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RNS Number:0995D
Hichens Harrison & Co PLC
20 September 2004


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR
FROM THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN


Press Announcement                                           17th September 2004


                  Recommended Mandatory Cash Offers ("Offers")
                         by Hichens, Harrison & Co. plc
                                  on behalf of
                      Armworth House Limited ("Armworth")
      (a wholly owned subsidiary of Channel Hotels and Properties Limited)
     for all of the issued and to be issued ordinary shares and convertible
                        redeemable preference shares in
               Property Acquisition and Management Limited ("PAM")
                         not already owned by Armworth

                                OFFER CLOSED


Hichens, Harrison & Co. plc ("Hichens Harrison") announces, on behalf of
Armworth, that the Offers have today closed.

As 3pm today Armworth had received acceptances for 26,917,448 Ordinary Shares
and 4,789,667 Preference Shares which represents 48.55% of the overall share
capital of PAM.

Prior to the making of the Offers and including shares purchased by Armworth in
the market, Armworth held 27,965,265 Ordinary Shares and 4,899,509 Preference
Shares representing 50.016% of the overall share capital of PAM.

Armworths holdings combined with the valid acceptances gives Armworth an overall
holding of 54,882,713 Ordinary Shares and 9,689,176 Preference Shares
representing 98.74% and 99.60% of the Share Capital respectively. Armworth
therefore holds 98.87% of the PAM Shares.

Armworth announced on the 10th September that it intends to cancel the listing
of the PAM Shares on the Official List and the CISX respectively and the
admission to trading of the PAM Shares on the London Stock Exchange and CISX on
Friday 8 October 2004.


Enquiries:

Armworth                         David Kirch            Tel: 01534 851 339

Hichens, Harrison & Co. plc      Daniel Briggs          Tel: 020 7382 7776
                                 Christian Dennis       Tel: 020 7382 4473


Defined terms used in this announcement shall have the same meaning as is
attributed to them in the Offer Document and the Forms of Acceptance.

Hichens Harrison, which is authorised and regulated by the Financial Services
Authority in the United Kingdom, is acting for Armworth, CHP and no-one else in
connection with the Offers and will not be responsible to anyone other than
Armworth and CHP for providing the protections afforded to customers of Hichens
Harrison nor for providing advice in relation to the Offers or any other matters
referred to herein.


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

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