Royal Caribbean Group said it is selling its Azamara luxury cruise line 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 aboard stopped trips to the US
Divestment is the latest downward move by a cruise company during the Covid-19 pandemic, as operators are looking for additional sources of cash. Royal Caribbean chief financial officer Jason Liberty said the deal was not motivated by financial reasons and he had considered selling the brand before the health crisis.
The company will try to expand its major 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. Sycamore, according to the transaction, which will close in the first quarter, will acquire the three ships and intellectual property from Azamara, such as the brand’s logo and slogan, the company added.
Royal Caribbean in December said it sold two ships from its Royal Caribbean International fleet. The company will leave the deal with three ships less than its fleet of 61 ships in 2019 after having delivered two ships and leaving a joint venture of Pullmantur Cruceros, which presented a reorganization under Spanish insolvency laws in 2020, a spokesman said.
“It allows us to really prioritize our resources, which are not just financial resources, but also the minds and time of management,” Liberty told the Wall Street Journal.