Pursuit (PRSU) Q3 2025: Ticket Price Climbs 9% as Experiential Travel Fuels Margin Expansion
Pursuit’s experiential travel model delivered a record Q3, powered by a 9% jump in same-store ticket pricing and robust demand recovery in Jasper. Strategic capital is flowing into high-ROI refresh and build projects, while the Tabacon acquisition adds year-round earnings diversity. Management’s raised guidance underscores confidence in secular tailwinds and operational leverage heading into 2026.
Summary
- Yield Optimization: Pursuit captured strong ticket price gains through experience upgrades and dynamic pricing.
- Capital Deployment: Growth investments are accelerating in high-return refresh and build projects across iconic destinations.
- Pipeline Visibility: Early 2026 booking pace and secular travel trends support a positive multi-year growth outlook.
Performance Analysis
Pursuit delivered a record Q3, with revenue up 32% year-over-year, driven by broad-based demand across attractions and lodging, and a full recovery in Jasper following last year’s wildfire disruptions. The company’s diversified portfolio of iconic experiences and unique lodging assets benefited from both increased visitation and effective ticket price (ETP) expansion, with same-store ETP up 9%—a clear signal of pricing power and successful yield management. Notably, this ETP growth was supported by targeted experience enhancements, such as the expanded premium ritual offering at Sky Lagoon, which also improved guest satisfaction.
Adjusted EBITDA margin expanded to 49%, reflecting strong operating leverage and disciplined cost control. Lodging revenue grew 42% year-over-year, and same-store RevPAR rose 6%, with all collections posting gains. The addition of Tabacon, a luxury hot springs resort in Costa Rica, contributed $6.3 million in Q3 revenue and is expected to diversify seasonality and drive incremental EBITDA. Pursuit’s net leverage remains low at 0.7x, and total liquidity stands at $274 million, providing ample capacity for continued investment and M&A.
- Pricing Power: Same-store ticket price rose 9%, led by premium experience mix and dynamic pricing strategies.
- Operational Recovery: Jasper visitation rebounded, and all geographies contributed to revenue growth.
- Margin Expansion: EBITDA margin reached 49% as high demand and cost discipline drove strong flow-through.
With insurance proceeds excluded from adjusted EBITDA, results reflect underlying operational strength. The business is positioned to capitalize on secular demand for authentic, experience-led travel into 2026 and beyond.
Executive Commentary
"Our Refresh, Build, Buy strategy continues to deliver. It's fueling growth and enhancing our collection of irreplaceable assets, backed by a meaningful pipeline of investment opportunities and a strong balance sheet that gives us flexibility to accelerate."
David Berry, President and Chief Executive Officer
"Adjusted EBITDA increased by $34.4 million, or 41.5% year-over-year to $117.4 million, primarily driven by significant revenue growth with strong margin flow-through, supported by operating leverage in the business and continued cost discipline."
Beau Heitz, Chief Financial Officer
Strategic Positioning
1. Experience-Led Pricing and Yield Management
Pursuit’s ability to drive a 9% increase in same-store ETP reflects the strength of its guest experience upgrades and dynamic pricing model. Management emphasized that price increases are paired with product enhancements—such as the Sky Lagoon premium ritual and Banff Gondola sunset programs—which justify higher pricing and improve guest satisfaction. This approach supports sustained pricing power even as comps get tougher in 2026.
2. Capital Allocation to High-Return Projects
The company is accelerating investment in a $250 million pipeline of refresh and build projects over six years, with $38–43 million slated for 2025 alone. Large-scale upgrades at Forest Park Hotel, Grouse Mountain Lodge, and Jasper SkyTram are designed to elevate asset quality, drive occupancy, and unlock higher average daily rates (ADR). Management’s phased renovation approach minimizes operational disruption and maximizes return on invested capital.
3. Strategic M&A and Portfolio Diversification
The Tabacon acquisition in Costa Rica adds a year-round, high-occupancy luxury resort and thermal attraction to Pursuit’s portfolio. Tabacon’s inclusion in the Small Luxury Hotels of the World network and Hilton Honors program expands global reach and leverages cross-property learnings. Management sees further buy-side opportunities in Costa Rica and is already collaborating on operational enhancements and new villa concepts to drive incremental EBITDA.
4. Balance Sheet Strength and M&A Capacity
Pursuit’s net leverage of 0.7x and $274 million in liquidity provide ample financial flexibility for both organic and inorganic growth. The recent expansion of the revolver and full ownership of Glacier Park Inc. streamline capital structure and position the company to move quickly on future acquisitions or large-scale projects.
5. Secular Tailwinds and Early 2026 Indicators
Management cited strong early booking trends and global tour partner demand for 2026 itineraries, supported by favorable FX and renewed free admission to Canadian national parks. The company’s exposure to adventure, wellness, and immersive travel aligns with enduring consumer preferences, reinforcing long-term growth visibility.
Key Considerations
Pursuit’s Q3 results highlight the power of its differentiated experiential travel platform, operational agility, and disciplined capital deployment. The company is capturing secular demand for iconic, experience-driven destinations while maintaining pricing power and margin expansion. Strategic focus areas for investors include:
- Yield Management Execution: Ability to sustain ETP growth through continual experience upgrades and dynamic pricing, even as comps become more demanding in 2026.
- Capital Deployment Pace: Successful execution and returns on the $250 million refresh/build pipeline, including timely completion and ramp-up of major projects like Jasper SkyTram and Grouse Mountain Lodge.
- Integration of Tabacon: Realization of operational synergies, cross-property learnings, and EBITDA accretion from the Costa Rica platform, with additional buy-side expansion potential.
- Balance Sheet Flexibility: Maintenance of low leverage and ample liquidity to support opportunistic M&A and organic growth without overextending capital structure.
Risks
Key risks include potential weather disruptions, wildfire impacts, and construction-related downtime at key properties, which could affect peak season results. Competitive pricing dynamics and macroeconomic sensitivity in leisure travel may challenge sustained ticket price growth. The integration of acquisitions and timely execution of large-scale capital projects also present operational complexity and risk.
Forward Outlook
For Q4 2025, Pursuit guided to:
- Continued EBITDA growth driven by strong demand and new asset contributions
- Incremental revenue from Tabacon and ongoing recovery in Jasper
For full-year 2025, management raised adjusted EBITDA guidance to $116–122 million:
- Up $6 million at the midpoint from prior guidance
Management highlighted several factors that underpin the outlook:
- Early 2026 booking pace is ahead of prior years, with strong tour operator demand
- Secular travel tailwinds and expanded capacity from refresh/build projects
Takeaways
Pursuit’s Q3 demonstrates the scalability and pricing power of its experiential travel platform, with clear signals of operational execution and strategic capital allocation.
- Pricing Power and Guest Experience: The 9% same-store ticket price gain was driven by premium product mix and guest experience investments, supporting margin expansion and future pricing confidence.
- Disciplined Growth and Diversification: Capital is being deployed into high-ROI projects and strategic M&A, with Tabacon adding year-round diversification and operational synergies.
- Visibility into 2026: Early booking trends, secular demand, and a robust project pipeline provide strong multi-year growth visibility, though investors should monitor project execution and seasonal risk factors.
Conclusion
Pursuit’s record Q3 reinforces its position as a leading experiential travel platform, with pricing power, operational leverage, and a robust investment pipeline supporting long-term growth. Raised guidance and early indicators for 2026 point to continued momentum, but execution on large projects and integration of new assets will be critical to sustaining outperformance.
Industry Read-Through
Pursuit’s results underscore the resilience and pricing power of premium experiential travel assets, even as broader leisure markets face pockets of delayed booking and affordability concerns. The ability to drive yield through experience upgrades, dynamic pricing, and product innovation is a differentiator in the attractions and hospitality sector. Operators with iconic locations, high barriers to entry, and disciplined capital allocation are best positioned to capture secular demand shifts toward adventure and wellness travel. The success of cross-property learnings and integration, as seen with Tabacon and Sky Lagoon, highlights the value of network effects and operational excellence in scaling experiential platforms.