Your Cruise Your Way Cruise Blog

Apollo Management L.P. (Apollo) has invested in yet another cruise line, Carlson’s Regent Seven Seas Cruises, with the first quarter 2008 as the target completion date. The transaction will be subject to normal conditions concerning regulatory approval, and cruise operations will continue as a key part of the global Regent brand. This adds to an already impressive portfolio which includes an investment in Norwegian Cruise Line (NCL) as well. Apollo is a leading private equity firm and capital markets investor worldwide. Regent Seven Seas Cruises is consistently rated in the top three cruise lines in the luxury market.

Regent Seven Seas Cruises and Oceania Cruises will be placed under the ownership of Prestige Cruise Holdings, Inc. (PCH), a corporation controlled by Apollo which will manage certain cruise portfolio assets of Apollo. NCL Corporation will remain a separate holding outside of PCH.
Regent Seven Seas Cruises will remain a wholly independent brand under the guidance of Mark Conroy, president of Regent Seven Seas Cruises, and will continue to operate from its Fort Lauderdale, Florida headquarters, and Oceania Cruises will remain in its Miami headquarters, headed by Bob Binder, president of Oceania Cruises. Both Binder and Conroy will report directly to Frank Del Rio, chairman and CEO of Prestige Cruise Holdings.
The transaction is part of a unified strategy undertaken by Apollo and Carlson to expand their respective core cruise and hotel operations, and become the world’s preeminent operators of luxury hotels, resorts and cruises. Carlson will retain ownership of the master Regent brand, along with the worldwide operations of Regent Hotels & Resorts.
“Through this proposed investment, Apollo has demonstrated its deep commitment to the Regent brand and the continuing growth of the Regent cruise line fleet,” said Carlson Chairman and Chief Executive Officer Marilyn Carlson Nelson. “As owners of the Regent brand, we remain committed to expanding its scope and success both on land and at sea. We are confident the Regent cruise brand will continue to develop along with and lead the industry segment, which has expanded dramatically since 1992, when we launched our first ship. The potential for continued expansion of the luxury Regent hotel brand, and our entire hotel portfolio, is enormous.”
Apollo’s acquisition of Regent Seven Seas Cruises strengthens its position in the cruise industry with the addition of an award-winning luxury cruise brand to its cruise portfolio. Regent Seven Seas Cruises will continue to focus on the luxury segment of the marketplace by offering a six-star, all-inclusive experience, and Oceania Cruises will continue to lead the Upper Premium segment.
“Everyone at Regent Seven Seas Cruises is delighted with the formation of this new family of companies. With the tremendous financial resources of Apollo available to us, Regent Seven Seas Cruises will continue to strengthen our position as the leading luxury cruise brand. Our valued guests and travel agent partners will experience a seamless transition as we continue to deliver world-class cruise vacation experiences. We look forward to continued success and the use of the new financial resources available to accelerate our future growth,” stated Mark Conroy, president of Regent Seven Seas Cruises.
“Regent Seven Seas is the largest, most successful luxury cruise brand, and we look forward to the growth opportunities this addition offers consumers, travel agents and the team members at both Regent Seven Seas Cruises and Oceania Cruises,” stated Steve Martinez, a partner with Apollo.
Six times chosen as the world’s top-rated cruise line by the readers of Condé Nast Traveler and Travel + Leisure magazine, Regent Seven Seas Cruises offers voyages to all corners of the globe aboard its fleet of modern, six-star rated, luxury vessels. In addition to the all-suite, all-balcony, 700-guest Seven Seas Voyager and all-suite, all-balcony, 700-guest Seven Seas Mariner, the fleet also includes the 490-guest Seven Seas Navigator, with 90 percent balcony suites, and the 330-guest Paul Gauguin, a ship dedicated to sailing the South Pacific.
“Regent Seven Seas Cruises offers an exceptional product, and its superb shipboard and shoreside teams have built an enviable reputation as the foremost luxury cruise brand. The brand awareness and market presence of Regent Seven Seas Cruises and Oceania Cruises will offer our discerning travelers and travel agents worldwide the most vibrant and diverse range of cruise experiences, serving the broadest spectrum of spectacular destinations,” stated Frank Del Rio, chairman and CEO of Prestige Cruise Holdings.