A takeover bid for Gresham Hotels looks in the offing after Israeli group Euro Sea Hotels, formerly known as Red Sea Hotels, snapped up another 7% of the company's shares.
Euro Sea now holds 28% of Gresham, previously Ryan Hotels, having bought out the stake held by Donegal Hoteliers Sean and Brian McEniff last year. A bid must be made when 29.9% is held.
A market source said Bank of Ireland were the sellers of the 5.4 million shares to Euro Sea at a price of €1.05, a 30% mark up to the opening price of Gresham this morning.
Gresham Hotel shares closed up 17 cent at 88 cent per share.
