It was set up by the Sleigh Team in order to earn money due to Santa Claus being unable to pay them for their Christmas Eve duties as he gave away presents for free. It's staff were made up of members of the Sleigh Team, though Donner claims that she ran the company most single handedly.
It's headquarters was set at the Sleigh Team's home Reindeer Lodge.
However, the business failed as the holidays were at the wrong time of year as it was summer at The North Pole and did not snow, much to the tourists' dismay. Another reason that the business failed was due to Robbie's poor building skills as the chalets that the tourists stayed in were in bad conditions and would fall apart. Robbie also built a fence in mountains to stop tourists from falling off them. However, due to it being poorly built, a Penguin fell off the mountain due a tour, but was saved by Robbie.
These incidents resulted in tourists demanding refunds.
After being released from prison, Blitzen returned to Reindeer Lodge and claimed to have reformed and wished to help save North Pole Holidays and drew up plans for the tourists to stay in a luxury hotel instead of the chalets. However after the Sleigh Team built the hotel was built, they were imprisoned in it by Blitzen (who wished for revenge on the Sleigh Team for leaving him to rot in prison) and declared that they had started building his business Blitzen's Reindeer World, stating that the tourists hated North Pole Holidays but would love Blitzen's Reindeer World.
It is most likely that North Pole Holidays was not revived after the closure of Blitzen's Reindeer World as it is not mentioned in Legend of the Lost Tribe's sequel Close Encounters Of The Herd Kind.