7 Facts About The Ritz-Carlton Yacht Collection

09.02.2024 - 11:32 / skift.com / Sean Oneill / Jim Murren / Cruises

The Ritz-Carlton Yacht Collection‘s first ship, , saw sold-out bookings in its first summer at sea, so the brand’s executives are now discussing further fleet expansion.

The luxury brand will see the maiden voyage of its second ship, , in the second half of this year. Last month, it began taking reservations for its third ship, , which is set to sail in 2025.

Here are seven facts about The Ritz-Carlton Yacht Collection.

So far, about half the passengers on have been taking a cruise for the first time. So the sector may not cannibalize the existing luxury cruise business — with players like Windstar, Cunard’s Queen Elizabeth 7, Silverseas’ Silver Endeavour, and Seabourne’s Venture.

The Ritz-Carlton Yacht Collection was the first to sea. However, it has competition in the emerging luxury yacht cruise segment it has pioneered.

Four Seasons, Aman Resorts (with Cruise Saudi), and Accor’s Orient Express have all recently taken steps to debut superyachts of their own.

Analysts estimate we’re seeing the creation of a $5 billion-a-year luxury yacht cruise market.

The collection’s second ship, , will depart with its first 448 paying passengers on September 2, with a seven-night cruise from Monte Carlo to Civitavecchia (Rome). Fares start at $6,800 a person.

From there, will take a second week-long sailing to the Greek port of Piraeus.

It will seasonally switch between the Mediterranean and Caribbean, with select ports of call in Central America and South America, depending on the itinerary.

Jim Murren, the former chairman and CEO of MGM Resorts, became the CEO of The Ritz-Carlton Yacht Collection in April. Murren has floated the idea of an initial public offering for the collection within a few years.

To credibly go public, the organization must generate enough cash flow and earnings to self-fund its fleet expansion.

Self-sufficiency is some years off. The current ownership structure includes Oaktree Capital Management (55%), Mohari Hospitality (30%), and Singapore (15%).

They’ve needed to seek financing in the debt market, such as for its recent and ongoing effort to raise hundreds of millions to add to its fleet of superyachts, Bloomberg reported.

As with any new hospitality launch, guests had constructive critiques about the services and amenities in the first voyages of the Evrima.

In recent months, the brand added 10 more staff people (and crew cabins) to improve service and added an improved internet connection for passengers via Elon Musk’s Starlink.

Guest satisfaction scores have been higher on its most recent sailings, as have its guest “intent to recommend” scores.

About one in eight passengers have booked a second trip so far, the company said.

The company hasn’t published sustainability data.