If You Invested in Viad (VVI)

Viad Corp, historically listed on the New York Stock Exchange under the ticker VVI, has transitioned into Pursuit Attractions and Hospitality, Inc., which trades on the NYSE under the symbol PRSU. According to company disclosures and recent SEC filings, Pursuit is an attractions and hospitality company that owns and operates a collection of experiences in iconic destinations across several countries. Earlier descriptions of Viad referenced diversified services and place-based marketing, but the company has since focused its continuing operations on Pursuit’s attractions and hospitality platform following the sale of its GES business, which is now treated as a discontinued operation.

Pursuit Attractions and Hospitality, Inc. describes itself as owning and operating a collection of inspiring and unforgettable experiences in iconic destinations. Its hospitality experiences include point-of-interest attractions and distinctive lodges, along with integrated restaurants, retail and transportation that enable visitors to discover and connect with national parks and other renowned travel locations. Company news releases state that these experiences are located in the United States, Canada, Iceland, and Costa Rica, reflecting a geographic footprint that extends beyond Viad’s earlier focus on North America, the United Kingdom, Europe and the United Arab Emirates.

Based on recent press releases and SEC filings, Pursuit’s business model centers on what it calls elevated hospitality experiences in destinations with strong leisure travel demand. The company highlights a collection model that brings together attractions, lodges, food and beverage, retail and transportation in and around iconic locations, including national parks and other high-profile travel regions. Within this framework, Pursuit reports that it operates world-class point-of-interest attractions and distinctive lodges, and that its integrated offerings are designed to support visitor access and engagement with these destinations.

Company communications describe a growth approach summarized as “Refresh, Build, Buy”. In these materials, Pursuit explains that REFRESH involves improving existing assets to enhance guest and team member experiences and maximize returns. BUILD refers to creating new experiences connected to iconic locations, and BUY refers to acquiring one-of-a-kind businesses that can be integrated onto the Pursuit platform. Examples discussed in earnings releases include growth capital expenditures to refresh properties such as the Forest Park Hotel’s Woodland Wing in Jasper National Park and the transformation of Grouse Mountain Lodge in Whitefish, Montana, as well as acquisitions of experiences like Jasper SkyTram, Eddie’s Cafe & Mercantile and Apgar Lookout Retreat, Montana House, and Tabacón Thermal Resort & Spa.

The company’s public disclosures emphasize experiential travel and guest experiences as key themes. Pursuit reports that its attractions and hospitality properties serve leisure travelers seeking authentic and memorable experiences in iconic places, and that it focuses on what it calls differentiated and authentic guest experiences. It also notes that demand for experiential travel in iconic destinations supports its strategy of investing in attractions and lodging with what it describes as perennial demand characteristics.

According to Pursuit’s descriptions, its portfolio includes a defined number of attractions and lodges. In various news releases, the company has stated that its experiences include 15 to 17 point-of-interest attractions and 28 to 29 distinctive lodges, depending on the timing of acquisitions and expansions referenced in those communications. These properties are supported by integrated restaurants, retail outlets and transportation services that are positioned to help visitors access and enjoy nearby national parks and other notable destinations.

From a corporate and regulatory perspective, SEC filings identify the registrant as Pursuit Attractions and Hospitality, Inc. and confirm that its common stock is registered under the symbol PRSU on the New York Stock Exchange. A Form 8-K dated July 8, 2025 describes a share purchase agreement through which the company acquired all of the issued and outstanding shares of Inversiones Turísticas Arenal, S.A., the owner and operator of Tabacón Thermal Resort & Spa in Costa Rica’s Arenal region. The filing states that the acquisition was funded with borrowings under Pursuit’s revolving credit facility and outlines that Tabacón is a year-round resort and spa business.

Company earnings releases also discuss the financial reporting structure following the divestiture of the GES business. Pursuit notes that, after the sale of GES in December 2024, GES is accounted for as a discontinued operation, and that the financial data presented in its earnings materials relate to continuing operations unless otherwise noted. This indicates that the attractions and hospitality platform is the primary focus of ongoing operations associated with the former Viad Corp entity.

For investors researching the historical ticker VVI, it is important to recognize that Viad’s continuing operations are now represented by Pursuit Attractions and Hospitality, Inc. under the ticker PRSU. Historical references to Viad’s diversified services and place-based marketing businesses reflect an earlier phase of the company’s history. More recent disclosures, including news releases and SEC filings, focus on the Pursuit attractions and hospitality business, its portfolio of attractions and lodges, and its growth investments in iconic travel destinations in the United States, Canada, Iceland and Costa Rica.

Business focus and geographic footprint

According to Pursuit’s own descriptions, the company’s attractions and hospitality portfolio is concentrated in iconic destinations and national park environments. It highlights experiences that allow visitors to discover and connect with stunning national parks and global travel locations, supported by lodging, food and beverage, retail and transportation offerings. The company identifies the United States, Canada, Iceland and Costa Rica as the countries in which it owns and operates these experiences.

Growth framework: Refresh, Build, Buy

In its earnings communications, Pursuit outlines its Refresh, Build, Buy framework as its roadmap for capital deployment and growth. It explains that Refresh projects include large-scale upgrades and repositioning of existing hotels and attractions. Build projects involve creating new experiences, such as new attractions or expansions of existing tours. Buy projects involve acquiring businesses that fit Pursuit’s focus on attractions and hospitality in iconic destinations, such as the acquisition of Tabacón Thermal Resort & Spa and the purchase of the remaining minority interest in Glacier Park, Inc.

Historical context for Viad (VVI) and Pursuit (PRSU)

Earlier descriptions of Viad Corp characterized it as an S&P SmallCap 600 diversified services company whose operating companies provided place-based marketing services in North America, the United Kingdom, Europe and the United Arab Emirates, as well as travel and recreation services in the United States and Canada. With the divestiture of the GES business and the focus on Pursuit’s attractions and hospitality operations, the continuing business associated with the former Viad entity is now centered on the Pursuit platform described in recent press releases and SEC filings.