Royal Caribbean Group has confirmed the sale of the Azamara luxury cruise line for $201 million.
The cruise line said the all cash private-equity deal with Sycamore Partners would allow it to focus on core operations after almost a year out of the water following the Covid-19 pandemic.
Royal Caribbean chief financial officer, Jason Liberty, said the deal was not driven by financial necessity and that the larger line had considered selling the brand before the health crisis.
The company will seek to expand its core Royal Caribbean International, Celebrity Cruises and Silversea brands after the sale, according to Royal Caribbean, which also operates TUI Cruises and Hapag-Lloyd Cruises under a joint venture.
Under the transaction, expected to close in the first quarter, Sycamore will acquire all three Azamara ships and intellectual property such as the logo and slogan, the company added.
“We are pleased that Royal Caribbean Group has entrusted Sycamore to support Azamara in its next phase of growth,” said Stefan Kaluzny, managing director of Sycamore Partners.
“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…