Royal Caribbean selling stake in European cruise brands
Sunday, 11 May, 2016
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Royal Caribbean Cruises Ltd has agreed to sell a 51% stake in its two European cruise brands, Spain based Pullmantur and Croisières de France (CDF) to Madrid-based private equity firm Springwater.
RCCL retains a 49% stake in both lines and will continue to operate the businesses.
"Pullmantur and CDF have a long history of offering authentic, localised cruise vacations to their home markets," said Richard Fain, chairman and CEO of RCCL.
"Given the signs of recovery we have seen in the Spanish economy, as well as increased interest in cruising from tourists in France, we think this is the right time to bring together the extensive experience of our deeply valued employees at Pullmantur and CDF with the local travel and tourism expertise of the Springwater team.
Springwater already has an extensive tourism industry investment portfolio, which includes stakes in airlines and travel agencies in Spain, France and Portugal.
"The transaction leverages our firm’s travel sector expertise, and will take advantage of Pullmantur and CDF’s strong client and travel industry relationships in the Spanish and French markets," said Martin Gruschka, CEO of Springwater.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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