Boho Group
Boho Group AB (publ) is a Swedish hospitality and real estate company centered on Boho Club in Marbella, Spain. Through its Spanish subsidiaries, the group owns the land, develops the property, and operates a five-star boutique hotel and members' club on the Costa del Sol.
Fiscal year 2025 · change from previous year
Development 2021–2025
Business
Share of revenueRoom accommodation and guest services at Boho Club in Marbella.
Restaurant, bar, and dining services tied to the hotel experience.
Club access and curated hospitality experiences for recurring guests and members.
Development of the group's land and building rights for future hospitality use.
Holding and managing the underlying property assets and related value creation.
Customers
Boho Group serves leisure travelers, high-end visitors, and members seeking a luxury lifestyle destination in Marbella. It also attracts guests and partners interested in premium hospitality, gastronomy, and wellness experiences, while the property side creates value for investors and development partners. The business is built around repeat visitation, destination appeal, and the ability to monetize both guest spend and underlying land value.
Guests booking rooms and experiences at Boho Club for premium stays in Marbella.
Local and international customers using the members' club and returning for the brand experience.
Visitors drawn by dining, wellness, and social experiences rather than overnight stays.
Potential collaborators and counterparties interested in development, land value, or operating partnerships.
Strategy
Boho Group's strategy is to build Boho Club into a destination brand that combines hospitality operations with long-term property value creation. The group is expanding the Marbella site, developing its land reserves, and evaluating similar destinations where its target audience already travels. It also seeks to strengthen the brand through curated guest experience, gastronomy, and wellness rather than scale alone.
More rooms and facilities can increase guest capacity and monetization of the site.
The property company creates value by converting land reserves into higher-value hospitality assets.
A differentiated luxury brand supports pricing power, repeat visitation, and partner interest.
Owning, developing, and operating the asset helps preserve quality and consistency.
Geography
The business is concentrated in Marbella’s Golden Mile on Spain’s Costa del Sol, where Boho Club is owned and operated through Spanish subsidiaries. Boho Group is listed in Sweden and reports in SEK, but its operating footprint and economic exposure are primarily tied to southern Spain and international travel demand. The location matters because the brand depends on destination appeal, seasonal tourism flows, and local planning and development conditions.
Risks
Boho Group is exposed to destination-specific tourism risk, including weather, seasonality, and shifts in international travel demand. Its property development model also depends on planning approvals, financing conditions, and the ability to convert land value into usable building rights. Because the business is concentrated in one location, local market disruption or geopolitical weakness in key source markets can affect both operating performance and development optionality.
- Tourism demand volatilityImpact: HighLikelihood: Medium
Hotel and restaurant demand depends on travel flows, weather, and discretionary spending.
Exposure - Planning and permitting riskImpact: HighLikelihood: Low
Future value creation depends on approvals for expansion and building rights.
Exposure: Development timetable and asset valuation
- Geographic concentration in MarbellaImpact: High
Most operating and development value is tied to one destination and one core asset.
Exposure: Boho Club and the Golden Mile property
- Financing and interest rate riskImpact: MediumLikelihood: Low
The group uses property-backed borrowing and project financing to support development.
Exposure: Interest expense and covenant headroom
Accounting
Judgemental itemsBorrowing costs are netted against debt and amortized, affecting interest expense and liabilities.
Impact: Reported leverage and finance costs
The business depends on the carrying value of land and development assets.
Impact: Balance sheet value and potential impairment charges
Hotel and operating leases create recognized liabilities and depreciation/interest effects.
Impact: Debt presentation and EBITDA-to-cash conversion
Spanish operations are translated into SEK, creating equity movements from exchange rates.
Impact: Equity and comparability across periods
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Last updated: 24/09/2026