Royal Caribbean sells luxury brand Azamara

Royal Caribbean Group has announced it has entered into a definitive agreement to sell its Azamara brand to Sycamore Partners in an all-cash carve-out transaction for $201 million.

Sycamore Partners, a private equity firm specializing in consumer, retail and distribution investments, will acquire the entire Azamara brand, including its three-ship fleet and associated intellectual property. The transaction is expected to close in the first quarter of 2021 and will result in a one-time, non-cash impairment charge of approximately $170 million..

In a statement Royal Caribbean Group said the transaction will allow 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 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.”

Azamara’s value proposition and operations will remain consistent under the new arrangement making sure Azamara will remain a top choice for discerning travelers. In conjunction with the transaction, Azamara Chief Operating Officer Carol Cabezas has been appointed President of the brand. 

Azamara has paused cruising until April 30, 2021. The line plans to resume service on May 1 with Azamara Quest’s 14-night Black Sea sailing roundtrip and Azamara Journey’s six-night Amalfi & Adriatic Wonders voyage.

Also read: Azamara, the boutique cruise line and leader in Destination Immersion

Leave a Reply