Here are 1-3 brief analogies for Inspirato (ISPO):

• Netflix for luxury vacations
• NetJets for luxury homes

• Inspirato Club Membership: A luxury travel subscription service providing members with access to an exclusive portfolio of vacation homes and experiences at members-only nightly rates.
• Inspirato Pass Membership: An all-inclusive luxury travel subscription offering unlimited trips to Inspirato's accommodations and experiences for a fixed monthly fee, without nightly rates or additional fees.

Inspirato (ISPO) primarily sells its luxury travel subscription services to **individuals** rather than other companies. Therefore, it does not have major corporate customers in the traditional B2B sense that account for a significant portion of its revenue. According to its SEC filings, no single customer accounted for 10% or more of its revenue.

The company serves up to three main categories of individual customers:

1. Affluent Families and High-Net-Worth Individuals: This is Inspirato's core demographic. These customers seek exclusive, high-quality, and hassle-free luxury travel experiences for family vacations, romantic getaways, or group trips. They have significant disposable income and value access to a diverse portfolio of curated vacation homes, hotels, and experiences worldwide, without the commitment or management burden of owning multiple properties.

2. Time-Constrained Professionals and Executives: Often overlapping with the first category, this group prioritizes convenience and efficiency in their travel planning. They have demanding schedules and limited time for researching and booking luxury accommodations, so they value Inspirato's concierge services, vetted properties, and streamlined booking process that ensures reliable, premium leisure experiences.

3. Experience-Driven Travelers and Lifestyle Enthusiasts: These members are motivated by a desire for unique and varied travel experiences. They are less focused on owning vacation properties and more interested in exploring diverse destinations, participating in curated events, or accessing exclusive adventures. They appreciate the flexibility and breadth of Inspirato's offerings, which cater to a lifestyle of continuous luxury discovery and exploration.

Payam Zamani, Chief Executive Officer & Chairman

Payam Zamani has served as CEO and Chairman of Inspirato since August 2024. He is the founder, chairman, and CEO of One Planet Group LLC, a private equity firm established in 2015 that focuses on operating technology, media, and hospitality companies, and acts as an early-stage investor and startup incubator. Zamani co-founded Autoweb.com in 1994, which went public in March 1999. In 2001, he launched Reply.com, a performance-based marketing company later rebranded as Buyerlink and now owned by One Planet Group. His appointment as CEO of Inspirato followed a $10 million equity financing round led by One Planet Group.

Michael Arthur, Chief Financial Officer

Michael Arthur was promoted to Chief Financial Officer of Inspirato in October 2024, with the transition effective November 8, 2024. He joined Inspirato in February 2023 as Senior Vice President of Finance, overseeing Corporate Finance, FP&A, and Treasury. Prior to joining Inspirato, he spent over 10 years in finance, accounting, and corporate strategy roles at PwC and VF Corporation. He holds a Bachelor of Science in Business Administration (BSBA) with a focus on Finance and a Master's degree in Accounting from UNC Kenan-Flagler Business School, and is both a Certified Public Accountant (CPA) and a Chartered Financial Analyst (CFA).

Nima Mazloumi, Chief Technology Officer

Nima Mazloumi serves as the Chief Technology Officer at Inspirato.

Brent R. Wadman J.D., General Counsel and Secretary

Brent R. Wadman serves as the General Counsel and Secretary for Inspirato.

Bita Milanian, Chief Marketing Officer

Bita Milanian is the Chief Marketing Officer at Inspirato.

Inspirato (ISPO) primarily operates within the luxury travel sector, offering subscription-based access to a curated portfolio of luxury vacation homes, five-star hotel and resort partners, and personalized travel services. Key offerings include the Inspirato Pass, which provides unlimited travel for a monthly fee, and bespoke travel experiences.

Addressable Markets for Inspirato's Main Products or Services:

1. Luxury Travel Market

• Global Market Size: The global luxury travel market was valued at approximately USD 2,509.71 billion in 2024 and is projected to reach USD 4,827.68 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 8.56% over the forecast period. Other estimates place the 2024 value at USD 2,229.53 billion, growing to USD 3,177.66 billion by 2033 (CAGR of 3.82%), or USD 1.48 trillion in 2024, projected to reach USD 2.36 trillion by 2030 (CAGR of 8.2%).
• North America Market Size: North America held a significant share of the luxury travel market, accounting for 32.64% in 2024, with a market size of USD 819.13 billion. The U.S. market constituted 87.50% of the North American luxury travel market.

2. Destination Club Market / Vacation Clubs (Subscription-based Travel)

Inspirato is a luxury destination club operating on a subscription model.

• Global Market Size: The global destination club market size reached USD 23.5 billion in 2024 and is projected to grow to USD 47.9 billion by 2033, exhibiting a CAGR of 8.1%.
• The broader "Vacation Ownership (Timeshare) Market," which includes vacation/travel clubs, was valued at USD 23.85 billion in 2025, with projections to reach USD 41.85 billion by 2033 (CAGR of 7.28%). Another source estimated the global vacation ownership market size at USD 11.9 billion in 2023, with an estimated CAGR of over 8% between 2024 and 2032.

3. Recreation Clubs Market (including Resort & Destination Clubs)

Inspirato's model also falls under the "Resort & Destination Clubs" category within the larger recreation clubs market.

• Global Market Size: The global recreation clubs market size was valued at USD 60 billion in 2024 and is projected to reach USD 87.55 billion by 2030, with a CAGR of 6.5%. Another report indicates a market size of USD 63.4 billion in 2025, expected to reach USD 119.3 billion by 2034 at a CAGR of 7.3%.
• North America Market Size: North America accounts for the largest share, estimated at 35% of global recreation club revenues in 2024 (approximately USD 21 billion). The U.S. recreational clubs market is projected to be valued at USD 21.3 billion in 2025.

4. Inspirato Real Estate and Inspirato for Business

• Addressable Market Size: null

Inspirato (ISPO) is strategically positioning itself for future revenue growth over the next 2-3 years through several key initiatives:

1. Redesigned Pass Membership Program: The company's new Pass membership, which began presale in Q3 2025 and launched in January (presumably 2026), is a significant driver. This redesigned product aims to offer greater flexibility and improved profitability for Inspirato, having already attracted more new Pass members in less than three months than in the prior 12 months combined. Management expects this to boost member uptake and stabilize subscription revenue.
2. Growth in Average Daily Rates (ADR) and Portfolio Optimization: Inspirato has demonstrated strong pricing power by increasing its Average Daily Rates (ADR). In Q3 2025, ADR rose by 20% to $1,742, and in Q2 2025, it jumped 24%. The company is also actively optimizing its portfolio mix to enhance revenue quality and achieve profitability goals, focusing on paid delivered nights rather than solely on Pass usage.
3. Expansion of Experiential Travel and Bespoke Services: Inspirato sees continued opportunity in its experiential travel and bespoke services segment. Travel revenue increased, with experiential travel business growing 47% year-over-year in Q2 2025. The company is deepening its commitment to curated luxury travel experiences for its members.
4. Strategic Investments in Technology and Digital Marketing: Inspirato plans to accelerate its transformation through technology investments and enhanced digital marketing strategies. These investments are designed to unlock significant growth potential, improve operational efficiency, expand the member base, and elevate the Inspirato brand within the luxury travel market.
5. Leveraging Operational Efficiencies for Growth Reinvestment: While primarily focused on cost management, the significant operational efficiencies and cost reductions achieved are enabling Inspirato to invest in growth initiatives. The company reported a 97% year-over-year improvement in adjusted EBITDA in Q3 2025, driven by disciplined cost management and renegotiated vendor contracts. These improvements provide the financial foundation to support future growth strategies.

Share Repurchases

• No significant corporate share repurchase programs or authorizations have been explicitly reported within the last 3-5 years.

Share Issuance

• Inspirato completed its initial public offering (IPO) in 2021.
• As of November 2025, the number of shares outstanding has increased significantly, with a reported 187.86% increase in one year as of a recent observation.
• A proposed reverse merger with Buyerlink LLC, which was mutually terminated in September 2025, would have involved Inspirato issuing 73,896,235 Class A common shares and 8,262,327 7% preferred shares to acquire Buyerlink.

Inbound Investments

• In 2023, Inspirato completed a $25 million investment from Capital One Ventures, establishing a strategic partnership.
• In September 2025, Inspirato received a non-binding, conditional offer from Exclusive Investments, LLC to acquire 100% of the company's outstanding equity for an equity value of $3.50 per share, totaling approximately $39 million, which the company did not consider actionable.

Outbound Investments

• No significant outbound investments in other companies by Inspirato have been reported within the last 3-5 years.

Capital Expenditures

• Capital expenditures were reported as approximately -$3.8 million in the trailing 12 months (TTM) as of late 2024.
• Inspirato's capital expenditures have seen an annual growth rate of 6.3% over the last five years.
• Capital expenditures are primarily focused on property enhancements for its luxury vacation homes and accommodations, as well as ongoing investments in its digital platform.