Viad Corp (VVI): Business Model Canvas [Apr-2026 Updated]

You're looking at a company that just made a massive strategic move, shedding its old events business to focus squarely on high-margin, experiential travel under the Pursuit banner. As someone who's spent two decades mapping out corporate shifts, I can tell you this pivot changes everything about how we value Viad Corp (VVI). Honestly, the numbers coming out of this new focus are compelling; for instance, Q3 2025 revenue hit $241.0 million, and they are guiding for full-year adjusted EBITDA between $116 million and $122 million. To truly grasp the mechanics behind these figures-from their irreplaceable real estate assets to their direct-to-consumer booking engine-you need to see the whole picture. Dive into the Business Model Canvas below to see exactly how Viad Corp is building value now.

Viad Corp (VVI) - Canvas Business Model: Key Partnerships

You're looking at the final structure of Viad Corp (VVI) as it completed its transformation into a pure-play attractions and hospitality leader, now operating as Pursuit Attractions and Hospitality, Inc. (PRSU) as of January 2, 2025. The key partnerships reflect this strategic pivot away from exhibition services.

Truelink Capital, the buyer of the former GES business

The most significant recent partnership event was the divestiture of the Global Exhibition Services (GES) business to Truelink Capital. This transaction closed on December 31, 2024. The total purchase price agreed upon was $535 million in cash. The payment structure involved $510 million paid at closing, subject to customary adjustments, plus a $25 million seller note due one year later. This separation allowed the remaining Pursuit business to focus capital on its core strategy.

Bank of America, BMO, KeyBank, and Truist Bank for the enhanced credit facility

While the specific terms of any new enhanced credit facility involving Bank of America, BMO, KeyBank, and Truist Bank in late 2025 aren't public, the proceeds from the GES sale were explicitly earmarked to retire the prior debt structure. Viad Corp retired its 2021 Credit Facility, which consisted of a Term Loan B with $317 million outstanding and a $170 million revolving credit facility, of which zero was drawn as of September 30, 2024. This debt retirement significantly strengthened the balance sheet for the newly focused Pursuit entity.

National Park Services and government entities for land access

The Pursuit segment relies heavily on access to and operations within iconic destinations, many of which are managed by government entities like the U.S. National Park Service (NPS). The NPS itself works with over 5,000 businesses to provide visitor services through concession contracts and commercial use authorizations. Pursuit's operations, which include 14 world-class point-of-interest attractions and 27 distinctive lodges, are intrinsically linked to these governmental relationships for continued land access and operational permissions.

Local tour operators and ground transportation providers

To deliver its integrated travel experiences, Pursuit partners with numerous local providers. These relationships cover essential services like ground transportation and specialized local tours that complement the core attraction and lodging offerings. The scale of these operations is substantial; for the third quarter of 2025, Pursuit reported record revenue soaring to $241.0 million, a 32.2% increase year-over-year, indicating a high volume of coordinated services.

Technology partners for online booking and digital guest experience

A seamless digital experience is crucial for a modern travel operator. While specific technology vendors aren't detailed, the operational success implies strong partnerships for online booking platforms and digital guest engagement tools. The company's focus on executing flawlessly across its assets supports the raised full-year 2025 Adjusted EBITDA guidance, projected to be in the range of $116 million to $122 million.

Here's a quick look at the key financial metrics tied to the structural changes and current operational scale of the core business, Pursuit, as of late 2025:

The operational partnerships supporting the Pursuit segment include a network of service providers:

• National Park Services and other land access authorities
• Local ground transportation providers
• Lodging and food/beverage suppliers
• Technology vendors for digital guest platforms

The company's net leverage stood at 0.7x as of the third quarter of 2025, showing the financial strength derived from these strategic moves and operational performance. Finance: draft 13-week cash view by Friday.

Viad Corp (VVI) - Canvas Business Model: Key Activities

Operating and maintaining 17 world-class point-of-interest attractions and 29 distinctive lodges across the United States, Canada, Iceland, and Costa Rica. Pursuit welcomed visitors across its attractions and lodging portfolio, with Q3 2025 revenue reaching $241.0 million, marking a 32.2% increase year-over-year. Lodging performance metrics include a 9% growth in RevPAR (revenue per available room) on a same-store basis in Q2 2025. The company's Q3 2025 Adjusted EBITDA margin for the segment was 47.4%.

Executing the Refresh, Build, Buy growth strategy is central to Pursuit's capital deployment. The company has a proven track record, completing 13 major Refresh, Build, Buy growth projects since 2015 that contributed approximately $74 million of Adjusted EBITDA in 2023. For 2025, the plan includes investing approximately $38 million to $43 million in growth capital expenditures. The company has over $250 million of identified organic investments planned through 2030.

Managing vertically integrated hospitality services (lodging, dining, retail) drives cross-selling opportunities. In 2023, before the full impact of 2025 acquisitions, Pursuit's lodging guests occupied nearly 420,000 room nights, contributing to a $350 million revenue base for the segment that year. The strategy focuses on creating irreplicable experiences that enhance guest experience and financial performance through this integration.

Marketing unique, iconic destination experiences globally supports strong pricing power. Attraction ticket prices saw an 11% year-over-year increase in Q2 2025. The company is positioned for strong profitable growth, with management raising the full-year 2025 Adjusted EBITDA guidance to a range of $108 million to $118 million, projecting approximately 24% revenue growth at the midpoint over 2024.

Securing and integrating strategic acquisitions like Tabacón accelerates scale. In 2025, Pursuit invested $124 million in acquisitions, highlighted by the $111 million purchase of Tabacón Thermal Resort & Spa in Costa Rica in July 2025. This acquisition contributed approximately $3 million to the raised 2025 Adjusted EBITDA guidance. Furthermore, Pursuit acquired the remaining 20% minority interest in Glacier Park, Inc. for $13 million, securing full ownership of the subsidiary operating nine lodging properties and various outlets.

Here's a quick look at the key financial and operational metrics supporting these activities as of late 2025:

The vertically integrated model supports revenue per visitor growth, with attraction ticket prices up 11% and lodging RevPAR up 9% (same-store basis) in Q2 2025. The company is focused on leveraging its strong balance sheet, which held $33.8 million in cash and cash equivalents as of September 30, 2025, to fuel this strategy.

Viad Corp (VVI) - Canvas Business Model: Key Resources

You're looking at the core assets that power the company now operating as Pursuit Attractions and Hospitality, Inc. These aren't just line items; they are the hard, tangible, and intellectual foundations of the business model as of late 2025.

Irreplaceable, high-barrier-to-entry real estate assets in iconic destinations

The company's real estate holdings are concentrated in locations where new development is severely restricted, creating a natural moat. This focus on premier, protected areas underpins the perennial demand for their offerings.

• Locations include the Canadian Rockies (Banff, Jasper), Glacier National Park Area, Alaska, Iceland, and Costa Rica.
• The company secured full ownership of its high-performing Glacier Park, Inc. subsidiary in September 2025, capturing 100% of future cash flows from that iconic collection.

Strong balance sheet with $274.4 million in liquidity as of Q3 2025

The financial footing is solid following the strategic divestiture of the GES business. The balance sheet shows significant capacity to fund growth initiatives.

Portfolio of established brands: FlyOver, Sky Lagoon, Glacier Park Collection

The brand portfolio represents a collection of unique, high-demand experiences across four countries. The scale of the physical footprint is substantial.

• Total world-class point-of-interest attractions: 17
• Total distinctive lodges: 29
• Total Dining Experiences: 59
• Total Retail Stores: 54
• The portfolio includes FlyOver (Las Vegas, Chicago, Canada, Iceland), Sky Lagoon (Iceland), and the Glacier Park Collection (which includes Glacier Raft Co.).

Specialized operational expertise in remote, seasonal hospitality

Managing operations across remote, seasonal destinations requires a specific skill set, supported by a dedicated team base.

• Approximate full-time team member count: ~1,200
• The company is executing a growth strategy termed Refresh, Build, Buy, with identified organic investments planned through 2030.

Proprietary digital platforms for booking and guest management

The digital infrastructure supports the guest journey, allowing for direct interaction and management of reservations across the disparate locations.

• Guests can create online profiles within the internet booking engines for repeat purchases with a specific Pursuit division.
• The company's digital compliance includes adherence to the EU-U.S. Data Privacy Framework for data transferred from European Union member countries, the UK, and Switzerland.

Viad Corp (VVI) - Canvas Business Model: Value Propositions

Unforgettable, curated experiences in iconic, natural destinations

The core value proposition centers on owning and operating assets in irreplaceable locations, such as the Banff Jasper Collection in the Canadian Rockies. This strategy supports pricing power due to perennial demand and significant barriers to entry. The financial results for the Pursuit segment in the third quarter of 2025 clearly reflect this success.

The Q3 2025 performance metrics for the Pursuit segment include:

• Revenue soaring to $241.0 million, a 32.2% increase year-over-year.
• Full-year 2025 Adjusted EBITDA guidance raised to a range of $116 million to $122 million.
• Projected full-year 2025 revenue growth at the midpoint versus 2024 of approximately 24%.

The company is actively investing in this proposition, having invested $124 million in acquisitions during 2025, which included the $111 million purchase of Tabacón in Costa Rica. Furthermore, there are identified organic investments planned through 2030 exceeding $250 million.

Vertically integrated offerings for seamless guest travel (attraction + lodging)

Viad Corp, through its Pursuit segment, integrates attractions, lodging, and food and beverage services to elevate the entire guest journey. This integration drives volume across multiple revenue centers from a single visitor base.

The scale of this integration in Q3 2025 is evidenced by the volume metrics:

This seamless offering supports strong pricing power, as seen in Q1 2025 when attraction ticket prices and lodging Revenue Per Available Room (RevPAR) metrics grew by 9% year-over-year.

High-quality, unique lodging and food & beverage in remote areas

The lodging portfolio, which includes the Glacier Park Collection, is positioned in remote areas where demand is perennial and supply is constrained. The focus is on quality to support higher Average Daily Rates (ADRs).

Financial evidence of strong lodging performance includes:

• Lodging RevPAR metrics saw a 9% year-over-year growth in Q1 2025.
• The company's strong balance sheet, with liquidity totaling $274.4 million as of Q3 2025 and a net leverage of only 0.7x, supports continued investment in these high-quality assets.

Premium, high-margin attractions like the FlyOver flight rides

Attractions are a key high-margin driver. The FlyOver flight rides are a prime example of a premium offering that commands strong ticket prices. The growth in this specific revenue stream is substantial.

Key financial data for attractions in Q3 2025:

The company's strategy of dynamic pricing and investment to enhance guest experiences is working; when adjusting for the Q3 2024 fire impact in Jasper, attraction ticket revenue growth was 21% year-over-year for the period preceding Q3 2025.

Access to exclusive, protected environments like national parks

Ownership and operation of assets adjacent to or within protected environments like national parks create a moat around the business. This access is critical for tour and travel partners, facilitating multi-destination itineraries.

The importance of these locations is underscored by the recovery in Jasper, which is expected to benefit from concerted marketing energy from municipal, provincial, and federal governments, bolstering the return to travel. The company's strategy is built on owning assets in places with high barriers to entry, which is the key to maintaining pricing power in these exclusive settings.

Viad Corp (VVI) - Canvas Business Model: Customer Relationships

You're looking at the customer relationships for what is now Pursuit Attractions and Hospitality, Inc., following the final sale of the GES business on December 31, 2024, and the ticker change to PRSU on January 2, 2025. The entire relationship strategy now centers on delivering those 'unforgettable experiences in iconic destinations.'

High-touch, personalized service at premium lodges and attractions is the core of the remaining business. This isn't about scale anymore; it's about depth of experience, which helps justify the premium positioning. The company operates a collection of distinctive lodges, which you can see are quite specific in their capacity:

This focus on the physical experience is clearly paying off in the numbers. For the third quarter of 2025, Pursuit saw revenue hit $241.0 million, a 32.2% increase year-over-year. Honestly, attraction ticket revenue, which is a direct measure of per-capita engagement at a point of interest, was $100.4 million in that same quarter, marking a 33% year-over-year jump. That's the kind of operational leverage you want to see from a high-touch model.

Digital relationship management via email and loyalty programs supports the in-person experience. While specific loyalty program metrics aren't public, the company maintains digital channels for direct communication, evidenced by the active investor email alert sign-up process, which is a proxy for direct-to-consumer outreach. Industry-wide data for 2025 suggests that 67% of consumers expect brands to automatically adjust content based on their current context, showing the necessity of a sophisticated digital layer to support the premium brand.

Direct booking and customer support through proprietary websites is critical for margin control, especially now that the focus is on high-margin hospitality. You can access these offerings via www.pursuitcollection.com. While a precise direct booking percentage isn't available, the strategy is clearly aimed at capturing the full value of the guest journey, moving away from reliance on third-party intermediaries. The company's strong liquidity position of $274.4 million as of September 30, 2025, gives them the financial flexibility to invest heavily in optimizing these proprietary digital touchpoints.

The strategy to maximize per capita spend is executed through curated experience packages. This is about bundling those distinctive lodges with tours and attractions. The strong revenue growth in Q3 2025, up 32.2%, and the projected full-year 2025 Adjusted EBITDA guidance range of $116 million to $122 million demonstrate success in this bundling approach. The goal is to ensure guests spend more across the entire ecosystem of offerings in places like Iceland, Jasper, and the Grand Canyon.

Finally, reputation management tied to environmental stewardship is a stated focus for the new Pursuit entity. As an attractions and hospitality company operating in sensitive areas, this is non-negotiable for long-term customer trust. Management understands that compliance and stewardship are key to ongoing operations. The company specifically monitors and strives to improve its environmental performance using metrics like energy consumption and efficiency across its lodging portfolio. This commitment is part of the 'Planet' pillar of their ESG focus, which also includes waste and water reduction efforts.

Finance: draft 13-week cash view by Friday.

Viad Corp (VVI) - Canvas Business Model: Channels

You're looking at the channels for Viad Corp (VVI), now operating as Pursuit, as the company focuses entirely on its high-margin experiential travel segment following the sale of GES. The channel strategy is built around maximizing direct engagement at their unique physical locations and driving awareness through targeted digital outreach.

Direct-to-consumer online booking platforms (Pursuit websites)

The direct online channel is crucial for capturing the full value of the guest journey, from initial booking to ancillary purchases. While a precise revenue split between direct online and third-party is not publicly segmented in the latest reports, the overall performance suggests strong direct capture. For the third quarter of 2025, Pursuit welcomed approximately 2 million attraction visitors and booked nearly 200,000 room nights, demonstrating the sheer volume flowing through their primary booking systems. The company's Q2 2025 results showed attraction ticket revenue grew 20%, driven by a 15% increase in visitors, which is a strong indicator of successful direct-to-consumer funnel performance. Also, lodging RevPAR (revenue per available room) grew 9% on a same-store basis in Q2 2025, pointing to effective direct pricing and booking management for their hospitality assets.

Third-party distribution via tour operators and wholesalers

Third-party distribution remains a necessary component for reaching specific international or packaged-tour markets, though the emphasis is clearly on direct sales. The overall Q3 2025 revenue for Pursuit hit $241.0 million, up 32.2% year-over-year, indicating that the combined channel mix is highly effective. The company's strategy includes leveraging partnerships to fill capacity, especially in their hospitality segment, which saw lodging RevPAR growth of 9% year-over-year in Q1 2025. This channel supports the overall goal of driving high-margin revenue across the entire guest experience.

On-site sales at 14 attractions and 28 lodges

The physical presence is the core value proposition, and on-site sales-including tickets, food and beverage, and retail-are the final conversion point. Pursuit operates 14 world-class point-of-interest attractions and 28 distinctive lodges across the United States, Canada, and Iceland. The scale of on-site revenue capture is significant; total attractions revenue includes ticket sales and ancillary revenue generated by attractions, such as food and beverage and retail revenue. The company is focused on increasing the total spend per visitor, a metric that directly reflects on-site channel effectiveness. For example, in Q2 2025, attraction ticket prices were up 11%, contributing to the 21% growth in attraction ticket revenue year-to-date for that quarter.

Digital marketing and social media campaigns targeting global travelers

Digital marketing fuels the top of the funnel, driving traffic to the direct booking platforms and raising awareness for the iconic destinations. While specific marketing spend figures for 2025 aren't detailed by channel, the overall financial momentum supports the effectiveness of these efforts. Management projected full-year 2025 Adjusted EBITDA guidance to be in the range of $116 million to $122 million, projecting ~24% revenue growth at the midpoint over 2024. This growth is underpinned by the company's ability to attract global travelers to destinations like the Canadian Rockies and Iceland. The company also made strategic acquisitions in 2025, such as the $111 million purchase of Tabacón Thermal Resort & Spa, which expands the geographic reach that digital campaigns must now cover.

Strategic partnerships with destination marketing organizations

Strategic alliances with destination marketing organizations (DMOs) help solidify market presence and drive cooperative promotion within key geographic areas. These partnerships are essential for ensuring Viad Corp (VVI)'s assets remain top-of-mind in the competitive experiential travel market. The company's strategy is to accelerate growth through its Refresh, Build, Buy strategy, which includes over $250 million of identified organic investments through 2030, requiring strong local and regional support to ensure new and refreshed offerings are successfully launched and marketed. The successful integration of acquisitions, like the Tabacón resort, relies on local DMO support for immediate channel penetration.

Here's a quick look at the operational scale driving these channels as of late 2025:

The company's liquidity totaled $274.4 million as of September 30, 2025, providing the war chest to fund the growth strategy across these channels. Also, the company plans to invest $38 million to $43 million in growth capital expenditures during 2025, which will be deployed to enhance the on-site experience and support digital marketing efforts.

Viad Corp (VVI) - Canvas Business Model: Customer Segments

You're looking at the core clientele Viad Corp (VVI), operating as Pursuit, targets with its collection of iconic destination experiences. The focus is clearly on travelers with discretionary income who seek curated, multi-day adventures rather than simple accommodations.

The affluent domestic and international leisure travelers form the bedrock of the business. This segment drives the premium pricing power Viad Corp enjoys in its exclusive locations. The Q3 2025 reporting period showed the scale of this demand, with Pursuit welcoming approximately 2 million attraction visitors and booking nearly 200,000 room nights across its portfolio.

For families seeking unique, multi-day vacation experiences, the integrated nature of the lodging and attractions portfolio is key. The company's strategy centers on owning assets in places like the Canadian Rockies, which have perennial demand. The total lodging capacity in the Glacier Park Collection alone includes specific room counts like 524 rooms at Forest Park Alpine and 88 rooms at Glacier Basecamp Lodge, contributing to a total of 718 rooms across several properties reported in earlier filings.

Adventure and nature tourists visiting national parks, specifically Glacier and Banff, represent the most concentrated customer base. Rivals allege that Viad Corp (VVI) now controls 85 per cent of the traffic to the major paid sightseeing venues in these parks, a share potentially exceeding 90 per cent following the January 2025 acquisition of the Jasper SkyTram for approximately $17 million.

Group travelers and corporate incentive groups are served through the company's extensive portfolio of attractions and hospitality assets. The Q3 2025 revenue of $241.0 million reflects strong capture across all customer types, supported by strategic growth investments like the $111 million acquisition of Tabacón in Costa Rica during 2025.

Day-trip visitors to high-volume attractions like FlyOver Chicago are a distinct, often urban, customer group. While the core strength lies in the national parks, the company operates a collection of Flyover Attractions. For context on the urban market Viad Corp (VVI) taps into, Chicago saw 2.5 million leisure traveler hotel room nights in the summer of 2025.

Here's a quick look at the operational scale supporting these customer segments as of the latest reported quarter:

The portfolio composition directly serves these varied, yet experience-focused, customers:

• World-class point-of-interest attractions: 17
• Distinctive lodges: 29
• Total rooms in key Glacier/Banff properties (example): 718 rooms

The customer base is geographically diverse, drawing visitors from Northern America, the Asia Pacific, Western Europe, and Central America, with operations spanning US national parks, Canadian Rockies, and urban centers like Chicago. If onboarding takes 14+ days, churn risk rises, though this is more relevant to B2B, the principle of friction applies to complex travel bookings too.

Finance: draft 13-week cash view by Friday.

Viad Corp (VVI) - Canvas Business Model: Cost Structure

You're looking at the spending side of Viad Corp (VVI) as of late 2025. It's a mix of keeping the lights on in prime locations and ramping up for the next big experience.

High fixed costs for maintaining and refreshing irreplaceable assets

The assets in the Pursuit segment-think the Banff Gondola or the Sky Lagoon-aren't something you just replace next quarter. That means you have to account for the wear and tear, which shows up in depreciation. For the last full reported year, Depreciation And Amortization was $51.043 million. That's the cost of keeping those irreplaceable attractions ready for guests.

Significant variable costs for seasonal labor and hospitality staffing

Because so much of Viad Corp (VVI)'s business, especially in Pursuit, is tied to peak tourist seasons, labor costs fluctuate a lot. The GES segment, which deals with exhibitions, also faces high variable costs tied directly to event volume, specifically mentioning pressures from union labor and material costs. The Cost of Revenue for the full year ending December 31, 2023, was $1.130B, which captures the bulk of these direct, variable service costs.

Here's a snapshot of some key cost and investment figures:

Capital expenditures for growth, planned at $38 million-$43 million in 2025

Management is putting capital to work under the 'Refresh, Build, Buy' strategy. The plan for growth capital expenditures in 2025 is set between $38 million and $43 million. Also, they project more than $250 million in identified organic investments through 2030.

Acquisition costs, including the $111 million Tabacón purchase in 2025

Inorganic growth is a big part of the spending plan. The purchase of the Tabacón Thermal Resort & Spa in Costa Rica was a $111 million transaction in 2025. In total, Pursuit invested $124 million in acquisitions during 2025.

Operating expenses for food & beverage, retail, and transportation services

These expenses are embedded within the Pursuit segment's Cost of Revenue. For context on the scale of the segment driving these costs, Pursuit reported Q3 2025 revenue of $241.0M. The company aims to maintain S&P Global Ratings-adjusted debt to EBITDA around 4x through 2025, which reflects how they manage this overall cost base against expected earnings.

• Attractions include food & beverage services and retail operations.
• Hospitality includes food & beverage services and retail operations.
• Transportation is a distinct line of business within Pursuit.

Viad Corp (VVI) - Canvas Business Model: Revenue Streams

You're looking at the revenue engine for Pursuit Attractions and Hospitality, Inc., which is what Viad Corp is now, post-GES sale. It's all about experiences in iconic spots. Here's the quick math on where the money is coming from, based on the latest figures available as of late 2025.

The most recent top-line number we have is from the third quarter of 2025. Pursuit Q3 2025 revenue was $241.0 million. For the full year 2025, management has guided full-year adjusted EBITDA to be in the range of $116 million to $122 million.

The revenue streams are deeply integrated across their collection of assets. You see this in the performance of their core offerings:

• Attraction ticket sales are a primary driver, with assets like FlyOver and Sky Lagoon fueling growth.
• Lodging revenue comes from their portfolio of distinctive hotels and lodges.
• Food & beverage and retail sales contribute, often showing high per capita spend from captive audiences.
• Sightseeing tour and ground transportation fees round out the package, ensuring a seamless guest journey.

To give you a clearer picture of the underlying performance drivers for these streams, look at the second quarter 2025 same-store metrics, which show pricing power:

The user-specified structure for lodging mentions 28 distinctive hotels and lodges, which feed the lodging revenue stream. The latest public data suggests the portfolio has grown to 29 distinctive lodges as of November 2025. The attractions segment includes 17 world-class point-of-interest attractions. The company is actively planning for future growth, with >$250 million in identified organic investments planned through 2030.

The company is definitely leaning into experiences where they have a strong foothold. Still, the success of the food & beverage and retail components is tied directly to the volume of attraction and lodging guests.