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Article: CRUISING TOWARD CONSOLIDATION; ROYAL CARIBBEAN BUYS CELEBRITY.(BUSINESS)
- Article from:
- Daily News (Los Angeles, CA)
- Article date:
- June 18, 1997
CopyrightCOPYRIGHT 1997 Daily News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Catherine Wilson Associated Press
Royal Caribbean is buying money-losing Celebrity Cruise Lines in a $1.3 billion deal that gives Royal Caribbean five relatively new ships and an opportunity to expand.
The combined company, which will keep the two brand names, ranks second in the industry behind Miami's Carnival Corp. and ahead of London-based P&O Cruises, parent of Princess.
In an industry punctuated by steady consolidation in recent years, Celebrity, with a fleet of five ships built since 1990, is ``probably the last of the premium properties left,'' said Peter McMullin, a cruise industry analyst with Southeast Research Partners.
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