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Crystal Cruises sold to Norwegian Cruise Line shareholder
Crystal Cruises has been sold by its Japanese parent company NYK Line to a Chinese hospitality and leisure business based in Hong Kong for US$550 million (£358 million).
The sale to Genting Hong Kong (GHK), which already owns Star Cruises and a large chunk of Norwegian Cruise Line, is expected to be completed during the second quarter of this year.
Crystal said that with GHK’s financial strength and expertise in ship design, it would increase its fleet size with a new ship, ‘elevating the standard of luxury cruising and luxury cruise ships’.
Its fleet currently consists of Crystal Symphony and Crystal Serenity.
"After 25 successful years with NYK, we are excited to have Genting Hong Kong as the new owner of Crystal Cruises," said Edie Rodriguez, president and chief financial officer of Crystal Cruises.
"The proposed expansion of our fleet will present our loyal Crystal Society members and new luxury cruise guests with more itinerary options, accommodation choices and exceptional vacation experiences, as we continue to position Crystal as the innovative leader in global luxury cruising."
Established in 1993, GHK is part of the Genting Group, a global hospitality and leisure company with business in over 20 countries, including the US.
GHK is a public company primarily listed on the Hong Kong Stock Exchange and secondarily on the Singapore Stock Exchange.
"Crystal Cruises offers the epitome of luxury cruising and the service standard which all other cruise lines aspire to," said Tan Sri Lim Kok Thay, chairman, CEO and Acting President of GHK. "The current management team and crew will continue to lead Crystal Cruises.
"Genting will provide financial resources and proven expertise in innovative ship design to build a new ship that will set the highest standard in luxury cruise ships. This new ship, together with Crystal’s legendary six-star service, will reinforce Crystal Cruises’ reputation as the world’s leading luxury cruise line for decades to come."
Under the terms of the agreement, GHK will acquire Crystal Cruises for US$550 million in cash, which is subject to certain adjustment items to be ascertained after the closing.
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Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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