SunStone Ships has announced the sale of Victory Cruise Lines to American Queen Steamboat Company (AQSC) due to the rapid dominance of the Great Lakes cruise market.
It said that after expanding market share in the Great Lakes, French Canada and St Lawrence Seaway, Victory became the market leader in these regions. Having recently added Victory II, it afforded AQSC the opportunity to acquire the largest capacity in the region. SunStone Ships explained that AQSC will acquire Victory I and Victory II cruise vessels, the Victory brand, all Great Lakes charters, group bookings, individual passenger reservations and related assets.
SunStone Ships said it had been working on this sale for “some time”, with the transaction expected to close in January 2019.
AQSC has been operating river cruise ships in the US for several years with three vessels and one on order. AQSC primarily serves American passengers and operates its ships in the US. It has been looking for additional products to offer its passengers.
“We appreciate the Victory team getting us so far, so fast. We believe we have found the perfect home for Victory Cruise Lines by selling it to AQSC and we are certain they can make this well-known, respected and accepted product an even better brand for the future,” stated SunStone president and chief executive Niels-Erik Lund.
SunStone Ships said “In a very short period of time, Victory Cruise Lines has been able to build a well-respected product on the Great Lakes and has seen bookings increase substantially over the years, with the 2019 Great Lakes season being the best ever.”
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