Mahindra Holidays buys 51% in spa hotel firm in Sweden

New Delhi: Mahindra Holidays and Resorts India Ltd, part of Mahindra Group, said on Tuesday that it has bought 51% stake in spa hotel firm Visionsbolaget 10088 AB of Sweden for Rs.7.1 crore.

The acquisition was done through Mahindra Holidays’ subsidiary Holiday Club Sweden AB, India’s largest vacation ownership company said in a filing to BSE.

“Further, Visionsbolaget is in the process of changing its name to Holiday Club Sport and Spa Hotels AB,” the company said.

Visionsbolaget is operating a spa hotel in Sweden and is buying more such hotels. “It (Visionsbolaget) shall also be running spa, restaurant and other supporting businesses,” Mahindra Holidays said.

In 2014, Mahindra Holidays had bought a 23% stake in Finnish vacation ownership firm Holiday Club Resorts Oy. At present, Mahindra Holidays has around 178,000 members and 2,500 rooms in 41 resorts.

Shares of Mahindra Holidays gained 4.12% to Rs.411.60 on Tuesday on BSE, while the benchmark Sensex gained 0.68% to close at 25,320.44 points.

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