Rembrandt to sail as a timeshare vessel

NEW YORK -- The former Premier Cruise Line ship Rembrandt, which earlier served as the Holland America Line flagship Rotterdam V, will sail again as a timeshare vessel, according to a Florida-based timeshare operator.

EXA International of Deerfield Beach this week acquired Rembrandt from investment firm Donaldson Lufkin & Jenrette, said Stanley Priskie, EXA's president.

Priskie declined to discuss terms of the agreement. DLJ repossessed Rembrandt last year after Premier filed for Chapter 11 bankruptcy. Delivery of the ship, currently docked in Freeport, Bahamas, is scheduled for May 2002.

EXA will retain the Rembrandt name and market the ship as a seagoing "marriage of timesharing and cruising" with cabins for sale at "less than a land-based timeshare," according to Priskie.

The vessel will be marketed under the brand name Cruiseshares, Priskie added.

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