Royal Caribbean Group has agreed the sale of Azamara to a private equity firm.
Sycamore Partners has agreed to buy the three-ship line for US$201 million (€165.5 million) along with the line’s brand and intellectual property.
The sale is part of an ongoing divestment by Royal Caribbean Group in its search for additional sources of cash. It sold two of its ships in December. But the move will allow the company to expand its core Royal Caribbean International, Celebrity Cruises and Silversea brands.
Richard Fain, chairman and CEO of Royal Caribbean Group, said: “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. 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.”
Sycamore’s managing director Stefan Kaluzny said: “We are pleased that Royal Caribbean Group has entrusted Sycamore to support Azamara in its next phase of growth. 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.”