The fall-out of the COVID pandemic on the cruise industry took a major turn today with the announced sale by Royal Caribbean of its Azamara brand.
The three-ship fleet – Azamara Journey, Azamara Quest, left, and Azamara Pursuit – has been sold for $201m in cash to Sycamore Partners, a private equity firm that specialises in consumer, retail and distribution investments.
Royal Caribbean said today that the transaction allows it to focus on expanding its Royal Caribbean International, Celebrity Cruises and Silversea brands.
With the pandemic hitting cruising so severely, similar cruise line sales are likely.
“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 CEO 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.”