Royal Caribbean Group has introduced a brand new partnership with iCON Infrastructure Partners to develop cruise port infrastructure in assist of the corporate’s development plans. The coalition goals to personal, design, and handle cruise terminal services and infrastructure in house ports and significant ports of name.
It will initially embrace PortMiami Terminal A and a number of other growth initiatives in Italy, Spain, and the U.S. Virgin Islands. It may also pursue extra port infrastructure expansions based mostly on initiatives as a part of Royal Caribbean Group’s vacation spot growth technique.
Royal Caribbean Group Expansion Plans
Royal Caribbean Group’s monetary plans embrace exploring the opportunity of increasing its owned and operated ports and homeports worldwide. A cruise firm able to operating its personal ports will save considerably on port charges whereas additionally growing a monopoly on prime cruise locations.
That’s why Royal Caribbean Group has now entered a brand new partnership with iCON Infrastructure Partners. Together, the 2 corporations initially purpose to personal, develop, and handle cruise terminal services and infrastructure within the US, Spain, Italy, and the US Virgin Islands.
It may also pursue extra port infrastructure developments based mostly on Royal Caribbean Group’s destination growth technique.
Past developments from the Royal Caribbean Group embrace Perfect Day at CocoCay, the brand new cruise Terminal in Galveston, and a brand new to-build cruise terminal in Ravenna, Italy. Through the brand new partnership, the Group hopes to develop even additional.
Jason Liberty, president and CEO of Royal Caribbean Group: “Our partnership with iCON is a unique opportunity to catapult us into the coming decades of port investments, build further financial strength, and provide exceptional cruising experiences, responsibly, to our guests at the best destinations in the world.”
“Over the last few years, we have developed more destinations than any other cruise company, and this new partnership will allow us to implement a capital-light investment framework to accelerate the development of strategic destinations around the world.”
What Is iCON, and Why Does Royal Need Them?
The new partnership is owned 90% by iCON, and 10% by the Royal Caribbean Group, with an unbiased administration group managing the partnership with strategic assist from the Royal Caribbean Group. Investments in new developments will probably be to the identical percentages. iCON will make investments 90% of the price, and Royal Caribbean group solely 10%.
iCON is a number one unbiased funding group specializing in investing in high-quality infrastructure belongings situated predominantly in North America and Europe, with intensive expertise investing in ports and port-related infrastructure.
“We are thrilled to be partnering with Royal Caribbean Group to develop, own and manage a portfolio of cruise terminals in key strategic markets,” mentioned Iain Macleod, Managing Partner at iCON.
“Through this partnership, we will provide world-class cruise terminal infrastructure, offering cruise guests more opportunities to see and experience the world in partnership with the Royal Caribbean Group, a world-class operator.”
The announcement from Royal Caribbean Group comes on the again finish of an announcement made final month, between Royal Caribbean group and PortMiami, for a 50-year lease.
This plan contains the enlargement of Terminal G and upgrades to Royal Caribbean’s state-of-the-art Terminal A, which opened in 2018. While bold, these plans are additionally extraordinarily expensive. The collaboration with iCON will liberate $210 million in capital that the cruise operator plans to make use of for its aggressive enlargement plans.