Royal Caribbean commits to selling Azamara to Investment Group

MIAMI, January 19, 2021 – Royal Caribbean Group (NYSE: RCL) today announced it has entered into a definitive agreement to sell its Azamara brand to Sycamore Partners, a private equity firm specializing in consumer, retail and distribution investments, in an all-cash carve-out transaction for $201 million, subject to certain adjustments and closing conditions. Sycamore Partners will acquire the entire Azamara brand, including its three-ship fleet and associated intellectual property. The transaction is subject to customary conditions and is expected to close in the first quarter of 2021.

Meanwhile, Carnival is boasting record bookings for 2022, and near record bookings for Q3 & Q4 2021.

Tags: Azamara Club Cruises RCI RoyalCaribbean

7 Answers

That seems like a really cheap price.

Hope the sale goes well and Azamara continues to be successful.

it sounds like their debt on Azamara was around $170M, so they "only" made around $40M on the sale, which will probably have creditors happy to have that $170M off the debt books

Ship sell offs and now this. Different world indeed. Is this the start?

Not just a matter of offloading debt and only making a small amount .. I think the real kicker is that they will not have to bleed out more cash to maintain the ships while not bringing in any revenue. Good bargain for the buyer if they can get the ships sailing in the near future and a help for RCL as less to maintain and less debt to carry at a time when revenue does not exist.

RCL already solidified ownership in Silverseas. No need for another premium line with older equipment. I booked a cruise on Azamara prior to sale announcement - now wondering if it will be around as a quality sailing.

Silversea isnt doing too bad, with an average ship age of about 17 years carrying an average of 382 passengers.

Azamara averages out at about 21 years, carrying an average of 719 Passengers, which still isnt awful, especially for Boutique, high end cruise line.

Royal Caribbean has an average ship age of 15 years, and an average capacity of 4075(cutting Majesty and Empress really bumped those numbers up, which would also be more attractive to investors and creditors)

Older ships cost more to maintain. Corrosion, fatigue, engine hours, sediment in pipes and holding tanks, aging finishes, past incidents causing damage. I wouldnt be too surprised to see Grandeur, Rhapsody or Enchantment go before the resumption of sailing.


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