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RCCL and Port Everglades in terminal upgrade agreement

Broward County's Port Everglades has negotiated a Memorandum of Understanding (MOU) that provides the framework for a new long-term business agreement with Royal Caribbean Cruises, Ltd. (RCL) that will include complete, customized renovations of the Port's Cruise Terminal 25 targeted for completion by 31 October, 2018, the port said in a statement.

"Our cruise line customers are becoming more sophisticated in the way they think about the guest experience, as we saw when Royal Caribbean partnered in the construction of Cruise Terminal 18 for their Oasis class of ships," said Port Everglades Chief Executive Steven Cernak. "We value the company's partnership and confidence to bring the newest ships from Royal Caribbean and Celebrity Cruises to Port Everglades."

On Monday, RCL announced that its newest Celebrity Cruises ship Celebrity Edge will homeport in Port Everglades beginning in the fall of 2018. Royal Caribbean's Harmony of the Seas, the newest Oasis class ship, began sailing from Port Everglades in November 2016.

The MOU will allow negotiations to move forward toward a final agreement that must be approved by the Broward County Board of County Commissioners. RCL's current agreement expires on December 31, 2017. The new agreement will be effective on January 1, 2018, and expire on Sept. 30, 2026 with options to extend the agreement for four years, followed by another five years. To view the MOU, CLICK on the attachment listed below under "Release Properties."

CBR 2/2017 CONTENTS

CBR 1/2017 CONTENTS

CBR 3/2016 CONTENTS