EPH Group AG has obtained the building permit for an exclusive boutique hotel overlooking Lake Tegernsee in Bavaria, a regulatory milestone that transforms a conditional acquisition into a near-certain project. The permit satisfies the condition precedent tied to a February 2026 term sheet for the roughly 4,500-square-metre site, clearing the way for the final purchase agreement and immediate construction. For investors and market observers, the approval is significant because it de-risks a flagship asset in the Vienna-based company's growing hotel pipeline and validates the use of proceeds from its newly launched EUR 50 million secured bond.
The project envisions a premium, design-oriented resort in an elevated setting with panoramic lake views, aimed at discerning guests seeking individuality and tranquility. An internationally established hotel operator is expected to manage the property. The timeline has been closely watched since the term sheet was announced, and the permit removes the largest remaining contingency. According to the company, the final purchase agreement is expected to be signed shortly, followed by the immediate start of project implementation.
Financing is a central element of the announcement. EPH Group intends to fund part of the hotel through its secured corporate bond 2026/2033 (ISIN: AT0000A3XVE4), which carries a total volume of up to EUR 50 million, a seven-year term and a 10 percent annual interest rate paid monthly. The bond is secured by pledges over shares in subsidiaries and affiliated companies, including the project company that will own the Lake Tegernsee hotel. The subscription period runs from 28 October to 25 November 2026, with trading on the corporates prime segment of the Vienna MTF expected to begin on 1 December 2026. The public offering is being made exclusively on the basis of the securities prospectus published on the issuer's website, www.eph-group.com, which was approved by Luxembourg's CSSF on 23 October 2026 and notified to BaFin and the Austrian FMA. Investors are advised to read the prospectus, available at https://eph-group.com/assets/wertpapierprospekt-anleihe-2026-2033.pdf, before making any investment decision. Approval by the CSSF does not constitute an endorsement of the securities.
The permit also underscores EPH Group's broader strategy. Founded in 2023, the company specializes in hotel real estate in the DACH region and has built a portfolio of ten projects in Austria and Germany. It develops hotel projects to construction-ready status and implements selected projects independently, collaborating with international hotel brands. Its shares trade on several German exchanges, including the Open Market of the Stuttgart Stock Exchange since 2025, the Primary Market of the Dusseldorf Stock Exchange since 2026, and the Open Market of the Frankfurt Stock Exchange and Xetra since May 2026. With the Lake Tegernsee project now permit-approved, EPH Group can point to a concrete execution milestone as it markets the bond and seeks to attract investors to its premium hospitality vision. More information about the company and its projects is available at https://eph-group.com/.
