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Sector insights. A buyer lens. A clear understanding of what drives value.
Tourism and Leisure M&A Advisory
M&A and capital advice for owners, shareholders and acquirers
G&G advises owners and shareholders of Australian tourism and leisure businesses considering a sale, capital raise, or acquisition opportunities across the sector.
Our focus spans accommodation and resorts, destination assets, attractions, guided tours, experiential and nature-based travel, travel services and distribution, and integrated tourism businesses, including operations supported by scenic flights, marine access and remote logistics.
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The tourism & leisure market today
The Australian tourism & leisure market has moved from recovery to significant growth, and capital has followed, creating new opportunities for business owners, investors and buyers.
International visitation is near pre-pandemic levels, with spending reaching a record $40.9 billion in the year to March 2026 as visitors stay longer and spend more.
Hotel transactions reached approximately $2.7 billion in 2025, with strong momentum continuing into 2026. Investment and consolidation are also reshaping experiences, attractions and travel services, creating opportunities for owners considering growth capital or an exit.
Tourism valuation benchmarks
Valuation multiples vary more across tourism & leisure businesses than in most other sectors. The asset you own matters as much as the earnings it produces.
Buyers price tourism & leisure businesses using different lenses depending on the asset base. Freehold accommodation and destination assets are priced primarily on yield, replacement cost and price per key, with EBITDA multiples of a cross-check. Operating businesses, experiences and travel services are priced on maintainable EBITDA, adjusted for seasonality, lease commitments and the capital needed to sustain earnings.
| Sub-segment | Indicative EV/EBITDA | Primary pricing lens and key swing factors |
|---|---|---|
| Iconic destinations and freehold resorts | 10–16x+ | Scarcity, land holding, development optionality. Often priced as real estate; strategic premium for irreplaceable assets |
| Trading hotels (freehold, metro) | 10–14x | Yield, price per key and replacement cost. Prime metro and luxury at the upper end |
| Trading hotels (regional and leisure) | 6–10x | Seasonality, drive-to exposure, capex backlog and depth of buyer pool |
| Leasehold and management operations | 4–7x | Lease or contract tenure, rent cover, renewal terms and brand affiliation |
| Tours, attractions and experiences | 4–7x (SME) 6–9x (scaled, secure tenure) | Concession and permit security, utilisation, direct booking share, fleet capex and founder dependence |
| Travel services (agencies, TMCs, cruise and specialist distribution) | 5–9x | Revenue quality, supplier override dependence, online share. Iglu transacted at ~7.4x trailing EBITDA |
| Travel technology and booking platforms | 10–15x+ | Recurring revenue, retention and scalability. Priced more like software than tourism |
Indicative ranges for Australian private-market transactions, based on G&G's assessment of disclosed transactions, listed comparables and market evidence. Actual outcomes depend on size, earnings quality, tenure and buyer competition. Smaller businesses generally sit at the lower end of each range.
What is driving tourism & leisure acquisition interest
What is driving tourism & leisure acquisition interest
Premiumisation and changing demand
Spending is shifting towards experiences, wellness, food and beverage, and premium accommodation. Higher-yield international visitors, with China the largest market by spend, are lifting revenue per visitor.
Integrated visitor experiences
Accommodation, tours, transport and hospitality reinforce one another through packaged itineraries, cross-selling and higher spend per guest. Consolidators are acquiring to own more of the visitor journey, from arrival to departure.
ESG, climate and First Nations partnerships
Climate exposure and insurance costs increasingly influence tourism valuations and buyer due diligence. Strong partnerships with Traditional Owners can enhance value, support operations and differentiate businesses.
How buyers assess tourism & leisure businesses
What will buyers value in your tourism & leisure business?
Buyers look beyond visitor numbers and headline EBITDA. Destination appeal, operating tenure, seasonality and cash flow all influence value, together with the assets and arrangements included in a sale.
Demand and earnings
How repeatable is the performance?
Seasonality, occupancy or utilisation, pricing and margins help buyers distinguish sustainable earnings from a particularly strong trading period.
Location and tenure
How secure is the destination advantage?
Property ownership, leases, concessions, permits and renewal conditions determine the durability of access and operating rights.
Customer and distribution quality
Who owns the visitor relationship?
Direct bookings, agent and OTA dependence, customer reviews and acquisition costs influence margins and the ability to grow.
Assets and cash flow
What does the business need to sustain earnings?
Maintenance, refurbishment, fleet investment and lease commitments affect cash generation and the funding required under new ownership.
People and succession
Can the experience continue beyond the founder?
Management depth, service standards, specialist staff and local relationships influence the continuity of the visitor offering.
Risk and resilience
How exposed is the business to events outside its control?
Climate exposure, insurance cost and availability, safety record and regulatory compliance are now central to due diligence.
What tourism business owners should understand before going to market
Recent transactions demonstrate the premium buyers place on scarce destination assets and integrated visitor experiences, particularly where these advantages are underpinned by sustainable earnings and secure operating tenure. Aviation, marine and transport assets can enhance destination accessibility and broaden the visitor experience, although fleet investment, maintenance costs and operational complexity are carefully considered by buyers. Ultimately, valuation will depend on the assets and operations included in the transaction, with the treatment of property, operating businesses and deferred consideration often as important as the headline sale price.
Tax and structuring should be considered early, including capital gains tax concessions, landholder duties, the treatment of the property and operating entities, and whether an asset of share or sale structure is the most suitable for the transaction.
Preparing your tourism & leisure business for sale
Early preparation can strengthen value and reduce risks.
Understanding how potential buyers are likely to assess your tourism & leisure business gives you time to address potential issues and strengthen the areas that matter before a sale process begins. Key areas to consider include:
- Explain seasonal earnings and normalise unusual trading periods
- Organise property, lease, concession, permit and operating agreements, including change of control provisions
- Demonstrate booking mix, direct channel share, utilisation and revenue per guest
- Assess refurbishment, fleet and other capital requirements, and present a credible capex plan
- Document climate, insurance and safety risk management
- Secure access arrangements and strengthen management succession
- Consider whether separating property from operations would broaden the buyer pool
Capital raising and growth options for tourism businesses
A capital raise or partial sale can provide funding for new accommodation, expanded visitor experiences or strategic acquisitions, while allowing owners to retain an ownership interest and participate in future growth. Options include minority private equity investment, property sale & leasebacks, joint ventures with a strategic partner, or staged exits with rollover equity. G&G helps owners evaluate the investment opportunity and identify suitable capital partners, with careful consideration of governance, funding commitments, minority shareholder protections and future exit options.
Considering a sale but not ready yet
See your business through a buyer's eyes.
Even if a sale is several years away, understanding how potential buyers would assess your business today can help you maximise its future value. G&G's Exit Readiness process identifies the key value drivers, dependencies and risks that buyers are likely to scrutinise, giving you time to address potential issues, strengthen your business and position it for a successful future transaction.
Preparing for a sale does not mean committing to one. It puts you in a stronger position, with greater flexibility and more options when the time is right.
You have built the business
Understand its value and your options.
Whether you are considering a sale, planning succession, seeking capital or simply want to understand how buyers may view your tourism & leisure business, we are happy to start with a confidential conversation. You will work directly with experienced senior advisers who provide clear, commercially focused advice and guide you through every stage, from the initial discussion to transaction completion.
What to expect
Confidential
Every conversation is treated with discretion.
Senior-led
Speak directly with an experienced G&G adviser.
No obligation
Start with a conversation, not a commitment.