The Yacht Portfolio announced today that it has entered into a letter of intent to acquire Sea Cloud Cruises and its three ships.

“Sea Cloud offers such a unique, environmentally-friendly experience in the cruise space, which aligns well with our continued focus on building a strong portfolio of niche luxury brands,” said Douglas Prothero, CEO of The Yacht Portfolio, which is overseeing the The Ritz-Carlton Yacht Collection cruise start up.

“We look forward to completing a transaction with the Sea Cloud team and supporting the brand’s next phase of growth in the luxury cruise space.”

The acquisition not only expands The Yacht Portfolio’s presence in the luxury cruise sector, but also creates an opportunity to expand its relationship with Marriott International beyond The Ritz-Carlton Yacht Collection, and gives Marriott International the opportunity to enter the cruise industry through its other luxury brands, according to a press release.

“We are excited about the transaction between The Yacht Portfolio and Sea Cloud and look forward to the opportunity to collaborate further with The Yacht Portfolio to bring our luxury accommodations to sea,” said Timothy Grisius, Global M&A and Real Estate Officer at Marriott International.

“We are pleased that The Yacht Portfolio will strengthen Sea Cloud’s market position,” said Hermann Ebel, Managing Director of Sea Cloud Cruises. “The course is set for many more years of successful international marketing and the foundation is laid for further company and fleet growth.”