Confidential · August 2026
Glengarriff · Bantry Bay · Co. Cork
Investment Teaser

The Eccles Hotel & SpaEstablished 1745

Opportunity to participate as a passive minority shareholder, alongside a highly experienced U.S. sponsor and best-in-class Irish hotel operator, in the Eccles Hotel — one of Ireland's oldest coastal hotels.

Purchase price€3.3m
Repositioning capex€3.4m
Keys60
Anticipated investor IRR23%
Closing16 Sept 2026 · or sooner
§ 1 · The opportunity

A heritage asset at a fraction of replacement cost — with a rate gap the market has already priced.

The Eccles Hotel & Spa is a 60-key landmark on the shore of Bantry Bay, West Cork — trading at €3.1m revenue and €148 ADR against a Kerry luxury comparable set achieving €223. The gap is product condition, not demand. Entry at €3.3m, €7.9m all-in (€132k per key), against a Year-5 exit underwritten at €178k per key.

— 01

One of Ireland's oldest hotels, bought at €55k per key

Established 1745. Thackeray boarded here; Shaw wrote here in 1910–11; Yeats was a regular — the Presidential Suite carries his name. A protected trading heritage asset on the waterfront, acquired well below replacement cost.

— 02

A rate-led repositioning, not an occupancy bet

YE 2025: 60.4% occupancy at €148 ADR. The luxury comp set in the neighbouring county runs €223 ADR at 65.7% occupancy. The plan underwrites ADR to €192 by Year 5 — still a discount to the set — with occupancy held conservatively in the mid-50s.

— 03

An aligned, experienced sponsor-operator platform

BPM & Company Inc (sponsor, est. 2002 — hospitality investment and asset management, principal in every deal) with Windward Hospitality Group (Dublin-based hotel management, Ireland & UK repositioning track record) under a third-party management structure.

Trailing-12 EBITDA
€323k
YE 2025, pre-repositioning — 9.8% cap rate on purchase price
YE 2025 ADR
€148
vs €223 CoStar Kerry luxury comparable set
All-in basis
€132k/key
Purchase + capex + costs + reserves, fully capitalised
Year-5 exit basis
€178k/key
€907k stabilised EBITDA at 8.5% residual cap rate
The Eccles Hotel, Glengarriff — early 1900s postcard
Glengarriff, Co. Cork — early 1900s
Thackeray and Shaw — famous patrons of the Eccles
Thackeray · Shaw · Yeats · O'Hara — the patrons
The Eccles Hotel facade today
The house today — est. 1745
§ 2 · The repositioning

€3.4m, design-led — from country stalwart to upper upscale coastal resort.

GW Design (architecture + interiors) has completed the initial design direction: a facade returned to its Victorian elegance, a re-sequenced arrival, a 71-cover restaurant and cocktail bar over the water, conservatory, ballroom, spa, and all 60 keys re-cased — heritage elements preserved throughout, phased so the hotel trades through the works.

Reception look and feel
Arrival & reception — look & feel
Bar look and feel
Bar — look & feel
Conservatory look and feel
Conservatory
Gallery corridor look and feel
Gallery corridor
Ballroom look and feel
Ballroom & events
Repositioning budget€
Guestrooms & suites — case goods, soft goods, flooring, two DAC rooms≈ 830,000
Public areas — reception, restaurant, bar, banquet suite, corridors≈ 1,090,000
Exterior, facade & landscaping≈ 295,000
Physical & mechanical — fire/life safety, windows, boiler, roof, energy≈ 390,000
Design, project management, freight & contingency≈ 795,000
Total repositioning capex — €56.6k per key3,398,560

Budget per BPM & Company underwriting model, May 2026. Phased over Year 1; hotel remains trading.

Sponsor — BPM & Company Inc

US hospitality investment and asset management firm, established 2002. Value-based, cashflow-oriented hotel acquisitions in secondary markets since 2012; acts as principal / managing member in every investment. The majority of the equity is committed by passive US investors alongside the sponsor.

bpmcoinc.com

Operator — Windward Hospitality Group

Dublin-based hotel investment and management platform operating across Ireland and the UK for private equity, family office and institutional owners — with repositioning credentials including Harvey's Point and The Fleet Hotel. The Eccles will trade under a third-party management agreement for the full hold.

winmgt.ie
§ 3 · Plan, returns & structure

23% anticipated investor IRR — €500,000 buys approximately 15% of the equity.

A fully capitalised €7.9m transaction: €3.2m of equity, conservative leverage at entry, and a debt resize on completion of works. Returns are driven by trading recovery and the rate gap — not by exit-yield compression.

PHASE 01

Close

16 September 2026 — or sooner

Acquisition at €3.3m with senior debt at 81% of purchase price. Windward assumes management at completion.

PHASE 02

Reposition

Year 1

€3.4m phased capex programme to upper-upscale standard; facility resizes to €4.7m on completion of works, releasing capex funding.

PHASE 03

Trade

Years 2 – 5

Rate-led stabilisation to €5.1m revenue and €0.9m EBITDA by Year 5 — ADR to €192, still inside the comparable set.

PHASE 04

Exit

End of Year 5

Sale at stabilisation, underwritten at an 8.5% residual cap rate — €10.7m gross, €178k per key.

Anticipated investor IRR
23%
Five-year hold, underwritten in the sponsor model at 23.6%
€500,000 investment
≈ 15%
Anticipated shareholding of the equity
Average cash-on-cash
11.5%
Years 1–5, distributions from operating cash flow
Year-5 gross exit
€10.7m
€907k stabilised EBITDA at 8.5% residual cap
Sources & uses€Per key
Uses
Purchase price3,300,00055,000
Closing costs521,2208,687
Reserves & working capital675,82511,264
Repositioning capex3,398,56056,643
Total uses7,895,605131,593
Sources
Senior debt at acquisition — 81% of purchase price2,673,00044,550
Facility upsize on completion of works2,000,00033,333
Investor equity3,222,60553,710
Total sources7,895,605131,593

Facility resizes to €4.7m at 6.6% all-in following completion of works (entry coupon 7.26%). Year-1 debt service cover 2.9×.

Five-year planYr 1Yr 2Yr 3Yr 4Yr 5
Occupancy51.3%52.3%53.7%54.6%55.4%
ADR€154€161€171€181€192
RevPAR€79€84€92€99€106
Total revenue (€m)3.713.934.394.765.06
EBITDA (€k)445483634805907

Sponsor underwriting vs YE 2025 actuals of €3.10m revenue / €323k EBITDA. ADR at Year 5 remains ~15% below the current Kerry luxury comparable set.

Vehicle
Single-asset SPV — sponsor BPM & Company Inc as principal / managing member
Co-investors
Majority of equity from passive US investors, alongside the sponsor
Management
Third-party HMA — Windward Hospitality Group, full five-year hold
Hold & exit
Five years; sale at stabilisation, 8.5% residual cap underwritten
Timing
Closing 16 September 2026 — or sooner
§ 4 · Trading history & market

A proven trading base — in a market already paying the target rate.

Four full years of post-reopening trading average €3.1m of revenue on today's unrenovated product. The upper upscale and luxury comparable set across Cork and provincial Munster — 16 hotels, 1,559 rooms — runs 69.8% occupancy at €185 ADR. The Eccles competes for the same guest at €148 today; the repositioning capex behind the rate recovery is set out in §2.

Summary P&L — €'000 unless statedYE 2022YE 2023YE 2024YE 2025TTM Apr 26Budget 2026
Key indicators
Occupancy56.8%55.4%61.0%60.4%59.6%64.0%
ADR€132€150€151€148€149€156
RevPAR€75€83€92€89€89€100
Profit & loss
Rooms revenue1,3021,4451,4101,4051,3851,523
Food & beverage1,6011,5581,4521,5551,5891,538
Spa & other income161204171143128145
Total revenue3,0643,2063,0333,1033,1013,205
Departmental expenses(1,826)(1,856)(1,968)(1,870)(1,931)(1,918)
Gross operating income1,2381,3501,0651,2321,1701,288
Undistributed expenses & management fees(794)(898)(886)(805)(786)(857)
Gross operating profit444452179428384430
Fixed expenses(73)(91)(100)(105)(101)(104)
EBITDA37236279323283326

Historic trading per vendor accounts as compiled in the sponsor underwriting model ("Eccles Hotel IRE (5-20-26) v16", BPM & Company, May 2026); trailing twelve months to April 2026; Budget 2026 per current ownership.

Occupancy — %

Eccles YE 2025
60.4
Eccles Budget 2026
64.0
Munster comp set
69.8

Average daily rate — €

Eccles YE 2025
148
Eccles Budget 2026
156
Munster comp set
185

RevPAR — €

Eccles YE 2025
89
Eccles Budget 2026
100
Munster comp set
129

Comparable set: 16 upper upscale & luxury hotels, Cork & provincial Munster (1,559 rooms) — trailing twelve months to June 2026, per CoStar, August 2026. Sponsor underwriting reaches €192 ADR by Year 5.

Next step

Grand Canal Capital Partners is introducing a single investor to the sponsor for the balance of the equity.

The underwriting model, GW Design presentation and trading history are available under NDA.

Dave MurrayPartner · dave@gccapitalpartners.ie
Aaron SherlockPartner · aaron@gccapitalpartners.ie
Grand Canal Capital Partners10 Duke Street, Dublin 2, D02 AD78

Grand Canal Capital Partners | Confidential. This teaser is for discussion purposes only and does not constitute an offer, invitation or recommendation to invest. Financial figures are projections from the sponsor's underwriting model ("Eccles Hotel IRE (5-20-26) v16", BPM & Company) and are not guaranteed; historical trading per vendor information. Anticipated IRR and shareholding are pre-tax, deal-level estimates subject to final structuring and documentation. Design imagery per GW Design presentation, 23 July 2026 — indicative look & feel, not final schemes. Aerial photography © Eccles Hotel.

Grand Canal Capital Partners | ConfidentialInvestment Teaser · The Eccles Hotel & Spa · August 2026