Royal Caribbean Group has confirmed the sale of the Azamara luxurious cruise line for $201 million.
The cruise line mentioned the all money private-equity cope with Sycamore Companions would permit it to give attention to core operations after nearly a 12 months out of the water following the Covid-19 pandemic.
Royal Caribbean chief monetary officer, Jason Liberty, mentioned the deal was not pushed by monetary necessity and that the bigger line had thought of promoting the model earlier than the well being disaster.
The corporate will search to increase its core Royal Caribbean Worldwide, Movie star Cruises and Silversea manufacturers after the sale, in keeping with Royal Caribbean, which additionally operates TUI Cruises and Hapag-Lloyd Cruises underneath a three way partnership.
Underneath the transaction, anticipated to shut within the first quarter, Sycamore will purchase all three Azamara ships and mental property resembling the brand and slogan, the corporate added.
“We’re happy that Royal Caribbean Group has entrusted Sycamore to help Azamara in its subsequent section of development,” mentioned Stefan Kaluzny, managing director of Sycamore Companions.
“We’re excited to companion with the Azamara workforce and construct on their a few years of success serving the model’s loyal prospects.
“We imagine Azamara will stay a best choice for discerning travellers because the cruising trade recovers over time.”
Royal Caribbean in December mentioned it bought two ships in its Royal Caribbean Worldwide fleet.
The corporate will come out of the cope with three fewer ships than its 61-ship fleet in 2019 after taking two ship deliveries and exiting a three way partnership for Pullmantur Cruceros, which filed for reorganisation underneath Spanish insolvency legal guidelines in 2020.
Azamara, established by Royal Caribbean in 2007, represents about 1.5 per cent of its capability and is the smallest among the many manufacturers it owns.
Lengthy-time Azamara chief govt, Larry Pimentel, stepped down from his position on the firm on the outset of the Covid-19 disaster final 12 months.