Royal Caribbean Group has completed the sale of its Azamara brand to Sycamore Partners, a private equity firm, in an all-cash transaction for $201 million.
The sale included Azamara’s three ships and associated intellectual property, according to a statement.
Royal Caribbean Group said the move would it to “focus on expanding its Royal Caribbean International, Celebrity Cruises and Silversea Cruises brands.”
“This creates huge opportunities for all parties,” said Richard D. Fain, Chairman and CEO of Royal Caribbean Group. “In fact, as we are inking this deal today, Azamara already has added a fourth ship to their fleet. I am confident that the brand’s success and growth trajectory will continue under the stewardship of Sycamore.”
Azamara had been Royal Caribbean’s upmarket cruise line; the company is slated to add a fourth ship to its fleet next year.
“We look forward to guiding and supporting Azamara in its next phase of growth,” said Stefan Kaluzny, Managing Director of Sycamore Partners. “The brand’s high guest engagement, personalized service and unique Destination Immersion strategy, position it strongly for continued growth in the upmarket space.”
— CJ