The Ritz-Carlton Yacht Collection has accumulated nearly $700 million in losses since 2017, according to budget data analysed by the Financial Times, forcing lenders to defer repayments and shareholders to inject fresh capital into the ultra-luxury cruise line.
The company, which operates under a licensing agreement with Marriott International, reported a negative adjusted EBITDA of $19 million for the first quarter of 2026. That marked an improvement on the $33 million loss recorded a year earlier, but occupancy stood at just 51 percent, far below the 80 to 85 percent target set by the company and its investors.
Creditors including Crédit Agricole and Spain’s CaixaBank have lent the group more than $1.5 billion to finance its three yachts and ongoing operations. Crédit Agricole, the largest creditor with $918 million outstanding, agreed to defer $171 million in repayments tied to the ships Ilma and Luminara. The loans were extended from December 2025 to January 2028 and from December 2027 to January 2033 respectively. CaixaBank also waived repayment provisions on $300 million linked to the first yacht, Evrima.
As part of the rescue package, controlling shareholders committed a further $167 million in equity on top of $108 million injected in previous months, a combined $275 million that lifts total shareholder contributions above $1 billion. Oaktree Capital holds 55 percent of the capital, with Singapore sovereign wealth fund GIC and Mohari Hospitality among the other backers.
Marketing costs remain a heavy burden. The company spent $104 million on advertising campaigns in 2025 alone as it worked to convert the hotel brand’s loyal clientele into first-time cruisers. The group has said it expects to reach profitability in 2027, though analysts cited in the report believe the target occupancy level may not be achieved until 2029. The company has also indicated that further covenant waivers may be needed during 2026.
The venture’s troubles date back to its launch. The first yacht was ordered from Spain’s Hijos de J. Barreras shipyard, which collapsed during construction. The setback delayed the debut of Evrima until October 2022, more than three years behind schedule, and pushed the company to order its two larger ships from Chantiers de l’Atlantique in France.
The financial strain comes as competition in the segment intensifies. Four Seasons and Accor’s Orient Express have already put their first yacht cruise ships into service, while Aman is set to launch in 2027. The wider market continues to attract strong interest from wealthy travellers, but the Ritz-Carlton Yacht Collection‘s numbers show how expensive it can be to build and sustain a high-end cruise brand.
The company’s challenge now is to lift occupancy, cut losses and turn its three-ship fleet into a profitable business. Until then, it remains one of the clearest examples of how the luxury travel boom does not always translate into healthy balance sheets.
