Royal Caribbean Group announced a deal this week to sell its Azamara brand to Sycamore Partners, a private equity firm, for $201 million.
Sycamore Partners will acquire the entire Azamara brand, which operates three mid-size ships – the Azamara Quest, the Azamara Journey and the Azamara Pursuit.
Royal Caribbean Group said the deal would allow it to focus on expanding its Royal Caribbean International, Celebrity Cruises and Silversea brands.
“Our strategy has evolved into placing more of our resources behind three global brands, Royal Caribbean International, Celebrity Cruises and Silversea, and working to grow them as we emerge from this unprecedented period,” said Richard Fain, Chairman and CEO of Royal Caribbean Group. “Even so, Azamara remains a strong brand with its own tremendous potential for growth, and Sycamore’s track record demonstrates that they will be good stewards of what the Azamara team has built over the past 13 years.”
Group has entrusted Sycamore to support Azamara brand
“We are pleased that Royal Caribbean Group has entrusted Sycamore to support Azamara in its next phase of growth,” said Stefan Kaluzny, Managing Director of Sycamore Partners. “We are excited to partner with the Azamara team and build on their many years of success serving the brand’s loyal customers. We believe Azamara will remain a top choice for discerning travelers as the cruising industry recovers over time.”
Spanish cruise company Pullmantur
In June 2020, the Spanish cruise company Pullmantur in which Royal Caribbean held a 49% stake went bankrupt and its three-ship fleet, including the MS Sovereign, formerly Royal Caribbean’s Sovereign of the Seas, once the world’s largest cruise ship, was sold off for scrap.
In December 2020, Royal Caribbean International bid farewell to the two oldest ships in its fleet, the Empress of Seas and Majesty of the Seas, which were sold to an undisclosed party in Asia-Pacific