Royal Caribbean Group has reached an agreement to sell its Azamara brand to private equity firm Sycamore Partners for $201 million.
Sycamore Partners will acquire the line’s three-ship fleet and associated intellectual property.
The transaction is subject to customary conditions and is expected to close in the first quarter of 2021.
In a statement announcing the deal, Royal said Azamara’s value proposition and operations “will remain consistent under the new arrangement” and it would “work in close collaboration on a seamless transition for Azamara employees, customers and other stakeholders”.
Azamara’s chief operating officer Carol Cabezas has been appointed brand president.
Royal Group chair and chief executive Richard Fain said: "Our strategy has evolved into placing more of our resources behind three global brands, Royal Caribbean International, Celebrity Cruises and Silversea, and working to grow them as we emerge from this unprecedented period.
"Even so, Azamara remains a strong brand with its own tremendous potential for growth, and Sycamore’s track record demonstrates that they will be good stewards of what the Azamara team has built over the past 13 years."