RNS Number:4841C
Property Acquisition & ManagementLd
15 October 2002


                   NOTIFICATION OF MAJOR INTERESTS IN SHARES



1. Name of company

Property Acquisition and Management Limited



2. Name of shareholder having a major interest

Channel Hotels and Properties Limited



3. Please state whether notification indicates that it is in respect of holding
of the shareholder named in 2 above or in respect of a non-beneficial interest
or in the case of an individual holder if it is a holding of that person's
spouse or children under the age of 18




4. Name of the registered holder(s) and, if more than one holder, the number of
shares held by each of them




5. Number of shares / amount of stock acquired

700,000



6. Percentage of issued class

1.22%



7. Number of shares / amount of stock disposed




8. Percentage of issued class




9. Class of security

Ordinary 10p Shares



10. Date of transaction

11 October 2002




11. Date company informed

14 October 2002



12. Total holding following this notification

16,586,547



13. Total percentage holding of issued class following this notification

25.83% (Voting rights of Ordinary and the Convertible Redeemable Preference Shares)



14. Any additional information




15. Name of contact and telephone number for queries

Andrew Duquemin 01481 731987



16. Name and signature of authorised company official responsible for making
this notification

Collins Stewart Fund Management Limited, Corporate Secretary



Date of notification

15 October 2002



The FSA does not give any express or implied warranty as to the accuracy of this
document or material and does not accept any liability for error or omission.
The FSA is not liable for any damages (including, without limitation, damages
for loss of business or loss of profits) arising in contract, tort or otherwise
from the use of or inability to use this document, or any material contained in
it, or from any action or decision taken as a result of using this document or
any such material.


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

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