COURBET

By extension the development model can be considered sustainable. In run rate a hotel consumes few incremental resources. Courbet has the opportunity to promote sustainable tourism by favouring green tourism by nature (type of accommodation) or proximity (limitation of carbon emissions).

As Courbet has no activity, the company does not publish an environmental report and has not communicated its intention to publish one. When renovating the assets it acquires, Courbet wishes to develop alternative heating methods to fossil fuels. The modernisation of the Cannes hotel will involve the greening of the roof, while the Grand Hôtel de La Bourboule will benefit from a communal wood-fired boiler. The commune of La Bourboule has a heating network supplying 70 buildings. Geothermal energy will be considered in the most appropriate cases.

As a service business (hotel industry), the impact on the environment scope 1 & scope 2 is limited to operations: energy (electricity or even fossil fuels for heating, essentially) and miscellaneous (water consumed by customers, waste generated). We also consider that the entire environmental responsibility lies with the final consumer. At this stage, Courbet has not announced a strategy to take into account the reduction of its environmental footprint in its project to upgrade its assets (thermal insulation, heating, waste recycling, etc.).

The takeover of an existing asset to be upgraded is in itself carbon neutral vs. the construction of a new accommodation facility. This avoided expenditure is not valued here. This strategy could by extension be considered to have a positive impact on the environment. Conversely, the “grandfather” carbon expenditure resulting from the original construction of the assets (concrete, metals, soil artificialisation, etc.) is not accounted for. In the long term, we do not anticipate that this original expenditure will have to be compensated.

Due to its location, Courbet will promote by nature a local accommodation model frequented by an essentially national clientele, with the correlative low environmental impact vs. distant destinations.

As Courbet’s activity is embryonic, the Company does not publish an environmental report and does not communicate on its intention to publish one. It does not publish forecasts for emissions of any kind. The production of waste and the consumption of water in scopes 1 & 2 can nevertheless be anticipated as low in mass, even in the mature phase of the project.

Apart from the Board, there is currently no management team in place. The number of direct employees of the Company is nil as of June 2022. With the launch of the La Bourboule hotel, excluding Cannes, we anticipate an increase in the number of employees to around 65 people by 2028 (130 rooms). This figure includes the equivalent of staff that could be subcontracted in the future within the OTT group for support functions (marketing, back office, accounting etc.). With a platform of 10-12 hotels, the group will have several hundred employees.

As Courbet has no activity at this stage, the Company does not publish a social report. The remuneration policies are not known at this time, nor their structure (internal/external to Courbet). To our knowledge, there are no specific regulated agreements.