Pursuit Attractions and Hospitality Inc Dossier
Qualitative Analysis
Business overview
Pursuit Attractions & Hospitality, Inc. (NYSE: PRSU) is a leading global experiential travel company that owns and operates a collection of inspiring and unforgettable travel experiences in iconic, supply-constrained destinations across the United States, Canada, Iceland, and Costa Rica. Relaunched as a standalone public company on December 31, 2024, following its spin-off from Viad Corp (which sold its non-core GES convention business), Pursuit's vertically integrated model captures value across the entire guest journey. The company's premium portfolio features 17 world-class point-of-interest attractions (such as the Banff Gondola, Columbia Icefield Adventure, and Sky Lagoon in Iceland) and 29 distinctive lodges and eco-luxury resorts (including the recently acquired Tabacón Thermal Resort & Spa in Costa Rica), integrated with food, retail, and transportation services. Pursuit caters to experiential travelers seeking cultural immersion and bespoke sightseeing, benefiting from high barriers to entry due to stringent environmental and zoning regulations in national parks.
Research as of 19 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
A disciplined capital allocation strategy focused on refreshing existing high-margin assets, building new attractions, and buying complementary businesses to drive high-return organic growth.
Expected impact: Expected to deliver over $40 million in incremental Adjusted EBITDA by 2030 at an effective multiple of less than 7x.
Transitioning into a pure-play experiential hospitality company by divesting non-core assets (such as the GES events-services business in late 2024 and the Flyover virtual ride business in 2026) and buying out minority interests.
Expected impact: Eliminates non-core operations, simplifies capital structure, and provides financial flexibility to focus entirely on high-margin, irreplaceable destination assets.
Thoughtful evolution of operations in sensitive landscapes, highlighted by the launch of the world's first electric Ice Explorer vehicle as part of the Columbia Icefield Adventure.
Expected impact: Reduces carbon footprint on the Athabasca Glacier using onboard solar panels and regenerative braking, reinforcing the company's commitment to environmental sustainability.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Recent Acquisitions
Acquisition of a highly unique, eco-friendly thermal resort in Costa Rica, expanding Pursuit's geographic footprint into a premier international destination.
Financial impact: Provides counter-seasonal, year-round demand to balance North American seasonal operations, and exposes Pursuit to a growing Central American tourism market.
Acquisition of the remaining 20% non-controlling interest held by the Maughan Revocable Trust to achieve 100% ownership of the Glacier Park subsidiary.
Financial impact: Eliminated approximately $19 million to $25 million in noncontrolling interest liabilities from Pursuit's balance sheet.
Strategic Partnerships
Brogent is the counterparty acquiring Pursuit's Flyover flying theater attractions business for $78.4 million [1.1.1].
Terms: $78.4 million in cash, subject to customary post-closing adjustments, representing an attractive multiple of approximately 15x Flyover's estimated 2025 Adjusted EBITDA.