Villa Vie’s Odyssey has entered what the company has said is a temporary lay up period in the Far East following financial challenges.
In a letter sent to residents aboard, CEO Kathy Villalbe said that the company was “unable to secure the fuel necessary to continue operations … as a result the Odyssey will enter a temporary layup this afternoon with crew remaining onboard to maintain the vessel and its essential systems.”
Residents were asked to leave the ship, disembarking in Cambodia.
“It was a cascade of problems piling up on one another, from the business model to mistakes by management to the mentioned crisis in fuel cost and availability, and more,” said a post on ResidentialCruising.com, by Randy Cassingham, a resident aboard.
The lay up followed several requests by the company for additional funds from residents, according to sources aboard speaking to Cruise Industry News. Most recently, the company asked residents for an additional $360,000 to cover fuel costs, the sources said.
In April, the company sent a letter to those aboard offering an “Emergency Loan Investment Opportunity” seeking $3 million in funding under terms that included interest rates of 12 to 24 percent. The company offered monthly interest-only payments and a balloon payment after 12 months, according to a copy of the letter reviewed by Cruise Industry News. It could not be determined whether the company raised the funds.
The company has also sought new investors. Sources aboard said former Bahamas Paradise Cruise Line CEO Oneil Khosa had recently been aboard the ship to evaluate a possible acquisition.
Another potential lifeline has been a resident-backed group that formed under Sagar Capital LLC and floated a multimillion-dollar fundraising effort that included residents repurchasing cabins, according to sources.
The company launched service in September 2024 with the former Braemar, acquired from Fred. Olsen Cruise Lines. The 1993-built ship was refurbished in Belfast before debuting Villa Vie’s residential cruising concept.
