GHL Gresham Hotel

RNS Number:6340Z
Gresham Hotel Group Plc
06 August 2002

                            GRESHAM HOTEL GROUP PLC

                   Mr. Patrick Coyle Appointed Joint Chairman

                                      and

                                 Trading Update




Joint Chairman

Following a meeting of the Board of Gresham Hotel Group plc (the "Company" or
"Gresham") today, the Directors wish to announce that Mr. Patrick Coyle, Chief
Executive, has been appointed Joint Chairman of the Board.

Euro Sea Hotels N.V. and Irish River Holdings B.V. (being together "Red Sea")
who own 28% of the voting share capital of Gresham, requisitioned an
Extraordinary General Meeting ("EGM") of the Company to be held on 8th August.
The purpose for which the meeting is called is for shareholders to consider and
vote on eight separate resolutions involving the removal of four of the current
directors of the Board, including the current Chairman Mr. Sean Henneberry, and
the appointment of three additional directors, being the nominees of Red Sea.

Unless there is a majority vote of shareholders against the resolutions to be
considered at the EGM, it will result, inter alia, in the current Chairman being
removed from the Board and the possibility of the Board being deadlocked on
various operational and other issues. Such a situation could impede the orderly
conduct of the business of the Board and the Company. In these circumstances and
arising from today's appointment, Mr. Coyle will have the role of Chairman of
the Board. This appointment will ensure the orderly conduct of the business of
the Board and the Company. In these circumstances, Mr. Coyle would also continue
in his position as Chief Executive. Mr. Coyle views this role as a temporary
position and has stated that he intends to step down from the position of Joint
Chairman in due course, if the resolutions are not passed or, alternatively,
when a suitable replacement is agreed by the Board of Directors.


Mr. Coyle will not receive any additional remuneration or other benefits for
this additional responsibility.

Trading Update

Mr. Sean Henneberry in his Chairman's statement to shareholders included in the
Annual Report on 21 May, 2002, stated that "...In respect of the current year
the Group believes that conditions continue to be challenging." The Chairman
also noted that there were signs, which if continued, could benefit the Group,
particularly in the second half of the year. Trading conditions have remained
challenging for Gresham in the first half in line with conditions in the tourism
industry. This, together with the costs arising directly from the requisition of
the EGM, referred to above, lead the Board of Directors to believe that
stockbroker forecasts of profitability for the current year will not now be
achieved.

For further information contact:

Patrick Coyle, Chief Executive and Joint Chairman of Gresham Hotel Group plc on
+ 353 1 817 6209;

Robert Bastow, Finance Director of Gresham Hotel Group plc on + 353 1 817 6209;

Fiona Gillespie, Communications Consultant + 353 87 250 2447.




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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