Strategic Buy-and-Build Momentum Drives PRSU's EBITDA Surge in High-Margin Experiential Travel Sector

The experiential travel sector has emerged as a defining growth engine in the post-pandemic economy, driven by a generational shift toward prioritizing memories over material goods. At the forefront of this transformation is Pursuit Attractions and Hospitality (PRSU), a company leveraging a disciplined “Buy-and-Build” strategy to unlock value in a high-margin, inelastic-demand market. With a 49.2% year-over-year surge in adjusted EBITDA to $29.7 million in Q2 2025 and a repositioned capital structure, PRSU exemplifies how strategic acquisitions and operational repositioning can create compounding returns in a sector poised for long-term tailwinds.

PRSU's recent $111 million acquisition of Tabacón Thermal Resort & Spa in Costa Rica epitomizes its “Buy” strategy, adding a year-round revenue stream to its portfolio of seasonal destinations. This move not only diversifies geographic exposure but also taps into the perennial demand for tropical wellness tourism. The acquisition is projected to contribute $3 million in adjusted EBITDA in 2025 alone, underscoring PRSU's ability to identify undervalued assets with high-margin potential. By expanding into Costa Rica—a destination known for its eco-tourism and adventure travel—PRSU is capitalizing on a $1.2 trillion global wellness tourism market, which is growing at a 12% CAGR.

Complementing its acquisition strategy, PRSU's “Refresh” and “Build” initiatives have driven margin expansion through capital-efficient repositioning. Over $200 million has been allocated to renovate properties like the Forest Park Hotel in Jasper National Park and Grouse Mountain Lodge in Whitefish, Montana. These upgrades, targeting high-net-worth travelers, have translated into a 11% increase in attraction ticket prices and a 9% rise in lodging RevPAR in Q2 2025. Such pricing power is a hallmark of inelastic demand, where consumers are willing to pay a premium for unique, curated experiences.

The company's financial discipline further strengthens its investment case. With $208.6 million in liquidity and a pro forma net leverage ratio of 1.5x post-acquisition, PRSU maintains flexibility to fund future growth while adhering to a conservative leverage target of 2.5x to 3.5x. A $50 million share repurchase program, authorized in 2025, signals management's confidence in undervaluation and commitment to shareholder returns. This capital allocation strategy, combined with a 15.4% year-over-year revenue increase in Q2 2025, positions PRSU to outperform in a sector where structural demand is outpacing supply.

Investors should also consider the macroeconomic tailwinds fueling PRSU's momentum. The experiential travel sector benefits from a confluence of factors: rising disposable incomes among Millennials and Gen Z, a shift toward sustainable tourism, and the normalization of remote work enabling “workation” trends. PRSU's focus on high-margin, high-switching-cost offerings—such as luxury lodges, adventure tours, and premium dining—creates a flywheel effect, where enhanced guest experiences drive repeat visits and word-of-mouth referrals.

For investors seeking exposure to a sector with durable competitive advantages, PRSU's strategic buy-and-build model offers a compelling case. The company's ability to generate cash flow from its core operations while reinvesting in high-ROIC projects—such as the Costa Rica acquisition—demonstrates a clear value-creation framework. With full-year 2025 adjusted EBITDA guidance raised to $108–$118 million, PRSU is on track to deliver double-digit earnings growth, even in a macroeconomic environment marked by inflationary pressures and rising interest rates.

In conclusion, PRSU's disciplined approach to capital allocation, margin expansion, and geographic diversification positions it as a standout player in the experiential travel sector. For long-term investors, the company's strategic momentum and structural demand dynamics make it a high-conviction holding. As the world continues to prioritize experiences over possessions, PRSU's “Buy-and-Build” playbook offers a roadmap to compounding value in an industry where the best is yet to come.