Princess Cruises has parted ways with the Love Boat.
The Santa Clarita cruise line last week sold its Pacific Princess ship for an undisclosed price to Azamara, a cruise brand formerly owned by Royal Caribbean that was acquired earlier this month by private equity firm Sycamore Partners.
The ship was named after a pop culture icon. The original MS Pacific Princess sailed from 1975 to 2002 and was the set for ABC’s comedy TV series “The Love Boat.” The show was filmed on board from 1977 to 1986.
The current-generation Pacific Princess entered service in 1999 for Renaissance Cruises. It joined Princess in 2002. The next year, actor Gavin MacLeod, in costume as Captain Stubing of “The Love Boat,” joined the bridge crew for the season’s inaugural cruise under the Golden Gate Bridge. The ship would go on to sail more than 1.6 million miles in its career, Princess said in a statement. At 30,000 tons and with a guest capacity of just 670, it was the smallest ship in the Princ
Royal Caribbean sells Azamara brand, fleet January 20, 2021, by Naida Hakirevic
Cruise major Royal Caribbean Group has entered into a definitive agreement to sell its Azamara brand to Sycamore Partners, a New York-based private equity firm.
The cruise brand is being sold in all-cash carve-out transaction for $201 million, subject to certain adjustments and closing conditions.
As informed, Sycamore Partners will acquire the entire Azamara brand, including its three-ship fleet and associated intellectual property. The transaction is subject to customary conditions and is expected to close in the first quarter of 2021.
Illustration. Image Courtesy: Royal Caribbean
Royal Caribbean Group explained that the transaction allows it to focus on expanding its Royal Caribbean International, Celebrity Cruises and Silversea brands. In July 2020, Royal Caribbean purchased the remaining shares of Silversea Cruises after acquiring a two-thirds s
Royal Caribbean To Divest Azamara Brand To Sycamore Partners For $201 Mln Cash
WASHINGTON (dpa-AFX) - Royal Caribbean Group (RCL) announced Tuesday it has entered into a definitive agreement to sell its Azamara brand to a private equity firm Sycamore Partners in an all-cash carve-out transaction for $201 million, subject to certain adjustments and closing conditions.
Sycamore Partners will acquire the entire Azamara brand, including its three-ship fleet and associated intellectual property. The transaction, subject to customary conditions, is expected to close in the first quarter of 2021.
Royal Caribbean Group noted the transaction allows it to focus on expanding its Royal Caribbean International, Celebrity Cruises and Silversea brands.
/PRNewswire-HISPANIC PR WIRE/ Royal Caribbean Group (NYSE: RCL) today announced it has entered into a definitive agreement to sell its Azamara brand to.