SOLD! Crystal Cruises
Cruise News – Mar. 6, 2015
In the second major consolidation involving a luxury line in recent months, Crystal Cruises has entered into an agreement to be acquired for $550 million cash by Genting Hong Kong. The seller is Japanese company Nippon Yusen Kabushiki Kaisha (NYK), parent of the line since its inception 25 years ago.
The sale to a hospitality powerhouse is good news for Crystal, said company president and COO Edie Rodriguez. It’s no secret she’s been pushing for a new ship to join Crystal Symphony and Crystal Serenity, and that’s apparently part of the deal.
“The proposed expansion of our fleet will present our loyal Crystal Society members and new luxury cruise guests with more itinerary options, accommodation choices, and exceptional vacation experiences as we continue to position Crystal as the innovative leader in global luxury cruising,” Rodriguez said.
Genting Group owns Star Cruises and is a major shareholder of Norwegian Cruise Line Holdings, which recently acquired Prestige Cruise Holdings, parent company of luxury line Regent Seven Seas Cruises and upscale line Oceania Cruises. That’s where things may get interesting, though Genting seems committed to keeping Crystal as Crystal.
“Crystal Cruises offers the epitome of luxury cruising and the service standard which all other cruise lines aspire to,” said Tan Sri Lim Kok Thay, Chairman, CEO, and Acting President of GHK. “The current management team and crew will continue to lead Crystal Cruises. Genting will provide financial resources and proven expertise in innovative ship design to build a new ship that will set the highest standard in luxury cruise ships.”
USB analyst Robin Farley noted Genting had been looking to sell its stake in NCLH.
Photo: Crystal Cruises
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