RNS Number:2265W
Irish Takeover Panel
21 May 2002



                             PANEL ANNOUNCEMENT


                      Gresham Hotel Group plc ("Gresham")

The Panel has considered a request from Gresham to investigate whether Red Sea
Hotels Limited ("Red Sea") and Mr. Ian Ilsley are acting in concert in relation
to their respective shareholdings in Gresham.  Gresham had expressed the view to
the Panel that Red Sea may be acting in concert with Mr. Ilsley


Red Sea and Mr. Ilsley hold Gresham shares representing approximately 28.2% and
4.2% respectively of the total voting rights in Gresham.


The Panel has carefully considered the submissions from the relevant parties and
notwithstanding these submissions, no factual information has been provided to
the Panel which may justify a Panel hearing on this matter or support the
contention that Red Sea and Mr. Ilsley are acting in concert.  Accordingly, on
the basis of the information currently available to it, the Panel has ruled that
Red Sea and Mr. Ilsley are not acting in concert in relation to their respective
shareholdings in Gresham.



21 May, 2002



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