Apollo Management L.P Aquires Regent

Minneapolis-based Carlson and Apollo Management L.P (Apollo) have recently announced that Apollo has decided to acquire Carlson’s Regent Seven Seas Cruises operations. This is likely to take place in the first quarter of 2008, subject to regular procedures for transactions of this type. The cruise line will still operate as part of the global Regent brand.

Both Regent Seven Seas Cruises and Oceania Cruises are expected to be under the ownership of Prestige Cruise Holdings. Regent will remain an independent brand under Mark Conroy, president of Regent Seven Seas Cruises, and will continue to operate from its Fort Lauderdale, Florida headquarters. Oceania Cruises will stay in the Miami headquarters, headed by Bob Binder. Conroy and Binder will both report directly to Frank Del Rio, the chairman and CEO of Prestige Cruise Holdings.

This deal is part of a plan by Apollo and global leisure and hotel leader, Carlson, to develop their cruise and hotel procedures to develop into the world’s unsurpassed operators in luxury hotels and cruises. Apollo’s gaining of Regent reinforces its position in the cruise line industry, as well as having an award-winning luxury cruise brand to its name. Regent will maintain its focus on the luxury segment of the market by offering a six-star, all-inclusive cruise experience, with Oceania leading the Upper Premium segment.

Regent Seven Seas Cruises president, Mark Conroy stated, "Everyone at Regent Seven Seas Cruises is delighted with the formation of this new family of companies. With the tremendous financial resources of Apollo available to us, Regent Seven Seas Cruises will continue to strengthen our position as the leading luxury cruise brand. We look forward to continued success and the use of the new financial resources available to accelerate our future growth."

Regent has been chosen six times as the world’s top-rated cruise line by readers of Condé Nast Traveller and Travel & Leisure Magazine for its global cruises aboard its fleet of six-star rated ships. Travel professionals internationally voted Regent Seven Seas Cruises as World’s Best Luxury Cruise Line for the third year in a row as part of 2006 Travel Weekly.