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Apollo Funds to acquire The Travel Corporation

Details: Written by Teijo Niemelä Teijo Niemelä; Category: More News More News; Published: 16 July 2024 16 July 2024

Apollo and The Travel Corporation today announced they have entered into definitive agreement for Apollo-managed funds (the Apollo Funds) to acquire TTC, which has been privately owned and operated for more than a century.

The transaction is comprised of 18 leading brands, including Trafalgar, a leading escorted tour operator; Uniworld Boutique River Cruises, a luxury all-inclusive river cruise line; Contiki, youth travel specialist tour company; premium guided vacation company, Insight Vacations; as well as other global travel brands and supporting business entities.

TTC Chairman Brett Tollman said, “For more than 104 years our family has built TTC into an industry leader known for exceptional service and innovation. Without a next generation to lead TTC, the time has come in our strategic succession plan to select a new owner with a proven track record and who shares in our vision and customer-first values. We will support a seamless transition and are confident the team at Apollo will continue driving the business forward to meet growing global demand for touring, river cruising and specialist and adventure travel.”

Apollo Private Equity Partner Michele Raba said, “TTC has a leading collection of brands that we believe we can take to the next level as an Apollo Funds portfolio company, leveraging our extensive experience in the travel, tech and hospitality sectors. We’d like to thank the Tollman family for trusting in our good stewardship of the business they’ve built for more than a century and look forward to an exciting next chapter in which TTC can serve as a platform for growth.”

The transaction is subject to satisfaction of certain closing conditions, including regulatory approvals, and is expected to close in the fourth quarter of 2024. Certain brands are not included in the sale, notably The Red Carnation Hotel Collection and will remain under the continued stewardship of the Tollman family. Financial terms of the transaction are not disclosed.

Sidley Austin LLP is serving as legal counsel to the Apollo Funds. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel to TTC; Zaoui & Co served as TTC’s financial advisor.

The Ritz-Carlton Yacht Collection takes delivery of Ilma

Details: Written by Teijo Niemelä Teijo Niemelä; Category: More News More News; Published: 15 July 2024 15 July 2024

Ilma, the second ultra-luxury superyacht from The Ritz-Carlton Yacht Collection, has officially joined the fleet. Company officials took delivery of its newest yacht at the Chantiers de l’Atlantique shipyard in Saint- Nazaire, France, on July 12, 2024. After two years of construction, the delivery ceremony marked the final build milestone, celebrated with several maritime traditions, including the changing of flags on board the yacht and a celebratory toast on top of Ilma’s expansive pool deck.

The delivery ceremony was attended by company leadership from The Ritz-Carlton Yacht Collection, including Jim Murren, Executive Chairman and CEO, and Ernesto Fara, President and CFO, along with representatives from Chantiers de l’Atlantique, including Laurent Castaing, General Manager, and Arnaud Le Joncour, Senior Vice President of Sales and Marketing and Project Director. Also in attendance was Captain Steve MacBeath and over 350 of the yacht’s Ladies and Gentlemen, who will participate in a series of preparation voyages before welcoming guests for Ilma’s maiden voyage from Monte Carlo on September 2, 2024.

“Today marks the culmination of a shared vision and the relentless pursuit of excellence, a testament to the craftsmanship and dedication of all those involved,” said Jim Murren, Executive Chairman and CEO of The Ritz-Carlton Yacht Collection. “We are deeply grateful to the exceptional teams here at Chantiers de l’Atlantique, whose hard work and passion have brought this vision to life.”

“Ilma represents a collaboration of two likeminded organizations committed to excellence, offering the best in both hospitality and shipbuilding. The design and construction of Ilma has been a distinctive project for Chantiers de l’Atlantique that has elevated the highest luxury standards in terms of guest experience, technical innovation, and craftsmanship,” said Arnaud Le Joncour, Senior Vice President Sales and Marketing of Chantiers de l’Atlantique and Program Director. “We are incredibly proud to deliver an ultra- luxury cruise product that achieves both elegance and performance.”

Ilma, named after the Maltese word for “water,” will measure 790 feet (241 meters) and accommodate up to 448 guests across its 224 elegantly appointed suites. Each airy suite features floor-to-ceiling windows and a private terrace with sweeping sea views, connecting travelers with the shores they are sailing. With one of the highest space ratios at sea, Ilma includes two new, spacious upper category suites offering ample outdoor space to lounge and soak in the enchanting scenery.

Harmoniously blending contemporary craftsmanship with a relaxed ambiance, Ilma showcases refined interior finishes envisioned by renowned London-based architectural and design firm AD Associates and award-winning lighting designer DPA. The yacht’s exteriors reflect the vision of Helsinki-based design studio, Aivan, drawing inspiration from the graceful aesthetics of private yacht design. Continuing to bring the legendary service of The Ritz-Carlton to sea, the yacht boasts one of the highest staff-to-guest ratios in the luxury cruising category, providing nearly one staff member for every guest.

In addition to unparalleled accommodations, Ilma features five restaurants, seven bars, a wine vault, and signature spaces such as an expanded Marina with a mezzanine feature and The Ritz-Carlton Spa® with 11 treatment rooms. The yacht’s amenities include three distinct fitness spaces and a dynamic pool and entertainment area on Deck 10. A reimagined onboard destination is the Beach House, a vibrant Pan-Latin restaurant and global beach-house inspired lounge space conceptualized with Toronto-based luxury design firm Chapi Chapo Design, which will transport guests to a waterfront haven with 180-degree views.

Reaffirming The Ritz-Carlton Yacht Collection’s commitment to implementing more sustainable practices, Ilma features four dual-fuel engines utilizing liquefied natural gas (LNG) as its main fuel source. Additionally, Ilma is equipped with the latest in energy efficiency measures and advanced water treatment systems, with the goal of minimizing environmental impact.

Ilma will build on The Ritz-Carlton Yacht Collection’s vision of reimagining luxury cruising, offering travelers more opportunities to enjoy the highly tailored itineraries for which the company is recognized. Ilma will join the company’s inaugural yacht, Evima, in sailing to iconic yachting destinations and hidden gems throughout the Mediterranean and Caribbean. In the summer of 2025, Ilma will explore the North and Baltic Seas of Northern Europe, offering guests the opportunity to discover dynamic cities like Amsterdam, Copenhagen, Reykjavík, and more.

New polar partnership "ICE PACT" signed by Canada, Finland and the United States

Details: Written by Teijo Niemelä Teijo Niemelä; Category: More News More News; Published: 11 July 2024 11 July 2024

Today, the leaders of the United States, Canada, and Finland announced their intent to create the Icebreaker Collaboration Effort, or ICE Pact, which is a trilateral arrangement to collaborate on the production of polar icebreakers and other capabilities, alongside United States’ allies and partners, labor, and industry. This collaboration is intended to strengthen the shipbuilding industry and industrial capacity of each nation – and build closer security and economic ties among our countries through information exchange and mutual workforce-development focused on building polar icebreakers, as well as other Arctic and polar capabilities.

Components of the arrangement

This arrangement will consist of three initial components: enhanced information exchange between the United States, Canada, and Finland; collaboration on workforce development; and an invitation to allies and partners to purchase icebreakers built in American, Canadian, or Finnish shipyards. Due to the capital intensity of shipbuilding, long-term, multi-ship orderbooks are essential to the success of a shipyard. The governments of the United States, Canada, and Finland intend to leverage shipyards in the United States, Canada, and Finland to build polar icebreakers for their own use, as well as to work closely with likeminded allies and partners to build and export polar icebreakers for their needs at speed and affordable cost. As yards in the United States, Canada, and Finland make significant investments in their domestic capacity to build these vessels for their own needs, ICE Pact invites allies and partners to purchase vessels from American, Canadian, and Finnish shipyards with experience building polar icebreakers. Through diplomatic collaboration, shipyards focused on building polar icebreakers can reach the scale needed to reduce costs for allies and partners that need access to the polar regions.

Implementation of the arrangement

By the end of the year, the United States, Canada, and Finland will develop a joint memorandum of understanding that will outline a framework for how this arrangement will be implemented within each country – and a mechanism for adding or including additional allies and partners as participants. The process to develop this non-binding arrangement will be conducted through a regular trilateral consultation process during this period.

Strengthening America’s Polar Capabilities

The U.S. Coast Guard requires polar icebreaking capabilities to support the country’s economic, commercial, maritime, and national security needs in the Polar regions. The U.S. Coast Guard is working to build new heavy icebreakers under the Polar Security Cutter (PSC) Program. These ships will be national assets that ensure access to both polar regions – and will be capable of executing key Coast Guard missions, including defense readiness; marine environmental protection; ports, waterways, and coastal security; and search and rescue. The ships will operate worldwide, alongside the polar icebreakers of America’s allies and partners, and face the range of extreme environmental conditions found in the polar, tropical, and temperate regions.

The Coast Guard is working with Bollinger Shipyards to build the first Polar Security Cutters. The Louisiana-based shipbuilder will continue its effort to deliver new American-made icebreakers to the U.S. Coast Guard’s polar icebreaking fleet. These vessels will be the first American-built heavy icebreakers in over 50 years – and the foundation of the American effort to enhance our surface presence in the polar regions. ICE Pact will continue to support their efforts, and the President’s commitment to build more ships in American shipyards.

Under this trilateral arrangement, Canadian, Finnish, and American capacity and know-how for building polar icebreakers will help deliver a fleet of new polar icebreakers for ourselves, our allies, and other partners.

Fincantieri lays the keel of Four Seasons I

Details: Written by Teijo Niemelä Teijo Niemelä; Category: More News More News; Published: 10 July 2024 10 July 2024

Fincantieri and Marc-Henry Cruise Holdings LTD, Joint Owner/Operator of Four Seasons Yachts, have celebrated at the shipyard in Ancona the keel laying of Four Seasons I, the first ultra-luxury vessel under construction for Four Seasons Yachts, which will be delivered at the end of 2025 and setting sail in January 2026.

The keel laying ceremony, which is the formal recognition of the start of a ship’s construction in the dry dock, was attended, among others, by Nadim Ashi, Owner and Executive Chair of Marc-Henry Cruise Holdings LTD, Joint Owner/Operator of Four Seasons Yachts, and Founder and CEO of Fort Partners, Bart Carnahan, President, Global Business Development, Portfolio Management and Residential, Four Seasons, Luigi Matarazzo, General Manager Fincantieri Merchant Ships Division, and Gilberto Tobaldi, Director of the Ancona shipyard.

During the event, three specially chosen coins have also been welded onto the bottom of the ship as a symbol of good luck and to bless the vessel.

With an all-suite, residential style product, Four Seasons I will set a new standard for luxury at sea. The vessel, which will be using the very latest in environmental protection technologies, will be 34,000 gross tons, 207 meters long, and will have 95 exclusive suites with remarkable custom design, focused on removing barriers between guests, the sea, and their surroundings. Each suite features extensive terrace decks ranging from 6 to 13 square meters for the Seaview Suite, to nearly 457 square meters for the Funnel Suite, which will be the Yacht’s most exclusive accommodation.

Mitsui Ocean Cruises unveils five new itineraries, replaces the World Cruise

Details: Written by Teijo Niemelä Teijo Niemelä; Category: More News More News; Published: 09 July 2024 09 July 2024

Mitsui Ocean Cruises has announced it will offer five new itineraries in April - July 2025, including a 66-day Grand asia and 12-day Golden Week cruises.

Tsunemichi Mukai, President of Mitsui Ocean Cruises, remarked “Our new Grand Asia Cruise 2025 offers an incredible opportunity to explore many famous and exciting destinations in the Asia region, bringing guests funatabi – Beautiful encounters with Japan. We will also celebrate Golden Week in style on our new, beautiful all-suite vessel visiting treasured ports in Japan.”

The Spring Cruises include short to middle length itineraries from April to May. The Grand Asia Cruise features 24 ports in 10 countries and regions, with overnight stops in marquee destinations like Hong Kong, Ho Chi Minh, Laem Chabang, Singapore, and Darwin.

These cruises replace a previously scheduled World Cruise which has been cancelled due to the uncertain situation in the region of the Suez Canal and in the interest of the safety of passengers and crew.

The 458-guest, 32,477-gross-ton Mitsui Ocean Fuji is scheduled to debut in Yokohama on Dec. 1, 2024. A glimpse of the newest luxury ship joining the Mitsui Ocean Cruises fleet can be found in a video tour here: