Viad Corp (VVI): Marketing Mix Analysis [Dec-2025 Updated]

You're trying to figure out the new Viad Corp now that they've sold off the GES segment for $535 million, and honestly, it's a much cleaner story to analyze. This company is now all-in on high-margin experiential travel, which you can see reflected in their Q1 2025 results-attraction ticket prices and lodging RevPAR were up 9% year-over-year. I've mapped out their entire marketing mix, the four P's, showing exactly how they plan to hit that $116 million-$122 million Adjusted EBITDA guidance this year. Stick around; we're breaking down the strategy behind their iconic assets, from FlyOver rides to the new Costa Rican spa.

Viad Corp (VVI) - Marketing Mix: Product

You're looking at the core offering of Viad Corp (VVI), now operating primarily under the Pursuit brand for its attractions and hospitality segment. The product strategy centers on owning and operating irreplaceable, high-quality, place-based experiences in iconic global destinations. This focus is designed to meet sustained global traveler demand for authentic, immersive offerings.

The scale of the physical product portfolio within Pursuit is substantial, anchored by a collection of world-class assets:

• 17 world-class sightseeing attractions and 29 distinctive lodges.
• These assets are located across the United States, Canada, Iceland, and Costa Rica.
• In 2024, these attractions hosted 3.8M visitors, and 380K rooms were occupied across the lodges.

The product depth is enhanced by unique, high-value experiential offerings that drive visitation and premium pricing. These are key differentiators for Viad Corp (VVI):

Strategic product expansion is a clear focus for Viad Corp (VVI) in 2025. The most significant recent addition is the $111 million acquisition of Tabacón Thermal Resort & Spa in Costa Rica, which closed on July 1, 2025. This asset includes a 105-room luxury hotel, 2 hot springs attractions, and access to Costa Rica's largest network of naturally flowing thermal mineral springs. This acquisition was part of $124 million invested in acquisitions by Pursuit in 2025.

The product strategy heavily relies on integrated collections to maximize customer lifetime value through cross-selling across the portfolio. These collections group assets in key geographic areas, such as:

• Banff Jasper
• Glacier Park
• Alaska

The success of this product strategy is reflected in the latest reported financials. For the third quarter of 2025, Pursuit delivered revenue of $241.0M, representing a 32.2% year-over-year increase, with Adjusted EBITDA at $117.4M, up 41.5% year-over-year. Management subsequently raised the full-year 2025 Adjusted EBITDA guidance midpoint to $116M-$122M, projecting approximately 24% revenue growth at the midpoint versus 2024. Viad Corp (VVI) is backing this product pipeline with significant capital, planning $38M-$43M in growth capital expenditures for 2025 and identifying over $250M in organic investments through 2030.

Viad Corp (VVI) - Marketing Mix: Place

The distribution strategy for the entity formerly known as Viad Corp, now operating as Pursuit, centers on controlling access to and maximizing revenue from a select portfolio of 17 world-class point-of-interest attractions and 29 distinctive lodges. This approach leverages the inherent scarcity and high barriers to entry associated with these premier locations. You're looking at a distribution model built on destination control, not mass market saturation.

The physical footprint is strategically concentrated in locations with strong perennial demand and significant entry hurdles.

• Iconic, high-barrier-to-entry destinations across four countries: United States, Canada, Iceland, and Costa Rica.
• North American presence anchored in US and Canadian National Parks.
• Strategic international locations including Reykjavik, Iceland, and the newly established Costa Rican market.

The North American distribution network includes key operational areas within the US and Canada. In the US, this covers locations near Glacier National Park Area, Whitefish, Montana, and Alaska's Denali and Kenai Fjords National Park Areas. The Canadian presence is heavily weighted in the Canadian Rockies, specifically Banff National Park, Jasper National Park, and Golden, British Columbia. This positioning ensures that the core offering is inseparable from world-renowned natural landmarks.

International expansion in late 2025 is highlighted by the integration of the new market in Costa Rica, following the $111 million acquisition of Tabacón Thermal Resort & Spa, adding to the existing presence in Iceland with attractions like Sky Lagoon. This expansion diversifies the geographic risk profile of the Place strategy.

Distribution relies on a dual-channel approach to reach the leisure traveler. This involves direct booking channels to capture full margin and relationships with global tour and travel partners to drive volume to the fixed assets. This mix helps manage capacity across the attractions, lodges, and integrated transportation services.

To support and expand this physical network, significant financial commitment is being directed toward capital projects. This investment fuels the Refresh, Build, Buy growth strategy, ensuring the assets remain competitive and capacity is increased where demand warrants it. For instance, in Q3 2025, Pursuit reported revenue of $241.0 million and adjusted EBITDA of $117.4 million, demonstrating the cash flow supporting these long-term Place investments.

The planned capital deployment for late 2025 and beyond underscores the commitment to enhancing the physical distribution points:

The company is actively solidifying its ownership and expanding its physical footprint, as evidenced by the September 2025 acquisition of the remaining 20% stake in a Glacier Park subsidiary for $13 million. This focus on full ownership within key locations is central to controlling the guest experience and distribution flow at the point of sale.

Viad Corp (VVI) - Marketing Mix: Promotion

Promotion for Viad Corp (VVI), now primarily operating as Pursuit Attractions and Hospitality, centers on communicating the value of its unique, high-margin experiential travel assets. The promotional narrative is built around a clear, aggressive growth framework.

Core Refresh, Build, Buy strategy promoted as the growth framework.

The company actively promotes its 'Proven Refresh, Build, Buy strategy continues driving growth with a meaningful pipeline to accelerate,' as stated following its third quarter 2025 results. This strategy is the core message used to frame capital deployment and future opportunity to the investment community. The 'Buy' component was evident in 2025 with $124 million invested in acquisitions, including $111 million for the Tabacón Thermal Resort & Spa. The 'Refresh' element is supported by planned capital investment.

Strategic marketing to manage inventory and maximize guest experience.

Investment in the physical product is a key promotional tactic, signaling quality and enhanced experience to drive higher rates and visitation. For 2025, Viad Corp (VVI) expects to invest approximately $38 million to $43 million in organic growth capital expenditures. This investment is explicitly tied to inventory enhancement, including the 'large-scale refresh of our year-round Forest Park Hotel Woodland Wing in Jasper National Park' and the transformation of the Grouse Mountain Lodge to meet demand from the 'mass affluent leisure travelers.'

Leveraging strong relationships with global tour and travel partners.

While specific partnership revenue figures are not detailed in the latest reports, the promotional reach is defined by the geographic footprint of the assets. Viad Corp (VVI) maintains a collection of travel experiences across iconic locations in the United States, Canada, and Iceland, with operations spanning North America, Europe, and the United Arab Emirates. The growth in Q3 2025 revenue to $241.0 million (up 32.2% year-over-year) is a testament to the effectiveness of these distribution channels and partner networks in driving visitation.

Digital engagement and focused guest programming to drive visitation.

Digital investment underpins the drive for visitation, building on prior-year commitments. In fiscal year 2024, the company allocated $20 million to enhance its digital platforms and develop new customer engagement tools, aiming for a 15% improvement in customer satisfaction scores over the following two years. The Q3 2025 results showed strong momentum, with attraction ticket prices up 11% and lodging Revenue Per Available Room (RevPAR) growing 9% on a same-store basis, indicating success in programming and rate management.

CEO highlights strong tour and travel demand pacing ahead for 2026.

Management has signaled strong confidence in the forward booking environment. Following record third quarter 2025 results, the company raised its full-year 2025 adjusted EBITDA guidance to a range of $116 million-$122 million, projecting approximately 24% revenue growth at the midpoint versus 2024. This positive outlook, driven by exceptional third quarter performance, serves as the primary forward-looking promotional message regarding demand strength heading into 2026.

The financial strength supporting these promotional activities is robust, with total liquidity reported at $274.4 million as of September 30, 2025, and a net leverage ratio of 0.7x at the end of the third quarter.

• The Refresh, Build, Buy strategy is the promoted framework for capital deployment.
• Organic growth capital expenditures for 2025 are budgeted between $38 million and $43 million.
• Attraction ticket prices showed a 11% year-over-year increase in Q2 2025.
• Lodging RevPAR grew 9% on a same-store basis in Q2 2025.
• The company raised full-year 2025 Adjusted EBITDA guidance by a midpoint increase of $6 million.

Viad Corp (VVI) - Marketing Mix: Price

The pricing element for Viad Corp, particularly within its Pursuit segment, reflects a strategy built around the scarcity and quality of its assets. This translates into a premium pricing model enabled by irreplaceable, iconic asset locations. You see this in their ability to command higher rates where competitors simply cannot replicate the experience, such as at locations like the Jasper SkyTram, which enjoys a deep competitive moat.

To optimize revenue from these high-demand assets, Viad Corp employs sophisticated inventory management techniques. This involves dynamic pricing strategies used for strategic inventory management to maximize yield. The Pursuit segment has explicitly mentioned benefiting from its effective dynamic pricing strategy in the past, suggesting its continued use to align pricing with real-time demand fluctuations.

The effectiveness of this pricing power was evident in the first quarter of 2025. Specifically, Q1 2025 saw 9% year-over-year growth in attraction ticket prices and lodging RevPAR. This rate strength is a key driver of revenue growth in the hospitality sector, where hotels maintaining pricing power lead performance.

The strong pricing realization supports the company's overall financial outlook. Based on performance, management raised its expectations for the year, projecting that full-year 2025 Adjusted EBITDA guidance raised to $116 million-$122 million.

This sustained ability to price at a premium is fundamentally supported by consumer behavior. The pricing power is supported by perennial demand for authentic experiences, which is a core offering of the Pursuit division. This demand allows Viad Corp to capture higher Average Daily Rates (ADR) and revenue per visitor. For instance, in the second quarter of 2025, attraction ticket prices were up 11% year-over-year, and lodging Revenue Per Available Room (RevPAR) grew 9% on a same-store basis.

Here's a quick look at the recent pricing performance metrics from the Pursuit segment:

The GES segment also focuses on pricing, though in a different context, aiming to increase revenue per net square foot and capture more spending through additional services. The overall strategy is to extract maximum value from the unique assets and event spaces. Key drivers supporting the pricing strategy across the business include:

• Perennial demand for experiential travel destinations.
• Ability to set high tariffs due to prime tourist spot locations.
• Use of dynamic pricing to maximize yield in hospitality.
• Strong growth in effective ticket prices year-over-year.

As of March 28, 2025, the stock price for Viad Corp (VVI) was listed at $42.51, with a 52-week range between $29.46 and $47.49.