RNS Number:0662R
Euro Sea Hotels BV
20 October 2003

                              Red Sea Hotel Group


                         Statement Re Media Speculation



The Board of Red Sea Hotel Group wish to confirm that they are not in discussion
with any party with respect to their shareholding in Gresham Hotel Group plc.

This announcement is being made in the context of a speculative article, which
was printed in the Irish edition of the Sunday Times on 19 October 2003.

END


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