The Ritz-Carlton Yacht Collection

The Ritz-Carlton Yacht Collection
TypePrivately held company
IndustryTourism
Founded2017 (2017)
FounderDouglas Prothero
HeadquartersFort Lauderdale, Florida, U.S.
Area served
Worldwide
Key people
  • Ernesto Fara
    (President and CEO)
  • Jim Murren
    (Executive Chairman)
ProductsCruises
Owner
Websiteritzcarltonyachtcollection.com

The Ritz-Carlton Yacht Collection is a luxury cruise line headquartered in Fort Lauderdale, Florida, United States. The company was announced in June 2017 and operates three vessels that it markets as superyachts.[1]

Although the vessels carry the branding of The Ritz-Carlton Hotel Company, a subsidiary of Marriott International, the cruise line is a separate business. It is operated by Cruise Yacht OpCo Ltd, which is majority owned by the private equity firm Oaktree Capital Management. The Ritz-Carlton supplies hospitality services under a long-term operating agreement.[1][2]

History

Evrima, the company's first vessel, entered service in October 2022 after more than three years of delays.

Founding

The Ritz-Carlton announced its entry into the cruise industry on 22 June 2017. The idea was developed by Canadian maritime executive Douglas Prothero with funds managed by Oaktree Capital Management. The initial plan called for three luxury vessels, the first of which was expected to enter service in 2020.[1][3]

Ownership of the operating company was divided between Oaktree Capital Management, which held 55 per cent, the Scheinberg family's Mohari Hospitality, which held 30 per cent, and the government of Singapore, which held the remaining 15 per cent.[2] In November 2021 the cruise line joined Marriott Bonvoy, allowing guests to earn and redeem points from Marriott's loyalty programme on its voyages.[4]

Delivery

The first ship, Evrima, was ordered in 2017 from Hijos de J. Barreras of Vigo, Spain. It was a yard experienced in building passenger ferries and container ships, but it had never built a cruise ship.[5] Construction fell behind schedule, and the yard entered financial difficulty, ultimately collapsing. The incomplete hull was towed to a second Spanish facility, Astander, at Santander for completion.[6][7]

The debut was repeatedly postponed, first because of the shipyard's problems and later because of the COVID-19 pandemic. Evrima eventually had her maiden voyage in October 2022, more than three years behind the original schedule.[7][8] The ship was christened at Lisbon the following month.[9]

Ilma at Saint-Nazaire, where she and sister ship Luminara were built

Plans for sister ships at the original Spanish yard were abandoned. In March 2022 the company placed an order with Chantiers de l'Atlantique at Saint-Nazaire, France, for two larger LNG-powered vessels for delivery in 2024 and 2025.[10][6]

Ilma was delivered in July 2024 and began her maiden voyage from Monte Carlo to Civitavecchia on 2 September 2024.[11][12] She was christened at Port Everglades in December 2024.[13]

The third vessel, Luminara, was handed over at Saint-Nazaire on 3 June 2025 and entered service the following month.[14][15] She was named at Barcelona.[16]

Deployment

The line initially sailed in the Mediterranean, the Caribbean and Northern Europe, with winter Caribbean seasons operating from homeports including San Juan, Puerto Rico, and Fort Lauderdale.[17] Luminara provided the company's first Asia-Pacific season in December 2025, also operating the company's first Alaska season in the summer of 2026.[12]

Onboard experience

Accommodation on all three vessels is provided exclusively in suites, each with a private terrace. Evrima has 149 suites for up to 298 guests, while Ilma and Luminara each have around 224 suites for up to roughly 450 guests.[18][11] Reported crew-to-guest ratios are close to 1:1, higher than on mainstream cruise lines.[19]

Each vessel has multiple dining venues in addition to 24-hour in-suite dining, and each ship includes a fold-out marina platform used for swimming and watersports.[18] Fares are marketed as all-inclusive, covering dining, beverages and gratuities.[19] Rather than fixed daily schedules typical of larger cruise ships, itineraries are built around smaller ports and boroughs that bigger vessels usually cannot access.[20]

Leadership

Chief executive Years Ships introduced
Douglas Prothero[3] 2017–2023 Evrima
Jim Murren[21] 2023–2025 Ilma, Luminara
Ernesto Fara[22] 2025–present

Finances

In June 2026 the Financial Times reported that the company had accumulated net losses of nearly $700 million since its founding, and that it had borrowed more than $1.5 billion to fund the construction of its three ships and operations.[7][23]

As part of a refinancing agreed with its lenders, Crédit Agricole, which held more than $900 million of the debt, delayed $171 million of repayments on the loans that financed Ilma and Luminara, extending one facility from December 2025 to January 2028 and another from December 2027 to January 2033. A syndicate led by Spain's CaixaBank waived its right to call in $299 million secured against Evrima. In exchange, the controlling shareholders committed a further $275 million of equity, bringing their total investment to more than $1 billion. The company indicated that further covenant waivers were likely to be needed during 2026.[7][24]

Reporting on the refinancing linked the losses to low occupancy. The company worked to convert Ritz-Carlton hotel guests into cruise passengers, and to compete with the new luxury cruise divisions of Four Seasons, Orient Express and Aman.[7][23]

Fleet

The company operates three vessels, all of which are registered in Malta. Evrima measures 190 m (620 ft) in length. Ilma and Luminara are sister ships of about 241 m (791 ft) and are the first in the fleet to be powered by LNG.[11][14]

Current fleet

Ship Image Built Builder In service

for the company

 Passengers Gross tonnage Flag Notes
Evrima 2022 Hijos de J. Barreras

(completed at Astander)

 2022–present 298 25,400 Malta First vessel built for the company; delivered more than three years late following the collapse of the building yard[7][8]
Ilma 2024 Chantiers de l'Atlantique 2024–present 448 46,750 Malta First LNG-powered vessel in the fleet; 224 suites[11]
Luminara 2025 Chantiers de l'Atlantique 2025–present 452 46,750 Malta Sister ship to Ilma; 226 suites[14][25]

See also

References

  1. 1 2 3 "The Ritz-Carlton Takes to the Sea: First Luxury Hotel Brand to Launch Bespoke Yachts" (PDF) (Press release). The Ritz-Carlton Yacht Collection. 22 June 2017. Retrieved 26 July 2026.
  2. 1 2 Kalosh, Anne (2023). "Ritz-Carlton plans 8-10 yachts for multiple Marriott brands, an IPO in coming years". Seatrade Cruise News. Retrieved 26 July 2026.
  3. 1 2 Sloan, Gene (12 May 2023). "Jim Murren named CEO of Ritz-Carlton Yacht Collection". Travel Weekly. Retrieved 26 July 2026.
  4. ↑ "The Ritz-Carlton Yacht Collection Joins Marriott Bonvoy" (Press release). Marriott International. 9 November 2021. Retrieved 26 July 2026.
  5. ↑ Young, Susan J. (30 June 2017). "Spanish Shipyard to Build First Ritz-Carlton Yacht Collection Vessel". Travel Agent Central. Retrieved 26 July 2026.
  6. 1 2 Kalosh, Anne (17 March 2022). "Ritz-Carlton orders two larger LNG yachts at Chantiers de l'Atlantique". Seatrade Cruise News. Retrieved 26 July 2026.
  7. 1 2 3 4 5 6 "Ritz-Carlton Yachts Refinanced as Brand Works to Build Ultra-Luxury Segment". The Maritime Executive. 2 June 2026. Retrieved 26 July 2026.
  8. 1 2 "Ritz-Carlton's Evrima Completes First Year in Service". Cruise Industry News. October 2023. Retrieved 26 July 2026.
  9. ↑ "Ritz-Carlton Cruise Ship Christened in Lisbon". Cruise Industry News. November 2022. Retrieved 26 July 2026.
  10. ↑ "Ritz-Carlton Orders Two Superyacht Cruise Ships from Chantiers". The Maritime Executive. 17 March 2022. Retrieved 26 July 2026.
  11. 1 2 3 4 "Ritz-Carlton Yacht Collection's newest luxury ship sails on maiden voyage". Baird Maritime. September 2024. Retrieved 26 July 2026.
  12. 1 2 Saunders, Aaron. "Ritz-Carlton Yacht Collection News". Cruise Critic. Retrieved 26 July 2026.
  13. ↑ "Ritz Carlton's Ilma Christened in Ft. Lauderdale". Cruise Industry News. December 2024. Retrieved 26 July 2026.
  14. 1 2 3 "Les Chantiers de l'Atlantique livrent le second navire de luxe de Ritz-Carlton". Mer et Marine (in French). 4 June 2025. Retrieved 26 July 2026.
  15. ↑ "Chantiers de l'Atlantique delivers Ritz-Carlton's Luminara". Seatrade Cruise News. June 2025. Retrieved 26 July 2026.
  16. ↑ "The Ritz-Carlton Yachts' Luminara is named in Barcelona festivities". Seatrade Cruise News. Retrieved 26 July 2026.
  17. ↑ "Ritz-Carlton Yacht Collection Announces 2025-26 Caribbean Itineraries". Cruise Industry News. 28 September 2024. Retrieved 26 July 2026.
  18. 1 2 "Evrima (Ritz-Carlton) Cruise Ship | Editor's Review". Cruise Critic. Retrieved 27 July 2026.
  19. 1 2 "Evrima - Ocean Cruises". Forbes Travel Guide. Retrieved 27 July 2026.
  20. ↑ "Review: Sailing On Ritz-Carlton Yacht Collection's Evrima Ship". One Mile at a Time. Retrieved 27 July 2026.
  21. ↑ Kalosh, Anne (May 2023). "Jim Murren succeeds Douglas Prothero as Ritz-Carlton Yacht Collection CEO". Seatrade Cruise News. Retrieved 26 July 2026.
  22. ↑ "Ritz-Carlton Yacht Collection Names Ernesto Fara CEO". Cruise Industry News. November 2025. Retrieved 26 July 2026.
  23. 1 2 "Ritz Carlton Yacht Collection losses reach nearly $700m". FTNnews. 13 June 2026. Retrieved 26 July 2026.
  24. ↑ Kalosh, Anne (4 June 2026). "Ritz-Carlton Yacht Collection lenders defer repayments: FT.com". Seatrade Cruise News. Retrieved 26 July 2026.
  25. ↑ "Superyacht Luminara, France". Ship Technology. Retrieved 26 July 2026.
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