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Royal Caribbean Group

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Royal Caribbean Group
Company typePublic
NYSE: RCL
S&P 500 Component
ISINLR0008862868
IndustryHospitality, tourism
Founded1997 (1997)
HeadquartersMiami, Florida, U.S.
Area served
Worldwide
Key people
Richard D. Fain
(Chairman, CEO)
Jason Liberty (CFO)
ServicesCruises
RevenueDecrease US$2.2 billion (2020)[1]
Decrease US$-3.04 billion (2020)[1]
Decrease US$-5.8 billion (2020) [1]
Total assetsIncrease US$32.47 billion (2020)[1]
Total equityDecrease US$8.76 billion (2020)[1]
Number of employees
77,000 (2018)[2]
Subsidiaries
Websitewww.royalcaribbeangroup.com

Royal Caribbean Group, is an American global cruise holding company incorporated in Liberia and based in Miami, Florida, US. As of January 2021, Royal Caribbean Group fully owns three cruise lines: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises.[3] They also hold a 50% stake in TUI Cruises and the now-defunct Pullmantur Cruises and CDF Croisières de France.[4][5] Previously Royal Caribbean Group also fully owned Azamara Cruises selling the cruise line to Sycamore Partners in January 2021, and 50% of Island Cruises, selling their stake to TUI Travel PLC in October 2008.[6]

History

Royal Caribbean headquarters.

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.[7]

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.[8]

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.[9] It followed this with the formation of CDF Croisières de France in May 2008 to serve the French-language market.[10]

Royal Caribbean also has an interest in TUI Cruises, a joint venture with TUI AG,[11] 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.[12] In October 2008, Royal Caribbean Cruises rationalized their holdings by selling their share of Island Cruises to TUI.[6]

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.[13] 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.[3] That same month, it also changed its name to Royal Caribbean Group.[14][15] It also adjusted its logo.[16][17] In January 2021 Royal Caribbean announced to sell Azamara Cruises to Sycamore Partners in the first quarter of 2021.[18]

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.[19]

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,[20] 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.[21][22][23]

Silversea Cruises

Main article: Silversea Cruises

In July 2018, Royal Caribbean Group purchased two-thirds of Silversea Cruises, a Monaco-based cruise line. They purchased the remaining shares in July 2020.[24] Silversea Cruises operates as a subsidiary of Group.[25]

Other significant investments

Pullmantur Cruises

Main article: Pullmantur Cruises

Pullmantur Cruises was a cruise line headquartered in Madrid, Spain.[26] 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,[27] but Royal Caribbean later sold a 51% stake in the cruise line to Spain-based investment firm Springwater Capital, retaining a 49% stake.[28]

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.[27] 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.[27]

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.[29] 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.[30]

By December 2020, a reorganization plan had been developed, to restart some cruises, with financial assistance from Royal Caribbean.[31] Since mid July 2021 it was in process of liquidation.[32]

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.[33]

Former brands

Lobbying

In South Australia, Royal Caribbean Group's interests are represented by lobbying firm, Fipra Australia Pty Ltd.[34][35]

Other companies owned by Royal Caribbean Group

References

  1. ^ a b c d e "ROYAL CARIBBEAN CRUISES LTD. 2020 Annual Report". Retrieved 2021-03-02.
  2. ^ "ROYAL CARIBBEAN CRUISES LTD. 2018 Annual Report" (PDF). Retrieved 2017-03-18.
  3. ^ 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.
  4. ^ "Investor Relations Overview". Royal Caribbean Cruises Ltd. Archived from the original on 18 December 2008. Retrieved 10 November 2008.
  5. ^ 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.
  6. ^ a b "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.
  7. ^ Plowman, Peter (2006). The Chandris Liners and Celebrity Cruises. Rosenberg Publishing. p. 219. ISBN 1-877058-47-5.
  8. ^ "Island Cruises ownership" (PDF). Island Cruises press material. Archived from the original (PDF) on 2008-02-27. Retrieved 2007-12-11.
  9. ^ "Celebrity Cruises Presents New, Deluxe Cruise Line: Azamara Cruises". Royal Caribbean Cruise Ltd. Press Release. Archived from the original on 2007-10-10. Retrieved 2007-12-11.
  10. ^ 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
  11. ^ "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 2013-07-06. Retrieved 2007-12-11.
  12. ^ "Tui Travel plc Begins Trading on the London Stock Exchange" (PDF). TUI Travel PLC press release. Archived from the original (PDF) on 2008-02-27. Retrieved 2007-12-11.
  13. ^ "Holistica". Retrieved 30 August 2019.
  14. ^ Kalosh, Anne (9 July 2020). "Have you noticed? It's now Royal Caribbean Group". seatrade-cruise.com. Retrieved 11 July 2020.
  15. ^ Jibilian, Isabella. "Royal Caribbean Cruises has officially changed its name after quietly dropping the word 'cruises' and tweaking its logo". Business Insider. Retrieved 2020-08-10.
  16. ^ Sloan, Gene. "Surprise! Royal Caribbean Cruises just changed its name, without telling anyone". The Points Guy UK. Retrieved 2020-08-10.
  17. ^ "Royal Caribbean Cruises Ltd. changes corporate name". www.bizjournals.com. Retrieved 2020-08-10.
  18. ^ Romanenko, Maria (19 January 2021). "Royal Caribbean To Sell Azamara Brand To Sycamore Partners". www.cruiseindustrynews.com.
  19. ^ "2018 Worldwide Cruise Line Market Share". cruisemarketwatch.com. Cruise Market Watch. Archived from the original on 6 November 2018. Retrieved 26 December 2018.
  20. ^ "Contact Us." Celebrity Cruises. Retrieved on 20 January 2010.
  21. ^ Staff, C. I. N. (1989-04-17). "Chandris to Launch Chandris Celebrity Cruises". www.cruiseindustrynews.com. Retrieved 2022-11-13.
  22. ^ Maritime Matters: Sun Vista, retrieved 29. 11. 2007 Archived 16 October 2007 at the Wayback Machine
  23. ^ Ulrich, Kurt. (1997). Monarchs of the sea : the great ocean liner. London: Taurus Parke Books. p. 177. ISBN 1-86064-373-6.
  24. ^ "Royal Caribbean Group acquires the remainder of Silversea". travelweekly.com. 2020-07-10. Retrieved 10 July 2020.
  25. ^ "ROYAL CARIBBEAN COMPLETES ACQUISITION OF SILVERSEA CRUISES SHARES | Silversea". www.silversea.com. Archived from the original on 31 March 2020. Retrieved 2019-06-20.
  26. ^ "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."
  27. ^ a b c Newman, Doug (2007-08-27). "Cruise Ship Reviews > Pullmantur". Cruise Critic. The Independent Traveler, Inc. Retrieved 2008-04-16.
  28. ^ 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.
  29. ^ "Pullmantur Files for Reorganization". Cruise Industry News. 22 June 2020. Retrieved 22 June 2020.
  30. ^ "Pullmantur Could Restart Operations with Two Celebrity Millennium-Class Cruise Ships". www.cruisecritic.com.
  31. ^ "Crucial week for Pullmantur: ERE negotiations start". The Canadian News. 28 December 2020.
  32. ^ "Spanish cruise company Pullmantur requests to open the liquidation process". Euro Weekly News. 15 July 2021.
  33. ^ "Royal Caribbean CEO hints at future plans for Freeport, Bahamas resort purchase". Retrieved 30 August 2019.
  34. ^ "South Australian Register of Lobbyists - FIPRA Australia" (PDF).
  35. ^ "Lobbyist Portal". www.lobbyists.sa.gov.au. Retrieved 2021-06-14.
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