QPS Marine, the brokerage arm of Nautical Ventures Group, is pleased to announce the sale of a 627-foot ocean liner for $14 million.
The 561-passenger ship started life in 1973 as the Norwegian Vistafjord, eventually joining the Cunard family as Corona. Until recently, it remained in active service under Saga Cruise Lines in the United Kingdom as the MV Saga Ruby.
The ship is headed to Yangon, Myanmar — formerly known as Rangoon, Burma — where it will serve the region’s growing infrastructure as a floating luxury hotel.
“The new owners plan to refurbish the interior and update the soft goods to make it more operational as a stationary hotel, but the ship itself is in great condition, requiring mostly cosmetic updates,” QPS Marine commercial vessel sales director Capt. Ken Caine said in a statement.
“We see a growing trend among select countries around the world where retiring cruise vessels will serve as permanently docked hotels so as to quickly add inventory to a shortage of hotel rooms,” Caine said. “The financial world is also recognizing the potential return on large-cap growth funds designated to finance such transactions. All this has generated a network of investment firms, business agents and government intermediaries to help facilitate these complicated transactions. We have become experts in the field.”
Nautical Ventures Group CEO Roger Moore said the company started its commercial sales division knowing the potential of this market.
“There are approximately 200 cruise ships in service worldwide, with many more under construction,” Moore said. “Finding homes for ships retiring from service and placing them in developing regions around the world will be a significant contribution to our annual brokerage sales.”