Royal Caribbean Group has agreed with the independent investment firm iCON Infrastructure Partners VI to develop its cruise port infrastructure, the Miami-based cruise specialist said in a press release Monday.
The proposed partnership aims to develop strategic cruise port infrastructure to fuel Royal Caribbean’s business development plans. Royal Caribbean will own a 10% stake in the new entity, while iCON Infrastructure will remain a major shareholder with 90%, according to the release.
The main aim of the new partnership is to possess, develop, and supervise cruise terminal properties and infrastructure in domestic ports and ports of call. In addition, the parties agreed to fund future expansion projects in line with their shareholding in the company.
“Our partnership with iCON is an opportunity to catapult us into the upcoming decades of port investments, build further financial strength, and provide unique cruising experiences to our guests at the best destinations worldwide,” Jason Liberty, CEO of Royal Caribbean Group, said.
The agreement will initially feature PortMiami Terminal A and various projects under construction in the U.S. Virgin Islands and Europe. The parties will also seek to explore more port infrastructure developments as part of the growth strategy of Royal Caribbean.
Royal Caribbean expects to get net cash proceeds of nearly USD 210 million at closing, set for Q1 2023, it said. Royal Caribbean has tapped BofA Securities as an exclusive financial advisor.
Royal Caribbean Group has an international fleet of 64 ships traveling to nearly 1,000 destinations. According to its website, it owns three cruise brands, including Royal Caribbean International, Celebrity Cruises, and Silversea Cruises. Last week, Silversea Cruises promoted Chief Commercial Officer Barbara Muckermann to CEO to replace Roberto Martinoli from January, the company said in a press release Friday.
Martinoli will remain within the company as senior advisor to Royal Caribbean Group and CEO Jason Liberty. Muckermann is an industry insider with over 25 years of experience in exclusive vacations. She joined Silversea Cruises for the first time in 2001 and left in 2005. Muckermann returned to the company in 2016 as Chief Marketing Officer. Last year, she became Chief Commercial Officer.
Next to the management changes at Silversea Cruises, the Royal Caribbean also announced the launch of the first cruise experience in the metaverse by its arm Celebrity Cruises.
The virtual cruise ship Wonderverse lets guests create a personalized avatar and will get a realistic recreation of the company’s new ship Celebrity Beyond. Guests will enter via The Magic Carpet to check out the onboard spaces and interact with each other for dinner and virtual cocktails. Also, they will meet the digital avatars of the company’s management, including CEO Lisa Lutoff-Perlo, the first US female captain of a cruise ship Captain Kate McCue and the celebrity designer Nate Berkus. Visitors can also book itineraries after virtually exploring some of the destinations, including Greece, Japan, and the Caribbean.
The main aim of the metaverse platform is to target new audiences, primarily people that have never taken a cruise, according to the release.
