Royal Caribbean Sells Its Azamara Brand
Cruise giant Royal Caribbean Group said it has completed the sale of its Azamara brand to private equity firm Sycamore Partners for $201 million in cash. The sale, which was announced earlier this year, includes Azamara’s three-ship fleet and associated intellectual property.
Miami-based Royal Caribbean said the the deal allows it to focus on expanding its core brands Royal Caribbean International, Celebrity Cruises and Silversea Cruises as it continues to grapple with the effects of the COVID-19 cruise pause.
“This creates huge opportunities for all parties,” said Richard D. Fain, chairman and CEO of Royal Caribbean Group. “In fact, as we are inking this deal today, Azamara already has added a fourth ship to their fleet. I am confident that the brand’s success and growth trajectory will continue under the stewardship of Sycamore.”
“We look forward to guiding and supporting Azamara in its next phase of growth,” said Stefan Kaluzny, Managing Director of Sycamore Partners. “The brand’s high guest engagement, personalized service and unique Destination Immersion strategy, position it strongly for continued growth in the upmarket space.”