New owner will drive the operator's next phase of growth in the luxury cruise sector
By
Rebecca Gibson |
Maritime investment company The Yacht Portfolio has signed a letter of intent to acquire Germany-based operator Sea Cloud Cruises, which has provided luxury cruises in Europe, the USA and elsewhere for more than 40 years.
The Yacht Portfolio will acquire all three of Sea Cloud Cruises’ masted, full-rigged luxury tall ships – the 64-guest Sea Cloud, 94-passenger Sea Cloud II and the 136-guest Sea Cloud Spirit – all of which primarily operate with sails rather than engines.
Following the acquisition, Sea Cloud Cruises will continue to be headquartered in Hamburg and retain its existing business model, team of employees and business partners. The Yacht Portfolio also intends to honour the operator’s existing charter commitments and planned itineraries.
“We are pleased that The Yacht Portfolio will strengthen Sea Cloud’s market position,” said Hermann Ebel, managing director of Sea Cloud Cruises. “The course is set for many more years of successful international marketing and the foundation is laid for further company and fleet growth.”
The acquisition will further expand The Yacht Portfolio’s presence in the luxury cruise sector. The brand already partners with luxury small-ship operator The Ritz-Carlton Yacht Collection, which is part of Marriott International.
“Sea Cloud offers such a unique, environmentally friendly experience in the cruise space, which aligns well with our continued focus on building a strong portfolio of niche luxury brands,” said Douglas Prothero, CEO of The Yacht Portfolio. “We look forward to completing a transaction with the Sea Cloud team and supporting the brand’s next phase of growth in the luxury cruise space.”
Marriott International will also have the opportunity to enter the cruise industry through its other luxury brands.
“We are excited about the transaction between The Yacht Portfolio and Sea Cloud and look forward to the opportunity to collaborate further with The Yacht Portfolio to bring our luxury accommodations to sea,” said Timothy Grisius, global mergers and acquisitions, and real estate officer for Marriott International.