Royal Caribbean Group enters a definitive agreement to sell the Azamara brand to Sycamore Partners. Once closed, the 201 million dollar deal Sycamore Partners will acquire the entire Azamara brand, including three vessels and all intellectual property.
This transaction allows Royal Caribbean Group to focus on its core brands. The iconic Royal Caribbean International, the chic Celebrity Cruises, luxurious Silversea, and their multiple joint ventures. This transaction is not a result of the COVID-19 pandemic and was "in the works" before the industry shut down in March 2020, stated Royal Caribbean Group's Chief Financial Officer, Jason Liberty.
Sycamore Partners have every intention of continuing the Azamara brand once the industry returns to ship operations globally. Royal Caribbean Group pledges a smooth transition for all employees and loyal guests.
Royal Caribbean Group is the second-largest cruise company in the world. Brands include Royal Caribbean International, Celebrity Cruises, Silversea, with joint ventures, TUI and Hapag Lloyd. In 2020 Royal Caribbean Cruises LTD rebranded to Royal Caribbean Group and has shed Pullmantur Cruises, which went into insolvency due to the COVID-19 pandemic, scrapping both the Sovereign and Monarch vessels. Royal Caribbean will lower cash burn with the sale of Azamara with the three vessels transferring ownership to Sycamore Partners.
Overall, Royal Caribbean Group has decreased its fleet capacity by seven ships. These Ships include the Pullmantur ships Sovereign and Monarch, the Royal Caribbean International ships Majesty and Empress of the Seas, and finally, the Azamara fleet Azamara Quest, Journey, and Pursuit.