre & Vacances/Center Parcs and Accor Group established a joint venture shared

50/50 to administrate the management and development of a European network of Urban Tourism

Residences. Today, Adagio has 35 residences located in France, Belgium, Germany, Austria, Italy

and Switzerland, with a total of 4460 apartments generating a business volume of around 100

million Euros.

The evolution of society tendencies and of the expectations of the business and leisure clientele

has consolidated the success of the urban residence for medium and long-term periods.

As a result of the acquisition of Citéa, which is to be finalised at the end of June 2011, Adagio will

become the European market leader in Urban Tourism Residences, with almost 10,000 apartments

The Adagio brand will cover all of the Adagio and Citéa residences, but a label will differentiate the

Citéa residences in order to respond to the economical market brought about by the location and

the price positioning.

Adagio’s development plan consolidated with Citéa is principally focused in Europe (France,
Germany, UK), as well as Russia and the Middle East.

By 2015, Adagio will manage almost 130 residences and have a business volume of 330 million

In the Middle East, two new Adagio hotels are planned to join Accor ME’s existing network, the
Adagio Abu Dhabi Al Bustan in the UAE which will open in 2012 and the Adagio Jeddah Malik
Road in Saudi Arabia which will open by 2014. Designed to be a new network of urban residences,
the Adagio chain offers mid-market apartments with à la carte services meeting the needs for both
the corporate and leisure travelers.

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