The Ritz-Carlton Yacht Collection, a provider of luxury travel for the world’s wealthy, is seeking to raise as much as $400 million to add to its fleet of superyachts, people with knowledge of the matter said.
(Bloomberg) — The Ritz-Carlton Yacht Collection, a provider of luxury travel for the world’s wealthy, is seeking to raise as much as $400 million to add to its fleet of superyachts, people with knowledge of the matter said.
The company is working with Citigroup Inc. on the fundraising, according to the people, who asked not to be identified discussing confidential information. It wants to add two more ships to the three already in its fleet, one of the people said.
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The Ritz-Carlton Yacht Collection is backed by investors including Oaktree Capital Management and is led by Chief Executive Officer Jim Murren, the former CEO of hospitality and entertainment company MGM Resorts International.
Deliberations are ongoing and no final decisions on the size of the fundraising have been taken, the people said. Spokespeople for hotels group Marriott International Inc., which owns the Ritz-Carlton brand, Citigroup and Oaktree declined to comment.
Trips with The Ritz-Carlton Yacht Collection can cost upwards of $7,000-a-week per person. The company’s yachts, which include the Evrima and Ilma, offer travelers personal assistants, restaurants with Michelin-starred chefs and luxury boutiques for shopping, among other high-end amenities.
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The luxury travel industry was valued at $1.2 trillion in 2021, according to a recent report from Deloitte, and has a projected compound annual growth rate of 7.6% until 2030. Providers of such experiences have seen business rebound since the Covid-19 pandemic, in line with a broader recovery across global travel.
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