Royal Caribbean is set to sell Azamara Luxury Cruise Line to Sycamore Partners for $201 million, to focus on its remaining three brands.
Royal Caribbean Group has announced it has entered into a definitive agreement to sell its luxury Azamara brand to New York-based Sycamore Partners, “a private equity firm specializing in retail and consumer investments”.
The $201 million deal, subject to conditions, is expected to close in the first quarter of 2021 and will see Sycamore Partners acquire the entire Azamara brand, including its intimate three-ship fleet and associated intellectual property.
Royal Caribbean Group says it seeks to focus on its Royal Caribbean International, Celebrity Cruises and Silversea brands and working to grow them as the industry emerges from this unprecedented period.
“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.”
Richard D. Fain, Chairman and Chief Executive Officer of Royal Caribbean Group
Sycamore Partners says it will continue Azamara’s operations in a way that presents brand consistency to its passengers.
“We believe Azamara will remain a top choice for discerning travelers as the cruising industry recovers over time”
Stefan Kaluzny, Managing Director of Sycamore Partners
Azamara’s value proposition and operations will remain consistent under the new arrangement, and RCI will work in close with Sycamore Partners on a seamless transition for employees, customers and other stakeholders.
Azamara Chief Operating Officer Carol Cabezas has been appointed President of the brand.