1. Vail Resorts, but for a broader range of natural attractions and scenic destinations.

2. A smaller, nature-focused Disney.

• Lodging Services: The company owns and operates a variety of lodges and accommodations at its hospitality destinations.
• Attraction Operations: Pursuit Attractions and Hospitality develops and manages various tourist attractions across its geographic footprint.
• Dining Services: Restaurants and food service facilities are operated within its lodges and attractions, offering diverse culinary experiences.
• Retail Sales: The company provides retail facilities, such as gift shops, for guests at its hospitality destinations and attractions.
• Transportation Services: Pursuit Attractions and Hospitality offers transportation facilities, likely supporting access to and within its properties.

Pursuit Attractions and Hospitality (PRSU) primarily sells its services and experiences directly to individuals rather than to other companies. Its business model focuses on attracting and serving guests at its hospitality destinations, attractions, lodges, restaurants, and retail facilities.

The major categories of individual customers that Pursuit Attractions and Hospitality serves include:

• Leisure Travelers and Tourists: This represents the largest customer segment, comprising individuals, couples, and families seeking vacation experiences, sightseeing, and recreational activities at Pursuit's various destinations across the United States, Canada, and Iceland.
• Dining and Retail Patrons: These customers visit Pursuit's restaurants, cafes, and retail shops located within their properties, whether they are also staying at a lodge, visiting an attraction, or are local residents seeking food, beverages, or merchandise.
• Event and Group Attendees: This category includes individuals participating in group bookings, special events, conferences, weddings, or guided tours facilitated by Pursuit's venues. While some bookings may be arranged by third parties (like tour operators or corporate event planners), the end-users experiencing the services are individuals.

The key risks to Pursuit Attractions and Hospitality (PRSU) are primarily driven by its operational model within the leisure and travel industry. These risks can significantly impact its financial performance and operational stability.

1. Seasonality and Exposure to Natural Disasters/External Events: Pursuit Attractions and Hospitality's business is highly seasonal, with a substantial portion of its revenue concentrated in specific quarters, particularly the second and third. This seasonality makes the company particularly vulnerable to adverse events during peak periods. Such events include natural disasters like wildfires (as seen with the 2024 Jasper National Park wildfires that affected operations), extreme weather conditions, and other catastrophic occurrences. These incidents can lead to temporary closures, reduced visitation, and disproportionately impact the company's financial results.
2. Economic and Geopolitical Uncertainties Affecting Consumer Discretionary Spending: As an attractions and hospitality company, Pursuit's revenue is heavily reliant on consumer discretionary spending on leisure travel. The business is susceptible to broader macroeconomic and geopolitical risks. Fluctuations in inflation, interest rates, and currency exchange rates can reduce consumers' willingness and ability to spend on travel and attractions. Given that a significant portion of its revenue comes from international markets, currency exchange rate fluctuations also pose a market risk. Geopolitical uncertainties can further deter travel and impact demand.
3. Competitive Pressures: The hospitality and attractions industry in which Pursuit operates is highly competitive. Numerous players vie for market share, differentiating themselves based on factors such as location, quality of service, unique offerings, and pricing. Intense competition could put pressure on pricing, margins, and the company's ability to attract and retain customers across its destinations.

The growing consumer preference for highly personalized, sustainable, and authentic experiential travel, which is increasingly being met by smaller, agile competitors and alternative accommodation/activity providers (e.g., boutique glamping experiences, independent local tour operators focused on niche, low-impact adventures), could divert customers away from PRSU's larger, more standardized attractions and hospitality destinations. This trend challenges the traditional model of integrated, large-scale destinations by emphasizing unique, tailored experiences that may be difficult for a large corporate entity to replicate authentically or competitively.

Pursuit Attractions and Hospitality, Inc. (PRSU) operates in the attractions and hospitality sector, encompassing lodges, restaurants, retail, and transportation services across the United States, Canada, and Iceland. The addressable markets for these services are substantial in each region.

United States

• The overall tourism market in the United States reached an economic output of approximately USD 2.9 trillion in 2024. This market is projected to grow to USD 5.6 trillion by 2033, demonstrating a compound annual growth rate (CAGR) of 8.3%.
• The broader hospitality market in the U.S., which includes lodging, food and beverage services, event planning, entertainment, and tourism, was valued at USD 1270.04 billion in 2024 and is estimated to reach USD 1989.6 billion by 2033, with a CAGR of 5.11%. Another report estimates the U.S. hospitality market at USD 247.45 billion in 2025, projected to grow to USD 313.87 billion by 2030 at a CAGR of 4.87%.

Canada

• The Canadian tourism sector contributed approximately CAD 130 billion to the national economy. The Canada travel and tourism market size is valued at USD 98.52 billion in 2026 and is projected to reach USD 120.23 billion by 2031, growing at a CAGR of 4.06%.
• The hospitality industry in Canada was valued at USD 39.20 billion in 2024 and is projected to reach USD 50.68 billion by 2029, with a CAGR of 5.27%.

Iceland

• Tourism is a major economic driver for Iceland. The total tourism consumption in Iceland, encompassing both foreign and domestic visitors, reached nearly 870 billion ISK in 2024. In 2023, tourism generated approximately ISK 530 billion (around USD 3.8 billion). Tourism accounts for over 8% of Iceland's GDP.
• The Hotels & Holiday Accommodation industry in Iceland is estimated to have a market size of €899.5 million in 2026.

Pursuit Attractions and Hospitality (PRSU) is expected to drive future revenue growth over the next two to three years through several key strategies and market trends:

1. Strategic Investments in "Refresh, Build, Buy" Initiatives: Pursuit's core growth strategy involves refreshing existing properties, building new experiences, and acquiring high-return tourism assets. The company has identified over $200 million in "Refresh and Build" investments over the next five years, with a significant acceleration of approximately $88 million to $93 million planned for 2026 to fuel long-term growth. Recent examples of this strategy include the acquisition of Tabacon in Costa Rica and the successful launch of the FlyOver Chicago attraction (though the Flyover business is being sold, the underlying strategy of developing new attractions remains). These investments are aimed at elevating the guest experience and driving increased demand.
2. Increased Visitor Volume and Strong Demand for Experiential Travel: The company anticipates continued strong perennial demand across its locations, supported by global consumer trends favoring experiential travel to iconic destinations. Pursuit reported a 12% increase in visitor volume for its attractions segment in 2025, demonstrating its ability to capitalize on this demand.
3. Pricing Power and Expansion of Premium Offerings: Pursuit has shown the ability to increase effective ticket prices and average daily rates (ADRs) for its lodging. For instance, same-store constant currency effective ticket pricing (excluding FlyOver Chicago) grew by 10% in the first quarter of 2025. The expansion of premium experiences, such as the premium ritual at its Sky Lagoon attraction, also contributes to higher revenue per customer.
4. Geographic and Portfolio Expansion through Acquisitions: Beyond organic growth, strategic acquisitions play a vital role in expanding Pursuit's geographic footprint and diversifying its portfolio of attractions and hospitality offerings. The acquisition of Tabacon in the Arenal region of Costa Rica, for example, represents an expansion into a new iconic destination. Pursuit maintains a robust pipeline of acquisition opportunities in both existing and new iconic destinations.

Share Repurchases

• Between November 10, 2025, and January 20, 2026, Pursuit repurchased $14.5 million of common stock under a $50 million authorization.
• Approximately $35.5 million remains available for future share repurchases under the existing authorization.

Share Issuance

• On December 31, 2024, Viad (now Pursuit) completed the mandatory conversion of 135,000 shares of 5.5% Convertible Series A Preferred Stock into approximately 6.7 million shares of common stock, resulting in around 28 million common shares outstanding.
• In November 2023, there was a $135 million issuance of Convertible Preferred Stock, incurring $9.2 million in related expenses.

Inbound Investments

• On December 30, 2025, Pursuit received $25 million in deferred cash proceeds from the 2024 sale of its GES business.
• The sale of the GES business to Truelink Capital for $535 million was completed on December 31, 2024, strengthening Pursuit's balance sheet for growth initiatives.

Outbound Investments

• In 2025, Pursuit invested approximately $124 million in acquisitions, including the $111 million purchase of Tabacón Thermal Resort & Spa in Costa Rica in July 2025.
• Pursuit also acquired the remaining minority interest in Glacier Park, Inc. in 2025.
• In January 2026, Pursuit entered an agreement to sell its Flyover flying theater attractions business for approximately $78.4 million, with the transaction expected to close in spring 2026.

Capital Expenditures

• Pursuit expects to invest approximately $88 million to $93 million in organic growth capital expenditures during 2026. These investments include major multi-year projects with a total commitment of about $200 million.
• In 2025, the company invested between $38 million and $43 million in organic growth capital expenditures.
• Capital expenditures in the third quarter of 2021 included approximately $8 million for the development of the FlyOver Las Vegas attraction, which opened in September 2021.