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The Ritz-Carlton Yacht Collection, established with the ambition of extending a renowned luxury hospitality brand into the cruise sector, has secured a complex refinancing arrangement with its lenders.
Recent reports indicate that the company obtained covenant waivers and repayment extensions, while shareholders committed additional capital to support the business.
Founded in 2017 by an investment group led by Oaktree Capital Management (the majority stakeholder), alongside Singapore-based investors, the company was created to combine the exclusivity of private yachting with the service standards associated with the Ritz-Carlton brand through a licensing agreement with Marriott International. The concept represented one of the first major attempts by a luxury hotel brand to establish a presence in the ultra-luxury cruise sector.
Since its launch, the competitive landscape has evolved significantly. New entrants, including luxury hospitality brands such as Four Seasons, Orient Express and Aman, have entered or announced plans to enter the superyacht cruise market, increasing competition for affluent travelers.
According to financial reports, The Ritz-Carlton Yacht Collection has faced challenges in achieving projected occupancy levels. The Financial Times reported that the company has accumulated losses approaching US$700 million since its formation and has invested heavily in marketing campaigns to build brand awareness and demand.
Profitability is currently targeted for 2027.
The fleet development was marked by significant early setbacks. Construction of the first vessel was entrusted to Spain's Hijos de J. Barreras shipyard, which encountered financial difficulties during the project. The yard's collapse led to substantial delays and required the transfer of incomplete work to alternative facilities. As a result, the first vessel, Evrima, entered service in October 2022, or 3+ years later than originally planned. Plans for sisterships at the Spanish yard were abandoned, and the company ordered two larger ships from Chantiers de l'Atlantique (Saint-Nazaire, France). These ships entered service as Ilma (2024) and Luminara (2025).
Financial disclosures show that the company has borrowed USD 1,5+ billion to finance fleet construction and operations.
Lenders, including Crédit Agricole (French international banking group and the world's largest cooperative financial institution) and CaixaBank (Spanish multinational financial services company) agreed to restructure portions of the debt by extending repayment schedules and waiving certain covenant requirements.
As part of the refinancing package, shareholders committed an additional USD 275 M in equity, bringing total shareholder investment to USD 1+ billion.
Crédit Agricole deferred USD 171 M in repayments associated with Ilma and Luminara.
CaixaBank agreed to waive repayment provisions linked to financing secured against Evrima.
The company has indicated that additional covenant waivers may be required during 2026 as it continues its expansion. Nevertheless, lenders and shareholders have continued to provide support while the business works toward achieving sustainable profitability and higher occupancy levels across its three-vessel fleet.
Despite the financial challenges, expectations remain high for the growing luxury yacht cruise segment. Industry observers continue to view the entry of globally recognized hospitality brands as a potential catalyst for attracting new customers to cruising, while establishing new benchmarks in pricing, accommodation standards and personalized service within the ultra-luxury market.
Fuente: Cruise Mapper
