Big changes in cruising: Royal Caribbean to sell Azamara
Jan 19, 2021
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The ongoing pandemic has caused sea changes throughout the travel industry. Today, Royal Caribbean announced that it had entered a “definitive agreement” to sell its beloved Azamara brand to Sycamore Partners. If you’re not familiar with Sycamore, it’s a private equity firm. The deal, worth $210 million, is expected to close in the first quarter of 2021.
Royal Caribbean Group Sells Azamara in $200 Million Deal
January 19, 2021
Azmara has been sold by Royal Caribbean Gropu to a private equity firm for $201 million. Photo: Pres Panayotov/Shutterstock.com.
Royal Caribbean Group on Tuesday morning announced that it has agreed to sell Azamara to Sycamore Partners, a private equity firm, for $201 million.
The deal ends Azamara’s run as part of Royal Caribbean Group, a place it has occupied since it officially launched as Azamara Club Cruises in 2009. The deal includes the entire Azamara three-ship fleet along with all of its associated intellectual property.
The news continues a four-year development of the Royal Caribbean Group portfolio. In June 2018, the Group acquired a major stake in Silversea and then a year later announced that Azamara would be rebranded with a new name (removing the Club Cruises moniker), logo, and destination focus.
19 January 2021
Royal Caribbean Group has confirmed the sale of the Azamara luxury cruise line for $201 million.
The cruise line said the all cash private-equity deal with Sycamore Partners would allow it to focus on core operations after almost a year out of the water following the Covid-19 pandemic.
Royal Caribbean chief financial officer, Jason Liberty, said the deal was not driven by financial necessity and that the larger line had considered selling the brand before the health crisis.
The company will seek to expand its core Royal Caribbean International, Celebrity Cruises and Silversea brands after the sale, according to Royal Caribbean, which also operates TUI Cruises and Hapag-Lloyd Cruises under a joint venture.