Marktlink → Sectors → Consumer → Leisure

  • Updated February 27, 2026

Repeatability beats revenue in leisure valuations

Post-COVID, the leisure market has shifted decisively. Buyers no longer chase footfall — they want recurring revenue, scalable concepts, and digital capability. Companies with membership models or proven multi-location playbooks consistently outperform single-location operators.

Jeroen van den Berg

Sector Lead Consumer • 14 years • 90+ transactions

“Leisure businesses are valued on repeatability, not just revenue. A single-location concept with 80% return visitors is worth more than a multi-location chain with 20% churn. We see this in every deal.”

Sector at a Glance

  • Updated March 2, 2026
VALUATION RANGE

0.0x – 0.0x

↑ +0.3x vs 2024

EBITDA Multiple
Deals in 2025

0+

Active Buyers

0+

Enter your figures → see your position instantly

Valuation Development

Post-COVID recovery complete. Leisure multiples now differentiate sharply between scalable, recurring concepts and traditional single-site operators.

5-Year Multiple Range

2021 PEAK

0.0x avg

COVID recovery begins, deep discounts

2023 DIP

0.0x avg

Cost inflation pressure

2025 NOW

0.0x avg

Premium for experience-driven concepts

Subsegment Analysis

Hospitality & Hotels

[XX] deals in 2025

Multiple Range

0x

+0.5x
Buyer Mix
PE 30% • Strategic 55%
Key Valuation Driver
Freehold % & RevPAR consistency
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Recreation & Entertainment

[XX] deals in 2025

Multiple Range

0.0x  – 0x

+0.3x
Buyer Mix
PE 35% • Strategic 50%
Key Valuation Driver
Scalable concept & repeat visits
Am I in this segment? →

Fitness & Wellness

[XX] deals in 2025

Multiple Range

0.0x  – 0.0x

+0.6x
Buyer Mix
PE 45% • Strategic 40%
Key Valuation Driver
Membership retention & LTV
Am I in this segment? →

Travel & Tourism Services

[XX] deals in 2025

Multiple Range

0x  – 0.0x

+0.1x
Buyer Mix
PE 25% • Strategic 60%
Key Valuation Driver
Digital booking share & margins
Am I in this segment? →

Buyer Landscape 2025

Overall Buyer Type Distribution

  • What drives premium valuations

Recurring revenue (memberships, contracts)

+0.0x to +0.0x

Freehold real estate component

+0.0x to +0.0x

Scalable concept with proven playbook

+0.0x to +0.0x

High repeat visit / retention rate (>80%)

+0.0x to +0.0x

Digital booking / customer platform

+0.0x to +0.0x

Which of these buyers match your firm?

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Recent Transactions

Anonymized cases from Marktlink transactions. Each deal illustrates what drives premium valuations in leisure.

Freehold Premium

Hospitality

Regional boutique hotel group with 4 locations, high freehold percentage and strong corporate contracts

REVENUE

€0.0M

EBITDA

€0.0M

MULTIPLE

0.0x

DURATION

0 months

75% freehold
Corporate contract base
Regional brand recognition

Key Insight

Freehold ownership of 3 out of 4 locations was the decisive premium driver. The acquirer valued real estate security over pure operational metrics.

Membership Premium

Fitness & Wellness

Urban premium fitness concept with 6 locations, 4,200 members, and 92% monthly retention

REVENUE

€0.0M

EBITDA

€0.0M

MULTIPLE

0.0x

DURATION

0 months

92% retention rate
Proven unit economics
Scalable concept

Key Insight

PE buyers valued the membership model almost like SaaS. The 92% retention rate and clear unit economics per location made the roll-out thesis immediately credible.

Concept Scalability

Recreation

Family-oriented indoor entertainment concept with 2 locations and strong repeat visit metrics

REVENUE

€0.0M

EBITDA

€0.0M

MULTIPLE

0.0x

DURATION

0 months

Scalable playbook
Family demographic
High repeat rate

Key Insight

The concept’s scalability was key — proven playbook for new locations reduced perceived risk. Without clear unit economics documentation, the multiple would have been 1.0x lower.

Niche Positioning

Travel & Tourism

Specialized tour operator for active/adventure travel with strong digital booking platform

REVENUE

€0.0M

EBITDA

€0.0M

MULTIPLE

0.0x

DURATION

0 months

Proprietary booking platform
Adventure niche
Digital-first model

Key Insight

Lower margins typical for travel depressed the multiple. The proprietary digital platform and niche positioning in adventure travel provided the only differentiation from commodity operators.

Recognize yourself in these cases? Compare your situation.

Market Trends 2025

Wellness & fitness drive PE interest

Subscription-based fitness and wellness concepts attract PE interest due to predictable cash flows. The membership model mirrors SaaS economics, enabling buy-and-build strategies.

Source: KPMG TLH H1 2025

+0.0x

fitness premium

Experience economy rewards unique concepts

Consumers increasingly spend on experiences over products. Unique, hard-to-replicate leisure concepts command significant premiums over commodity entertainment.

Source: McKinsey Consumer, Dealsuite

~0%

premium for experiential

AI and digital transformation in hospitality

Buyers increasingly evaluate digital maturity: booking systems, revenue management, and customer data capabilities. Companies without digital infrastructure face acquisition hesitation.

Source: KPMG, PwC M&A Trends

0%

of buyers check digital capabilities

Quality over quantity in leisure M&A

While deal volume dropped, deal values increased significantly. Buyers focus on high-conviction assets in luxury, experiential, and digitally-enabled leisure segments.

Source: KPMG TLH H1 2025

+0%

deal value YoY (H1 2025)

What This Means for You

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Industry Report 2025

Everything on this page, plus: 12 additional deal cases, detailed subsegment analysis, and 2026 outlook.

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