Maritime investment company The Yacht Portfolio has signed a letter of intent to acquire Sea Cloud Cruises and its fleet of three masted, full-rigged luxury tall ships.
The Yacht Portfolio focuses on strategic investments in maritime portfolio companies. The first brand extension to launch under the portfolio, The Ritz-Carlton Yacht Collection, was created exclusively by The Ritz-Carlton and maritime expert Douglas Prothero.
Founded in 1979, Sea Cloud Cruises operates the 90-year old four-masted barque Sea Cloud, her younger sister the Sea Cloud II (117 meters; 94 passengers), and the new Sea Cloud Spirit (138 meters; 136 passengers).
The ships combine the experience of traditional seamanship with the ambience and charm of classically elegant private yachts. The majority of each trip is conducted under the sails, engines off, offering the cleanest way to travel at sea.
"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 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."
The Yacht Portfolio says the acquisition not only expands its presence in the luxury cruise sector, but also creates an opportunity to expand its relationship with Marriott International beyond The Ritz-Carlton Yacht Collection, and gives Marriott International 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 M&A and Real Estate Officer at Marriott International.
In addition to the continuation of the business model, The Yacht Portfolio says the headquarters of Sea Cloud Cruises will remain based in Hamburg/Germany and the team of highly experienced employees will continue to be employed .
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