Royal Caribbean Cruises’ majority stake in Silversea will ‘create opportunities’

Royal Caribbean Cruises’ majority stake in Silversea will ‘create opportunities’

Royal Caribbean Cruises’ majority stake in Silversea Cruises will “create opportunities” the ultra-luxury line could not do on its own.

Chairman and chief executive of Royal Caribbean Cruises Richard Fain (pictured) said “there was a lot the two can do together” after Royal acquired a 66.7% majority stake worth $1 billion in the privately-owned line.

He also said Royal’s luxury brands Azamara and Celebrity Cruises would remain “distinctive”.

Speaking after the announcement was made, Fain said: “It was a great moment for Silversea and for Royal. There is a lot we can do together.”

He said Silversea’s executive chairman Manfredi Lefebvre was originally looking for a “small” financial investment.

“Myself and Manfredi have known each other for many years and I asked him if he would entertain talking to us as a majority partner. It became clear the sum could be greater than the combination of the parts and Royal’s size could give economies of scale and opportunities Silversea could not do on its own.

“Silversea has people and ideas that could help us and we have people and ideas which can help them.”

Asked whether Silversea would overshadow Royal’s luxury brands, Fain said: “Not at all. The brands have become so distinctive and all have very different styles and we will continue to remain distinctive as we move forward.”

Lefebvre will retain a 34% share in Silversea and remain executive chairman of Silversea. He will not join Royal’s board.

Silversea chief executive Roberto Martinoli will continue in his role, working with the existing management team.

Silversea UK managing director Peter Shanks said it be would be “business as usual”.

“This is really exciting for all of us,” he said. “Silversea was already set on a path of growth but this opens up so many horizons for us and agents.

“It’s business as usual. We will remain in our London office and the team will stay the same.

“It will continue to be about growth and developing relationships with agents and attracting more people to ultra-luxury.”

Silversea has nine ships and two ships on order with an option for a third.

MoreRoyal Caribbean Cruises takes majority stake in Silversea

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