Luxury cruise line Windstar is expected to expand its tall-ship itineraries after its bankrupt parent company Ambassador was snapped up by TAC Cruise LLC, a firm owned by American billionaire and part owner of London’s O2 arena, Philip Anschutz, for US$39m.
All existing bookings and fares will be honoured, said the company, following the cash sale.
TAC won a two-day auction of nearly all of Seattle-based Ambassador’s assets, including the three-ship cruise line, earlier this week. Ambassador had earlier sought Chapter 11 bankruptcy protection, shielding it from its creditors.
The sale is expected to close next week after winning the approval yesterday of a US Bankruptcy court.
Windstar will continue to operate as a wholly-owned subsidiary of Xanterra Holdings, based in Colorado, of which TAC Cruise is an affiliate. Xanterra was bought by billionaire Anschutz in 2008.
Xanterra CEO Andrew N Todd said: "Windstar emerged as a tremendous long-term opportunity due to the line’s exceptional product, loyal following and high level of guest satisfaction in the luxury travel market.
“Xanterra intends to maintain Windstar’s business and operations and to invest in Windstar’s growth following the close of the sale.”
CEO of Ambassadors and Windstar Hans Birkholz said: "Windstar is excited to have its new owner join in building Windstar’s world class brand. Windstar will be well-positioned for long-term profitability and success under new ownership and we will continue to provide exceptional service and extraordinary luxury travel experiences for our guests.”
Windstar is the first cruise line for Xanterra. Owner Anschutz’s business interests include stakes in LA Lakers, LA Kings, entertainment venues in the US, the Grand Canyon Railway and lodgings at US national parks.
By Linsey McNeill
