Pursuit Attractions and Hospitality (PRSU) Corporate presentation summary

Transaction overview

• Acquired Tabacón Thermal Resort & Spa in Costa Rica for $111 million, including 2 hot springs attractions, a 105-room luxury hotel, spa, culinary experiences, and 570 acres of land, with closing on July 1, 2025.

• Expected to generate approximately $10 million in Adjusted EBITDA in the first twelve months, with $3 million from July to December 2025.

• Pro forma net leverage estimated at ~1.6x after the transaction.

• Acquisition aims to anchor a Costa Rica collection, leveraging high barriers to entry and unique location.

• Strategic rationale includes combining high-volume hot springs attractions with luxury lodging for year-round appeal.

Strategic growth and market positioning

• Entry into Costa Rica enhances seasonality and geographic diversification, counterbalancing North American seasonality.

• Costa Rica saw ~2.7 million international air arrivals in 2024, with the Arenal region as a key tourism hub.

• The destination is recognized for sustainability, eco-tourism, and was named "Destination of the Year" for 2024.

• Largest global hospitality brands are present due to the country's stability and skilled workforce.

• Visitors typically stay 10+ days, with Arenal as a central stop.

Asset highlights and operational strengths

• Tabacón offers exclusive access to Costa Rica's largest network of naturally flowing hot springs and a lush rainforest reserve.

• The 105-room 5-star hotel maintains ~80% year-round occupancy and over 30,000 room nights annually.

• 570 acres of land provide significant development potential.

• The resort has received multiple awards, including Tripadvisor Travelers' Choice and Condé Nast Readers' Choice.

• Wellness tourism and adventure travel are key growth drivers, with global wellness tourism projected to grow 17% annually to $1.4T by 2027.