Viad Corp (NYSE: VVI) has announced its acquisition of the Jasper Skytram attraction in Jasper National Park, celebrating its 60 years of operation. The acquisition is subject to approvals by Parks Canada, with the transaction expected to close in July.
In 2023, the Jasper Skytram welcomed over 130,000 guests, offering an experience to ascend 2,263 meters up Whistlers Mountain via tram, providing 360-degree national park views. The attraction also features amenities such as an interpretive boardwalk, easy access to hiking trails, and light culinary offerings.
Viad Corp will pay $25 million Canadian dollars (approximately $18 million U.S. dollars) for the Jasper Skytram, representing an adjusted EBITDA buy-in multiple of approximately 7x. The transaction includes a renewable long-term lease with Parks Canada, with nearly 30 years remaining.
In 2024, the Jasper Skytram is expected to add revenue of approximately $4 million, expressed in U.S. dollars, with an adjusted EBITDA margin that is accretive to Pursuit’s overall margin.
The acquisition aligns with Viad Corp's strategy to expand Pursuit’s collection of attractions and strengthen its presence in the Canadian Rockies. This addition is expected to contribute to the company's growth and enhance the overall guest experience within the region. Following these announcements, the company's shares moved -1.8%, and are now trading at a price of $33.34. For the full picture, make sure to review Viad Corp's 8-K report.
