Royal Caribbean Group says it is selling its luxury cruise line Azamara for $ 201 million in cash to private equity firm Sycamore Partners, a move that would allow the company to focus on core operations after nearly a year since coronavirus outbreaks they stopped their trips on board the USA
Divestment is the latest move to reduce a cruise line during the Covid-19 pandemic, while operators are looking for additional sources of cash. The head of Royal Finance, Jason Liberty, said that the business was not determined by financial reasons and that he had in mind the sale of the brand before the health crisis.
The company will look to expand its main brands Royal Caribbean International, Celebrity Cruises and Silversea after the sale, according to Royal Caribbean, which also operates TUI Cruises and Hapag-Lloyd Cruises in a joint venture. As part of the deal, which is expected to close in the first quarter, Sycamore will acquire the three ships and the intellectual property of Azamara, such as the brand’s logo and slogan, the company added.
Royal Caribbean said in December that it had sold two ships in its Royal Caribbean International fleet. The company will come to an agreement with three ships less than its fleet of 61 ships in 2019, after taking two ship deliveries and leaving a joint venture for Pullmantur Cruceros, which requested reorganization under Spanish insolvency laws in 2020, said a spokesman.
“It allows us to truly prioritize our resources, which are not just financial resources – they are also the mind and time of leadership,” Mr. Liberty told The Wall Street Journal.