Sycamore Partners has wasted no time in expanding Azamara's tiny fleet after buying the boutique cruise brand from Royal Caribbean Group.
The New York private equity firm announced on Monday that it had bought the 670-berth, 1999-built Pacific Princess. Princess Cruises said on 21 January that it had sold the vessel to an undisclosed buyer.
Sycamore agreed to buy Azamara for $201m in cash, RCG announced on 19 January.
Sycamore did not return calls on Friday when asked about its plans for the boutique luxury line before revealing that it had bought the Pacific Princess, whose name is tied to 1970s TV show "The Love Boat".
"Sycamore Partners has purchased the Pacific Princess, a former R-class ship comparable in size to our three sister ships," Azamara chief operating officer Carol Cabezas said in a letter to guests.
"This addition, pending the close of the transaction announced earlier this month that Sycamore Partners has entered into a definitive agreement to acquire Azamara, marks our new future of growth as well as new opportunities to reach more destinations and communities than ever before."
Azamara plans to completely refurbish the ship, which is set to sail in Europe in 2022, so that it will "echo the soft, natural tones and elegant touches of her sister ships", she said.
Its other three ships are the 694-berth Azamara Journey and Azamara Quest (both built 2000) and Azamara Pursuit (built 2001).
Like the other three ships, "our newest addition will be able to sail into intimate rivers, visit smaller, as well as less-crowded ports other vessels can’t access", Cabezas said.
RCG has said it sold Azamara to focus on developing brands Royal Caribbean International, Celebrity Cruises and Silversea as it looks to emerge from the Covid-19 downturn.
Sycamore, founded in 2011, holds a $15bn portfolio that includes retailers Coldwater Creek, Hot Topic, MGF Sourcing, NBG Home, Nine West Holdings, Talbots and Torrid.
Princess Cruises' parent, Carnival, sold the Pacific Princess and three other ships as part of a fleet-trimming effort that has brought its fleet to 97 vessels from 106.
