Maritime investment company, The Yacht Portfolio, has signed a letter of intent (LoI) to acquire Hamburg-based Sea Cloud Cruises.
Sea Cloud operates three-masted, full-rigged luxury tall ships; ‘Sea Cloud’ (109.5 m; 64 pax), ‘Sea Cloud II’ (117 m; 94 pax) and the recently delivered ‘Sea Cloud Spirit’ (138 m; 136 pax).
“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,” explained Douglas Prothero, The Yacht Portfolio CEO (pictured). “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 acquisition not only expands The Yacht Portfolio’s presence in the luxury cruise sector, but also creates an opportunity to expand its relationship with Marriott International beyond The Ritz-Carlton Yacht Collection, which it owns and gives Marriott the opportunity to enter the cruise industry through its other luxury brands, the company said.
“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, Marriott International’s Global M&A and Real Estate Officer.
For over 40 years, Sea Cloud Cruises has pursued the principle of sustainable tourism, using wind power to provide luxury sailing experiences worldwide. A major part of each trip is conducted under sail, with the engines off, offering the cleanest way to travel at sea.
“We are pleased that The Yacht Portfolio will strengthen Sea Cloud’s market position,” added 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.”