The Ritz-Carlton Hotel Company is teaming up with Oaktree Capital Management for a new cruiseship venture.

It plans to launch three cruising yachts from the final quarter of 2019.

The company, part of Nasdaq-listed Marriott International, claims it is the first hotel brand to head out to sea.

It said the vessels have been created by its own team and maritime experts Douglas Prothero and Lars Clasen, in collaboration with Oaktree funds and Tillberg Design of Sweden.

Prothero, who was the CEO and founder of Canadian Maritime Group and Clasen, a former president of AIDA Cruises, are joint managing directors of the operation, which has been named The Ritz-Carlton Yacht Collection.

Ritz-Carlton will provide "luxury hospitality service under a long-term operating agreement," it added.

The 190-metre vessels will accommodate 298 passengers with 149 suites. No shipyard was specified for the contract.

The company told TradeWinds an announcement from a shipyard in Europe is due on 27 June.

"A lot of consideration has gone into the process of identifying our partner and we are excited about the outcome – like the product we are creating, we wanted a highly-curated build experience and have chosen a shipyard partner that has extensive experience in niche projects and that agreed to a transparent and highly customised build process," a spokesman said.

Voyages will range from seven to 10 days. The first ship will cruise a wide variety of destinations depending on the season, including the Mediterranean, Northern Europe, the Caribbean and Latin America.

The small size will enable them to call at unique locations typically not accessible to large cruiseships, the company said.

These include Capri, Portofino, St. Barths and the old town of Cartagena.

"The Ritz-Carlton Yacht Collection will have a distinctive personality and the vessels are sure to be true stand-outs in some of the most glamorous ports around the world," said Ritz-Carlton president Herve Humler.

"This unique combination of yachting and cruising will usher in a new way of luxury travel for guests seeking to discover the world in a relaxed, casually elegant and comfortable atmosphere with the highest level of personalised service."

Reservations will open in May 2018.