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RNS Number:9567B
Hichens Harrison & Co PLC
13 August 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
                                 13th August 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




                           POSTING OF OFFER DOCUMENT

Hichens, Harrison & Co. plc ("Hichens Harrison") announces, on behalf of
Armworth, that the Offer Document in relation to the Offers is being posted to
PAM Shareholders today, together with the Forms of Acceptance.

Forms of Acceptance should be completed, signed and returned in accordance with
the instructions set out in the Offer Document and in the Form of Acceptance, so
as to be received as soon as possible and, in any event, by not later than 3.00
p.m. on 3 September 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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