scrapcreator Posted January 19, 2021 #26 Share Posted January 19, 2021 2 hours ago, jelayne said: Two weeks ago we booked a 23 night cruise for May 2022. Guess we will rethink that now. Yep. We have a May 2022 booked on the Quest. I guess it is time to find an alternative cruise to the Grand Prix. Link to comment Share on other sites More sharing options...
Baron Barracuda Posted January 19, 2021 #27 Share Posted January 19, 2021 2 hours ago, mahdnc said: Wow. $201 million dollars. Less than a month's worth of cash burn. That might be a net number. Some debt may have transferred ships. No mention in press release or SEC filing, Link to comment Share on other sites More sharing options...
TeaBag Posted January 19, 2021 #28 Share Posted January 19, 2021 We're on the same cruise as Jelayne, our fourth try at seeing Petra. Now what? This is very disappointing news. Link to comment Share on other sites More sharing options...
EvoUSA Posted January 19, 2021 #29 Share Posted January 19, 2021 (edited) I do wonder how Sycamore (https://en.wikipedia.org/wiki/Sycamore_Partners) is actually planning to run Azamara. They primarily own retailers and related brands, notably clothing-related and Staples. Other than the fact that they're consumer-facing non-staple businesses, I don't really see the similarity to their existing businesses. Edited January 19, 2021 by EvoUSA Link to comment Share on other sites More sharing options...
EvoUSA Posted January 19, 2021 #30 Share Posted January 19, 2021 1 hour ago, Jeremiah1212 said: Does RCG report financials for specific brands? I've never seen anything other than speculation. Hard to definitely say what the true driving factor was without that info on hand. The press release did say "[t]he sale of Azamara is not expected to have a material impact on Royal Caribbean Group's future financial results" which suggests there wasn't a significant net profit (or loss) from the line.@Bruin Stevementioned this in the other Azamara sale thread, but it's also unclear what debt/liabilities Sycamore is assuming on the sale. Link to comment Share on other sites More sharing options...
ECCruise Posted January 19, 2021 #31 Share Posted January 19, 2021 9 minutes ago, TeaBag said: We're on the same cruise as Jelayne, our fourth try at seeing Petra. Now what? This is very disappointing news. Same here. But we are not doing anything until we get a clearer picture of how things are going to be in the future. We have 2 Azamara sailings this year (July and November with air, apartments, rental cars, etc. booked) and sticking with those as well. Plus, we aren't going to cancel, pay the cancellation fees, then find out that things are just fine and prices have increased. We are going to be patient and see how things shake out. Link to comment Share on other sites More sharing options...
Damcruiser Posted January 19, 2021 #32 Share Posted January 19, 2021 35 minutes ago, Baron Barracuda said: That might be a net number. Some debt may have transferred ships. No mention in press release or SEC filing, "The transaction will result in a one-time, non-cash impairment charge of approximately $170 million. " Link to comment Share on other sites More sharing options...
Rare Host Jazzbeau Posted January 19, 2021 #33 Share Posted January 19, 2021 42 minutes ago, Damcruiser said: "The transaction will result in a one-time, non-cash impairment charge of approximately $170 million. " That is the difference between the book value of the ships and the cash they are getting for them: "Azamara’s sale will result in a noncash impairment charge of about $170 million, which reflects the difference between the three ships’ book value and the sale price, Royal Caribbean said." – Wall Street Journal Link to comment Share on other sites More sharing options...
ChucktownSteve Posted January 19, 2021 #34 Share Posted January 19, 2021 55 minutes ago, EvoUSA said: I do wonder how Sycamore (https://en.wikipedia.org/wiki/Sycamore_Partners) is actually planning to run Azamara. They primarily own retailers and related brands, notably clothing-related and Staples. Other than the fact that they're consumer-facing non-staple businesses, I don't really see the similarity to their existing businesses. You think they'll be increasing the Azamara apparel in the gift shop? 1 Link to comment Share on other sites More sharing options...
sfaaa Posted January 19, 2021 #35 Share Posted January 19, 2021 1 hour ago, Damcruiser said: "The transaction will result in a one-time, non-cash impairment charge of approximately $170 million. " Paper loss is less important when the objective is to secure immediate cash relief. Link to comment Share on other sites More sharing options...
TeaBag Posted January 19, 2021 #36 Share Posted January 19, 2021 2 hours ago, ECCruise said: Same here. But we are not doing anything until we get a clearer picture of how things are going to be in the future. We have 2 Azamara sailings this year (July and November with air, apartments, rental cars, etc. booked) and sticking with those as well. Plus, we aren't going to cancel, pay the cancellation fees, then find out that things are just fine and prices have increased. We are going to be patient and see how things shake out. Same here. I will eagerly await your posts after you have sailed in July. Link to comment Share on other sites More sharing options...
Charles4515 Posted January 19, 2021 #37 Share Posted January 19, 2021 2 hours ago, EvoUSA said: I do wonder how Sycamore (https://en.wikipedia.org/wiki/Sycamore_Partners) is actually planning to run Azamara. They primarily own retailers and related brands, notably clothing-related and Staples. Other than the fact that they're consumer-facing non-staple businesses, I don't really see the similarity to their existing businesses. I would guess they plan to flip it eventually. 1 Link to comment Share on other sites More sharing options...
Redtravel Posted January 19, 2021 #38 Share Posted January 19, 2021 Sycamore acquires businesses that are losing money or folding like the Limited, Coldwater Creek, etc. 1 Link to comment Share on other sites More sharing options...
Jeremiah1212 Posted January 19, 2021 #39 Share Posted January 19, 2021 3 hours ago, EvoUSA said: The press release did say "[t]he sale of Azamara is not expected to have a material impact on Royal Caribbean Group's future financial results" which suggests there wasn't a significant net profit (or loss) from the line.@Bruin Stevementioned this in the other Azamara sale thread, but it's also unclear what debt/liabilities Sycamore is assuming on the sale. With Silversea on hand and the changes to the Celebrity product - even with acceptable financials, I'm sure from an efficiency standpoint it didn't make sense to maintain a separate brand with a tiny 3 ship fleet. Link to comment Share on other sites More sharing options...
Rare cruisequeen4ever Posted January 19, 2021 #40 Share Posted January 19, 2021 Interesting. Though I sway toward the big ships, I have considered Azamara for exotic itineraries and liked that it was under the umbrella of a large cruise company. Hopefully the new company will be successful; it seems like a bad time to start a cruise line! Link to comment Share on other sites More sharing options...
LGW59 Posted January 19, 2021 #41 Share Posted January 19, 2021 7 hours ago, terrydtx said: Good Riddance, they were sucking cash from the other brands to stay afloat. They were never able to compete with Oceania and Viking Ocean in the in-between mass marketed Cruise and true luxury lines market. Never sailed on but did look, their ships looked kind of fuddy duddy to me, would not be my cup of tea as it were. Celebrity is luxury to me, especially the E class and the refurbs to the others. Link to comment Share on other sites More sharing options...
Rare hcat Posted January 20, 2021 #42 Share Posted January 20, 2021 Looks like Cruise Choices will continue to shrink. Sad....Didnt their CEO bail out already? We never tried Az..The ship size and age did not appeal to us but it did seem more like the orig Celeb experience..small upscale cruise club. Hope folks get to finish out their bookings Link to comment Share on other sites More sharing options...
Arizona Wildcat Posted January 20, 2021 #43 Share Posted January 20, 2021 7 hours ago, TeaBag said: Sorry to hear this. Agree. A bit surprised at $200M. Not much more than scrap value and how many millions in deposits will move with Azamara? Link to comment Share on other sites More sharing options...
jelayne Posted January 20, 2021 #44 Share Posted January 20, 2021 20 minutes ago, Arizona Wildcat said: Agree. A bit surprised at $200M. Not much more than scrap value and how many millions in deposits will move with Azamara? Hopefully our deposit will remain with RCG long enough to be processed as we cancelled today. Link to comment Share on other sites More sharing options...
TeaBag Posted January 20, 2021 #45 Share Posted January 20, 2021 41 minutes ago, jelayne said: Hopefully our deposit will remain with RCG long enough to be processed as we cancelled today. Do you think the transfer is imminent? I thought it was to come into effect end of first quarter? Or did I read the word "end" in there and it could be any time? Link to comment Share on other sites More sharing options...
jelayne Posted January 20, 2021 #46 Share Posted January 20, 2021 1 hour ago, TeaBag said: Do you think the transfer is imminent? I thought it was to come into effect end of first quarter? Or did I read the word "end" in there and it could be any time? I’m sure they will try and complete it as soon as possible. But the end of the 3rd quarter is only 9 weeks away. Cruising won’t restart before the sale is complete even it it is at the very end of the quarter. So it would be a few months, at best, after cruising starts before we begin to know the impact the change of ownership will have on the cruise experience. We booked this cruise for the itinerary not for the “Azamara experience” with all the uncertainties we will take our money back while we can. Link to comment Share on other sites More sharing options...
Rare markeb Posted January 20, 2021 #47 Share Posted January 20, 2021 Looking at some of their history on Wikipedia, I really don’t think they keep Azamara for very long. This almost looks like a third part liquidation, if that ultimately makes financial sense to Sycamore. Sell the name if it has value, dump the ships, and consolidate and sell any value to the operational pieces it sounds like they’ve acquired. I doubt they want to become a cruise company... Could be wrong, but if not, sorry... 2 Link to comment Share on other sites More sharing options...
TeeRick Posted January 20, 2021 #48 Share Posted January 20, 2021 (edited) Story is pretty straight forward. Why keep Azamara and its old ships when RCG has spent hundreds of millions not only buying Silversea Cruises but also launching several new build ships (Silver Moon, Silver Muse, Silver Dawn)? https://www.silversea.com/other-resources/press-releases/2021/January/new-ship-silver-dawn-floats-out-in-ancona.html https://www.marinelink.com/news/silver-dawn-floated-fincantieris-ancona-484553 Edited January 20, 2021 by TeeRick Link to comment Share on other sites More sharing options...
upwarduk Posted January 20, 2021 #49 Share Posted January 20, 2021 22 hours ago, Bruin Steve said: They lack some amenities and the staterooms are small compared to most luxury line ships Especially the showers. Link to comment Share on other sites More sharing options...
DirtyDawg Posted January 20, 2021 #50 Share Posted January 20, 2021 🥱 Royal Caribbean had a yard sale. Link to comment Share on other sites More sharing options...
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