Latest news with #NaftaliHoltz
Yahoo
14-05-2025
- Business
- Yahoo
Royal Caribbean Group announces upsizing and extension of revolving credit facilities
MIAMI, May 14, 2025 /PRNewswire/ -- Royal Caribbean Group (NYSE: RCL) (the "Company") today announced that it has amended and upsized its two unsecured revolving credit facilities. The amendments increased commitments by $2.28 billion, equally distributed between each facility, bringing the combined revolving credit facilities commitments to $6.35 billion. The amendments also extended the maturity of the three-year facility maturing in October 2026 to October 2030. The other credit facility matures in October 2028. "The upsizing of the revolving credit facilities highlights the strength of our credit profile and the robust support from our lending partners," said Naftali Holtz, chief financial officer. "This enhanced financial flexibility, coupled with strong cash flow generation, positions us well to execute on our strategic growth initiatives and deliver long term shareholder value." About Royal Caribbean Group:Royal Caribbean Group (NYSE: RCL) is a vacation industry leader with a global fleet of 67 ships across its five brands traveling to all seven continents. With a mission to deliver the best vacations responsibly, Royal Caribbean Group serves millions of guests each year through its portfolio of best-in-class brands, including Royal Caribbean, Celebrity Cruises, and Silversea; and an expanding portfolio of land-based vacation experiences through Perfect Day at CocoCay and Royal Beach Club collection. The company also owns a 50% joint venture interest in TUI Cruises, which operates the German Brands Mein Schiff and Hapag-Lloyd Cruises. With a rich history of innovating, Royal Caribbean Group continually delivers exciting new products and guest experiences that help shape the future of leisure travel. Learn more at or Forward-Looking StatementsCertain statements in this press release constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements relate to, among other things, the company's credit profile, cash flow generation, strategic growth initiatives, and liquidity. Forward-looking statements reflect management's current expectations and are subject to risks, uncertainties and other factors that could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Factors that could affect our results include, among others, those discussed under the caption "Risk Factors" in our most recent quarterly report on Form 10-Q, as well as our other filings with the SEC, copies of which may be obtained by visiting our Investor Relations website at or the SEC's website at Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to us on the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. View original content to download multimedia: SOURCE Royal Caribbean Group
Yahoo
05-04-2025
- Business
- Yahoo
Satellite images show how cruise line private islands and resorts have changed the Caribbean
Cruise lines like MSC, Carnival, and Royal Caribbean own resorts and private islands throughout the Caribbean. They're increasingly upgrading their properties and expanding their real estate portfolios. Satellite imagery shows how cruise lines have changed the Caribbean landscape. A decade ago, Ocean Cay, a Bahamian island 65 miles from Miami's coastline, stood abandoned, bearing the scars of its previous life as an industrial sand mining site. These days, the 95-acre island looks less like an excavation facility and more like a slice of Caribbean paradise. Gone are the debris and floating metal fragments. Now a vacation destination, Ocean Cay is home to seven pristine beaches, waterfront cabanas, and family-fun activities — all thanks to a $500 million investment from MSC Cruises. In 2019, after three years of cleanup and development, MSC opened the island as Ocean Cay MSC Marine Reserve, a private retreat exclusively for its cruise passengers. It now sees thousands of travelers virtually every day of the year, many of whom are ready to spend big on a swim with stingrays and a beachside massage. Cruise lines like MSC, Carnival, and Royal Caribbean collectively own 17 ports and resorts in the Caribbean. Some are still under development as these at-sea vacation companies increasingly build back onshore, transforming swaths of the warm-weathered landscape into unrecognizable but highly profitable exclusive vacation destinations. About 85 miles from Ocean Cay, Royal Caribbean Group and Norwegian Cruise Line Holdings have claimed two private islands separated only by a mile-long stretch of the Atlantic Ocean. Norwegian was an early trendsetter, having been the first cruise line to acquire an island, now known as Great Stirrup Cay, for its guests in 1977. The company has recently upgraded its 270-acre buildout, expanding the dining and walkways in 2017 and launching a luxurious hotel-like retreat in 2019. Later this year, Great Stirrup Cay is also expected to debut a new pier that can concurrently accommodate two of Norwegian's largest ships — a $150 million investment in an attempt to rival its successful neighbor, Royal Caribbean's Perfect Day at CocoCay. Like Ocean Cay, their locations are strategic. Perfect Day at CocoCay and Great Stirrup Cay are less than a day's sail from Florida's busy ports, allowing the companies to save on increasingly costly fuel expenses. CocoCay is as much a "perfect day" as it is a perfect investment, having opened in 2019 as a resort-like extension of Royal Caribbean's splashy ships. The more than 130-acre island has since become a massive hit, accommodating almost all of the company's Caribbean cruise guests with its waterpark, lounge-lined beaches, and, as of last year, an adult-only beach club. The cruise line has poured a cool $350 million into developing the property. Yet, amid strong guest demand, financial returns have been "exceptionally high and significantly above its target," Naftali Holtz, the CFO of Royal Caribbean Group, told analysts in 2023. It's now hoping to replicate CocoCay's success with a private resort 63 miles away on Paradise Island, located just offshore from Nassau, Bahamas, and near Atlantis' sprawling resort. Royal Caribbean began purchasing land on Paradise Island in early 2017. Seven years later, it started developing the 17-acre property into what would soon become its first Royal Beach Club, a sprawling exclusive resort. Royal Beach Club Paradise Island is scheduled to open in December 2025. Guests will have to pay to enter the all-inclusive property. Once inside, they can expect access to 10 bars, shopping, cabanas, and several pools and beaches, including some for families. In addition to expanding its island — RelaxAway, Half Moon Cay — Carnival Corp is also following the private resort strategy with a mile-long getaway on Grand Bahama Island. Celebration Key, as it's been dubbed, is scheduled to begin welcoming Carnival cruisers in July. The land is expected to be transformed into a vacation hub with beach clubs, a family lagoon, and plenty of dining options — "clearly following Royal Caribbean's footsteps," Patrick Scholes, lodging and leisure research analyst at Truist Securities, told Business Insider in 2024. The resort is expected to accommodate 4 million visitors annually when Carnival builds two additional berths in 2028. The $600 million project is set to be the company's largest. Yet, Carnival Corp's CFO, David Bernstein, told analysts in 2024 that Celebration Key is already expected to be a "smash hit and provide an excellent return on investment. " Read the original article on Business Insider Sign in to access your portfolio
