The Yacht Portfolio, the maritime investment company which owns soon-to-launch The Ritz-Carlton Yacht Collection, has entered into a letter of intent to acquire Sea Cloud Cruises following several months of discussions.
Sea Cloud Cruises operates a trio of three-masted, full-rigged luxury tall ships; the Sea Cloud, Sea Cloud II and the most recent addition, Sea Cloud Spirit.
“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,” Prothero added.
The acquisition expands The Yacht Portfolio’s presence in the luxury cruise sector, creating 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.
The Ritz-Carlton Yacht Collection’s first of three 298-guest luxury yachts, Evrima, is slated to enter service in May 2022 after a series of delays. The yacht has been originally intended to debut in February 2020.
“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.
For over 40 years, Sea Cloud Cruises has pursued the principle of sustainable tourism, using wind power to provide unique, luxury sailing experiences around the world. The majority of each trip is conducted under the sails, engines off, offering the cleanest way to travel at sea.
“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.”
Under the planned acquisition, The Yacht Portfolio intends to maintain the headquarters of Sea Cloud Cruises in Hamburg, Germany and retain existing staff.
The existing voyage planning and charter commitments of the three Sea Cloud Cruises’ yachts are also intended to be continued.