Royal Caribbean Group Announces Plan to Sell Azamara Brand
Today, Royal Caribbean Group publicly announced that it will be selling its Azamara cruise line brand to New York-based private equity firm Sycamore Partners. According to the official statement from Royal Caribbean Group, Sycamore Partners will acquire the entire Azamara brand, including its three-ship fleet and all associated intellectual property. The transaction, worth $201 million, is subject to customary conditions and is anticipated to close in Q1 of 2021.
“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,” remarked Richard D. Fain, Chairman and Chief Executive Officer of Royal Caribbean Group, in the line’s official announcement. “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.”
Following the sale, the Azamara brand and operations will remain consistent. Royal Caribbean Group has said they will work in close collaboration for a seamless transition for Azamara employees, customers, and other stakeholders. In conjunction with the transaction, Azamara Chief Operating Officer Carol Cabezas has now been officially appointed President of the brand.
“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 travelers as the cruising industry recovers over time,” said Stefan Kaluzny, Managing Director of Sycamore Partners.
According to the announcement, the sale of Azamara is not expected to have a material impact on Royal Caribbean Group’s future financial results.
We will continue to update this breaking news story as needed.