Royal Caribbean sells three-ship Azamara cruise line
Royal Caribbean has sold its three-ship cruise line Azamara to a private equity firm specialising in consumer, retail and distribution investments.
Sycamore Partners paid $201 million for the brand, the ships and associated intellectual property.
The transaction is subject to customary conditions and is expected to be completed by the end of March.
Royal Caribbean Group said the sale allows 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 Chairman and CEO Richard D. Fain, Chairman and Chief Executive Officer 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."
Stefan Kaluzny, Managing Director of Sycamore Partners, said: "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 travellers as the cruising industry recovers over time."
In conjunction with the sale, Azamara Chief Operating Officer Carol Cabezas has been made President of the brand.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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