Jump to content

Royal Caribbean Group

Coordinates: 25°46′31″N 80°10′41″W / 25.7753°N 80.1780°W / 25.7753; -80.1780
From Wikipedia, the free encyclopedia

This is an old revision of this page, as edited by Enmanuelgac (talk | contribs) at 09:28, 22 May 2023 (Undid revision 1156329280 by Czello (talk)). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

This article is about the holding company that owns several cruise lines. For its subsidiary cruise line, see Royal Caribbean International.

Royal Caribbean Group
FormerlyRoyal Caribbean Cruises Ltd.
Company typePublic
NYSE: RCL
S&P 500 component
ISINLR0008862868
Industry
Founded1997 (1997)
FounderArne Wilhelmsen
Headquarters25°46′31″N 80°10′41″W / 25.7753°N 80.1780°W / 25.7753; -80.1780,

Miami, Florida
,
U.S.
Area served
Worldwide
Key people
Jason Liberty
(President & CEO)
Naftali Holtz
(CFO)
ServicesCruises
RevenueIncrease US$8.84 billion (2022)[1]
Decrease US$–763.9 million (2022)[2]
Increase US$–5.26 billion (2022)[3]
Total assetsDecrease US$32.26 billion (2022)[4]
Total equityDecrease US$5.09 billion (2022)[5]
Number of employees
Increase 102,500 (2022)[6]
Subsidiaries

Grand Bahama Shipyard (40%)

Websiteroyalcaribbeangroup.com
Footnotes / references
[7]

Royal Caribbean Group, formerly known as Royal Caribbean Cruises Ltd., is a global cruise holding company incorporated in Liberia and based in Miami, Florida. It is the world's second-largest cruise line operator, after Carnival Corporation & plc. As of January 2021, Royal Caribbean Group fully owns three cruise lines: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises.[8] They hold a 50% stake in TUI Cruises and Hapag-Lloyd Cruises, also the now-defunct Pullmantur Cruises and CDF Croisières de France.[9][10]

History

Royal Caribbean Group was formed as Royal Caribbean Cruises Ltd. in 1997 when Royal Caribbean Cruise Line purchased Celebrity Cruises. The decision was made to keep the two cruise line brands separate following the merger; as a result Royal Caribbean Cruise Line was re-branded Royal Caribbean International and Royal Caribbean Cruises Ltd. was established as the new parent company of both Royal Caribbean International and Celebrity Cruises.[11]

A third brand under Royal Caribbean Cruises ownership was formed in 2000 when Island Cruises was created as a joint venture with First Choice Holidays. Island Cruises became an informal cruise line on the British and Brazilian markets.[12]

In November 2006, Royal Caribbean Cruises purchased Pullmantur Cruises based in Madrid, Spain. From there, the company expanded rapidly with the creation of Azamara Cruises in May 2007 as a subsidiary of Celebrity Cruises.[13] It followed this with the formation of CDF Croisières de France in May 2008 to serve the French-language market.[14]

Royal Caribbean also has an interest in TUI Cruises, a joint venture with TUI AG,[15] which began operations in 2009 aimed at a German-speaking market. TUI Cruises's subsidiary, TUI Travel, had a 50% interest in Island Cruises following their merger with First Choice Holidays in 2007.[16] In October 2008, Royal Caribbean Cruises rationalized their holdings by selling their share of Island Cruises to TUI.[17]

In early 2019, Royal Caribbean announced in a joint venture with ITM Group the formation of Holistica, a company that intends to develop cruise destinations.[18] The only known destination that the company is to develop is the Grand Lucayan Resort, located in Freeport after the hotel campus was sold to newly formed subsidiary by the Bahamian Government.

On July 10, 2020, Royal Caribbean Cruises purchased the remaining shares of Silversea Cruises.[8] That same month, it also changed its name to Royal Caribbean Group.[19][20] It also adjusted its logo.[21][22] Royal Caribbean sold Azamara Cruises to Sycamore Partners in March 2021 for $201 million.[23]

In July 2022, Royal Caribbean Group received court approval to purchase Endeavor, a former Crystal Cruise ship, for $275 million. The ship will be renamed Silver Endeavour when it officially joins the Royal Caribbean's subsidiary, Silversea Cruises' fleet.[24][25]

Subsidiaries

Royal Caribbean International

Main article: Royal Caribbean International

Royal Caribbean International (RCI), formerly Royal Caribbean Cruise Line (RCCL), is a cruise line founded in 1968 in Norway and organized as a wholly owned subsidiary of Royal Caribbean Group since 1997.

Based in Miami, Florida, it is the largest cruise line by revenue and second largest by passengers counts. In 2018, Royal Caribbean International controlled 19.2% of the worldwide cruise market by passengers and 14.0% by revenue.[26]

As of August 2024, the line operates 28 ships; four additional ships are on order and two ships are planned but do not have a launch date.

Celebrity Cruises

Main article: Celebrity Cruises

Celebrity Cruises is a cruise line headquartered in Miami, Florida,[27] and a wholly owned subsidiary of Royal Caribbean Group. Celebrity Cruises was founded in 1988 by the Greece-based Chandris Group, and merged with Royal Caribbean Cruise Line in 1997.[28][29][30]

Silversea Cruises

Main article: Silversea Cruises

Silversea Cruises is a luxury cruise line headquartered in Monaco. Founded in 1994 by the Vlasov Group of Monaco and the Lefebvre family of Rome it pioneered all-inclusive cruising with its first ship, Silver Cloud.[31] Since July 2020, it has been owned by Royal Caribbean Group.

Other significant investments

Pullmantur Cruises

Main article: Pullmantur Cruises

Pullmantur Cruises was a cruise line headquartered in Madrid, Spain.[32] It began operations in the late 1990s as an offshoot of the Madrid-based travel agency Pullmantur. In 2006, Pullmantur Cruises, through its parent company, was purchased by U.S.-based Royal Caribbean Group,[33] but Royal Caribbean later sold a 51% stake in the cruise line to Spain-based investment firm Springwater Capital, retaining a 49% stake.[34]

Pullmantur Cruises was the largest Spain-based cruise line. The company mainly marketed to Spanish passengers, although cruises were also sold by some travel operators outside the Spanish-speaking world. Some of the company's ships operated an "all-inclusive" product, where some extras, such as brand alcoholic beverages, were included in the cruise price.[33] Originally, most Pullmantur ships did not operate cruises for the company during the northern hemisphere winter season. Instead, they were either laid up or under charter to other cruise lines, such as the Brazil-based Viagens CVC.[33]

On 22 June 2020, due to the economic impact caused by the COVID-19 pandemic, Pullmantur's owners announced they had filed for reorganization of Pullmantur under Spanish insolvency laws.[35] Pullmantur under Administration review was hoping to restart some operations with MV Horizon, laid up in Eleusis Bay, and two Celebrity Millennium class cruise ships.[36]

By December 2020, a reorganization plan had been developed, to restart some cruises, with financial assistance from Royal Caribbean.[37] Since mid July 2021 it was in process of liquidation.[38]

TUI Cruises

Main article: TUI Cruises

Holistica

Holistica was formed in early 2019 after the purchase of the Grand Lucayan Resort in a joint venture by Royal Caribbean and ITM Group. Since the purchase, Royal Caribbean has announced that it is intended for the resort to be developed into a cruise destination that will benefit the local Freeport economy. It was also announced by the CEO of Royal Caribbean that Freeport Harbor will be developed into a cruise facility of choice.[39]

Former brands

Other companies owned by Royal Caribbean Group

References

  1. ^ "2022 Royal Caribbean Cruises Ltd. Form 10-K". Retrieved 23 February 2023.
  2. ^ "2022 Royal Caribbean Cruises Ltd. Form 10-K". Retrieved 23 February 2023.
  3. ^ "2022 Royal Caribbean Cruises Ltd. Form 10-K". Retrieved 23 February 2023.
  4. ^ "2022 Royal Caribbean Cruises Ltd. Form 10-K". Retrieved 23 February 2023.
  5. ^ "2022 Royal Caribbean Cruises Ltd. Form 10-K". Retrieved 23 February 2023.
  6. ^ "2022 Royal Caribbean Cruises Ltd. Form 10-K". Retrieved 23 February 2023.
  7. ^ "Proxy Statement". Retrieved 2 June 2022.
  8. ^ a b "Royal Caribbean Group Acquires Remaining Interest in Silversea". www.rclinvestor.com. Miami, Florida: Royal Caribbean Group. PRNewswire. 10 July 2020. Retrieved 11 July 2020.
  9. ^ "Investor Relations Overview". Royal Caribbean Cruises Ltd. Archived from the original on 18 December 2008. Retrieved 10 November 2008.
  10. ^ Newman, Doug (30 April 2008). "Celebrity Galaxy to Be TUI Cruises' First Ship". At Sea with Doug Newman. Archived from the original on 19 July 2008. Retrieved 10 November 2008.
  11. ^ Plowman, Peter (2006). The Chandris Liners and Celebrity Cruises. Rosenberg Publishing. p. 219. ISBN 1-877058-47-5.
  12. ^ "Island Cruises ownership" (PDF). Island Cruises press material. Archived from the original (PDF) on 27 February 2008. Retrieved 11 December 2007.
  13. ^ "Celebrity Cruises Presents New, Deluxe Cruise Line: Azamara Cruises". Royal Caribbean Cruise Ltd. Press Release. Archived from the original on 10 October 2007. Retrieved 11 December 2007.
  14. ^ Cruise Business Review: Royal Caribbean starts new cruise line dedicated to French market Archived 2008-03-19 at the Wayback Machine, retrieved 14. 10. 2007
  15. ^ "TUI AG and Royal Caribbean Cruises Ltd. announce joint venture to serve German cruise market". Royal Caribbean Cruise Ltd. Press Release. Archived from the original on 6 July 2013. Retrieved 11 December 2007.
  16. ^ "Tui Travel plc Begins Trading on the London Stock Exchange" (PDF). TUI Travel PLC press release. Archived from the original (PDF) on 27 February 2008. Retrieved 11 December 2007.
  17. ^ "Royal Caribbean Cruises Ltd. to Sell Its Interest in Island Cruises to First Choice Holidays Ltd". Royal Caribbean Cruises Ltd. 6 October 2008. Archived from the original on 8 September 2012. Retrieved 10 November 2008.
  18. ^ "Holistica". Retrieved 30 August 2019.
  19. ^ Kalosh, Anne (9 July 2020). "Have you noticed? It's now Royal Caribbean Group". seatrade-cruise.com. Retrieved 11 July 2020.
  20. ^ Jibilian, Isabella. "Royal Caribbean Cruises has officially changed its name after quietly dropping the word 'cruises' and tweaking its logo". Business Insider. Retrieved 10 August 2020.
  21. ^ Sloan, Gene. "Surprise! Royal Caribbean Cruises just changed its name, without telling anyone". The Points Guy UK. Retrieved 10 August 2020.
  22. ^ "Royal Caribbean Cruises Ltd. changes corporate name". www.bizjournals.com. Retrieved 10 August 2020.
  23. ^ Chang, Brittany. "Royal Caribbean has sold its Azamara brand including 4 ships for $201 million as the company continues to push back 2021 sail dates". Business Insider. Retrieved 21 July 2022.
  24. ^ "Royal Caribbean Acquires Crystal Endeavor Ship for Silversea Fleet". TravelPulse. Retrieved 21 July 2022.
  25. ^ Kumaresan, Shivani. "Royal Caribbean Receives Court Approval To Acquire Cruise Ship Endeavor". Benzinga. Retrieved 21 July 2022.
  26. ^ "2018 Worldwide Cruise Line Market Share". cruisemarketwatch.com. Cruise Market Watch. Archived from the original on 6 November 2018. Retrieved 26 December 2018.
  27. ^ "Contact Us." Celebrity Cruises. Retrieved on 20 January 2010.
  28. ^ Staff, C. I. N. (17 April 1989). "Chandris to Launch Chandris Celebrity Cruises". www.cruiseindustrynews.com. Retrieved 13 November 2022.
  29. ^ Maritime Matters: Sun Vista, retrieved 29. 11. 2007 Archived 16 October 2007 at the Wayback Machine
  30. ^ Ulrich, Kurt. (1997). Monarchs of the sea : the great ocean liner. London: Taurus Parke Books. p. 177. ISBN 1-86064-373-6.
  31. ^ Hutcheon, Helen (3 November 2013). "The fab four". The Australian. Retrieved 4 May 2014.
  32. ^ "Legal Notice Archived 2015-04-25 at the Wayback Machine." Pullmantur. Retrieved on 13 May 2015. "Pullmantur, S.A CIF A28261337. Located on, number 2 Mahonia Street, Madrid 28043." and "Pullmantur Cruises S.L. CIF B84581701. Located on, number 2 Mahonia Street, Madrid 28043."
  33. ^ a b c Newman, Doug (27 August 2007). "Cruise Ship Reviews > Pullmantur". Cruise Critic. The Independent Traveler, Inc. Retrieved 16 April 2008.
  34. ^ Royal Caribbean (10 May 2016). "Royal Caribbean Cruises Ltd. And Springwater Capital Announce Joint Venture" (Press release). Miami, Florida and Madrid, Spain: Royal Caribbean. PRNewswire. Retrieved 16 May 2016.
  35. ^ "Pullmantur Files for Reorganization". Cruise Industry News. 22 June 2020. Retrieved 22 June 2020.
  36. ^ "Pullmantur Could Restart Operations with Two Celebrity Millennium-Class Cruise Ships". www.cruisecritic.com.
  37. ^ "Crucial week for Pullmantur: ERE negotiations start". The Canadian News. 28 December 2020.
  38. ^ "Spanish cruise company Pullmantur requests to open the liquidation process". Euro Weekly News. 15 July 2021.
  39. ^ "Royal Caribbean CEO hints at future plans for Freeport, Bahamas resort purchase". 27 May 2019. Retrieved 30 August 2019.
Wikimedia Commons has media related to Royal Caribbean Group.
  • Business data for Royal Caribbean Group:

25°46′31″N 80°10′41″W / 25.7753°N 80.1780°W / 25.7753; -80.1780

Retrieved from "https://en.wikipedia.org/enwiki/w/index.php?title=Royal_Caribbean_Group&oldid=1156330212"