Here are 1-2 brief analogies for Pursuit Attractions and Hospitality (PRSU):

• Vail Resorts (MTN) for natural destination experiences.
• A land-based cruise line for iconic natural destinations.

• Scenic Attractions: Provides unique, immersive experiences at iconic natural and cultural destinations, often involving gondolas, observation decks, and interpretive centers.
• Lodging: Offers hotels, lodges, and other accommodation options situated at or near their popular tourist destinations.
• Food & Beverage Services: Manages restaurants, cafes, and bars providing dining experiences for guests visiting their attractions and lodging properties.
• Retail: Operates gift shops and stores selling merchandise, souvenirs, and apparel directly at their attraction sites.
• Adventure Activities & Tours: Offers guided excursions and experiences focused on outdoor adventure, wildlife viewing, and exploration of natural environments.

Upon reviewing public company data, the symbol "PRSU" for "Pursuit Attractions and Hospitality" does not appear to correspond to a currently listed public company.

However, "Pursuit" is a well-known brand and a significant part of Viad Corp (NYSE: VVI), which operates it under its Travel & Recreation segment. Assuming the intent was to inquire about the customers of the "Pursuit" brand operated by Viad Corp, the information is as follows:

Major Customers of Pursuit (operated by Viad Corp)

Pursuit primarily sells its services directly to individuals (B2C) seeking unique travel, hospitality, and attraction experiences in iconic natural destinations. Its major customer categories include:

1. Independent Leisure Travelers: This is the largest category, encompassing individuals, couples, and families who plan and book their own vacations. They seek experiences such as scenic tours, outdoor adventures, iconic attractions (e.g., gondolas, skywalks), and lodge accommodations. These customers are typically domestic and international tourists visiting destinations like the Canadian Rockies, Alaska, Montana, and Iceland.
2. Pre-arranged Tour Group Participants: Individuals who travel as part of organized tour packages. While tour operators or travel agencies might handle the initial booking, the ultimate consumers of Pursuit's attractions, tours, and lodging services are the individual members of these groups enjoying a structured itinerary.
3. Local/Regional Day-Trippers: Individuals and families residing in or near the regions where Pursuit operates, who visit specific attractions or enjoy short-term recreational activities without necessarily requiring overnight accommodation. This segment focuses on day visits to popular sites like the Banff Gondola or the Columbia Icefield Adventure.

The key risks to Pursuit Attractions and Hospitality (symbol: PRSU) include:

1. Operational Execution and Project Risk: Pursuit Attractions faces challenges in the successful launch and ongoing management of new attractions and the integration of acquisitions. For instance, the Flyover Las Vegas attraction experienced asset write-downs in 2024, highlighting the execution risks associated with new projects. While recent acquisitions have reportedly been integrated smoothly, the successful integration of future acquisitions remains crucial for achieving projected synergies and financial benefits.
2. Exposure to External Factors: The company is vulnerable to external factors such as currency volatility and natural disasters. A significant portion of its operations are in Canada, making it susceptible to currency headwinds, such as a potential 5–10% Canadian dollar headwind in 2025, which could reduce EBITDA by an estimated $7 million. Natural disasters, like the 2024 wildfires in Jasper National Park, have severely disrupted tourism, impacting visitation and revenue by approximately $15 million. Recovery from such events can be uncertain.
3. Labor Costs and Shortages: Pursuit Attractions has experienced, and may continue to experience, labor shortages. These shortages can lead to increased wages and initial hiring costs, thereby raising labor expenses at its hotels and attractions, which could ultimately reduce revenue and profits.

Emergence of advanced immersive digital experiences (VR/AR/Metaverse): As virtual reality, augmented reality, and metaverse technologies continue to advance and become more accessible, hyper-realistic and interactive digital experiences could offer compelling and cost-effective alternatives to visiting certain physical attractions. These digital platforms could satisfy a desire for exploration, education, and entertainment without the need for physical travel, potentially reducing the perceived unique value and demand for some of Pursuit's physical properties.

Rapid growth of hyper-localized and niche experience platforms: The proliferation and increasing sophistication of platforms that offer highly personalized, authentic, and localized travel experiences (e.g., enhanced Airbnb Experiences, specialized local tour aggregators, community-driven travel apps) could divert leisure spending from larger, more traditional attractions and hospitality offerings. A growing segment of travelers, particularly younger generations, increasingly prioritizes unique, off-the-beaten-path experiences curated by locals over standardized, mass-market tourism.

Increasing and unpredictable impacts of climate change on destination desirability and accessibility: Given that many attractions and hospitality offerings rely on specific geographic locations, often outdoors or in sensitive natural environments, the escalating frequency and intensity of extreme weather events (e.g., wildfires, floods, heatwaves, droughts, unpredictable snow seasons) pose a significant and unpredictable threat. These events can directly disrupt operations, damage physical assets, render destinations less appealing or accessible, and necessitate substantial adaptation costs, thereby reducing visitor numbers and overall revenue. Furthermore, growing consumer environmental consciousness may shift demand away from perceived high-carbon or environmentally vulnerable travel.

Pursuit Attractions and Hospitality (PRSU) operates in various segments of the travel and tourism industry, primarily in North America (United States and Canada), as well as in Iceland and Costa Rica. The company's main products and services include attractions, accommodation, culinary experiences, retail, and transportation.

The addressable markets for Pursuit's core offerings can be segmented as follows:

• Overall Travel Market (U.S. and Canada): The total travel market for the U.S. and Canada was estimated at approximately USD 1,537.7 billion in 2024 and is projected to reach USD 1,683 billion in 2025. This broad market encompasses all forms of leisure and business travel in Pursuit's primary operating region.
• Hotel Market (North America): The North America hotel market is valued at approximately USD 120 billion. This segment directly addresses Pursuit's ownership and operation of 29 distinctive lodges.
• Attractions Market (North America):
  • The North America Water Parks & Attractions Market was valued at USD 2.43 billion in 2024 and is projected to grow to USD 4.04 billion by 2033.
  • North American theme park and amusement park revenues were approximately €24.18 billion (around USD 26.5 billion) in 2019, with a projected compound annual growth rate of 8.7% between 2019 and 2025. Pursuit operates 17 world-class point-of-interest attractions.
• Travel Experiences Market (Global and U.S.):
  • The global travel experience market is estimated to be more than USD 3 trillion, with destination visitors globally spending about USD 1.1 trillion to USD 1.3 trillion on experiences. This reflects the experiential nature of many of Pursuit's offerings, including those outside North America.
  • The global personalized travel and experiences market is expected to reach USD 447.3 billion by 2030, with the U.S. market alone projected to reach USD 133.4 billion by 2030.

Pursuit Attractions and Hospitality (PRSU) is expected to drive future revenue growth over the next 2-3 years through a multifaceted strategy encompassing organic investments, strategic acquisitions, recovery in key markets, expansion of new offerings, and optimized demand management.

Here are 3-5 expected drivers of future revenue growth:

1. Expansion through Refresh and Build Initiatives: Pursuit is executing a "Refresh and Build" strategy that involves significant organic investments to enhance existing assets and create new experiences. This includes plans for large-scale refresh projects such as the Forest Park Hotel Woodland Wing in Jasper National Park, as well as new build projects like upgrades to the Jasper SkyTram and Banff Gondola, and development projects at the Apgar campus. These investments are anticipated to increase capacity and improve guest experiences, thereby driving sustained growth.
2. Strategic Acquisitions of New Attractions and Hospitality Assets: The company's "Buy" component of its growth strategy focuses on acquiring targeted businesses and expanding its portfolio. Recent examples include the acquisition of Tabacón Thermal Resort & Spa in Costa Rica, and the Jasper SkyTram. Pursuit maintains an active acquisition pipeline, spanning both existing and new geographies with perennial demand, which is expected to fuel long-term growth. The company sees potential to build a world-class collection of nature-based experiences in Costa Rica.
3. Continued Recovery and Growth of Jasper National Park Properties: A significant driver of recent and expected future revenue growth is the strong recovery across Pursuit's Jasper properties. These properties experienced temporary closures in the prior year, and their rebound, coupled with sustained leisure travel demand to Jasper, is contributing substantially to the company's performance.
4. Growth from Recently Launched and Expanded Experiences: Pursuit benefits from incremental growth driven by recently launched attractions and expanded offerings. New experiences such as Flyover Chicago (opened March 2024), Eddie's Cafe & Mercantile, Apgar Lookout Retreat, and Montana House are expected to contribute to revenue. Additionally, the expansion of the premium ritual experience at Sky Lagoon has been noted for driving strong growth in effective ticket prices.
5. Sustained Strong Guest Demand and Effective Yield Optimization: Management has consistently highlighted strong guest demand for its distinctive experiences in iconic destinations. Coupled with effective yield optimization strategies, which involve managing pricing to maximize revenue per customer, this demand is a key driver of continued revenue growth across Pursuit's attractions and lodges. Early forward indicators and resilient demand for experiential travel further support this growth driver.

Share Repurchases

• Pursuit Attractions and Hospitality, Inc. authorized a share repurchase program in August 2025 to buy back up to $50 million of its common stock, with no expiration date.

Share Issuance

• Shares issued amounted to $1.7 million in June 2025.
• The number of shares outstanding increased by 18.93% over the last 12 months, as of November 2025.

Outbound Investments

• In July 2025, the company invested approximately $111 million in the acquisition of Tabacón Thermal Resort & Spa in Costa Rica's Arenal region.
• During 2024, Pursuit completed the acquisition of the Jasper SkyTram attraction for approximately $16.5 million.
• Pursuit secured full ownership of a Glacier Park subsidiary in September 2025.

Capital Expenditures

• Expected organic growth capital expenditures for 2025 are between $38 million and $43 million, primarily focused on the large-scale refresh of the Forest Park Hotel Woodland Wing in Jasper National Park and the transformation of the Grouse Mountain Lodge in Whitefish, Montana.
• Capital expenditures in the last 12 months (as of November 2025) were $53.65 million.
• The company has identified over $250 million in "Refresh and Build" growth investments projected for execution from 2025 to 2030.