A Spanish shipyard with no experience building cruise ships
has been tapped to build the first luxury ship of the Ritz-Carlton Yacht
The yard, Hijos de J. Barreras, is based in Vigo and has
built 1,600 vessels since its founding in 1892. Currently, it specializes in
ferries, cargo vessels and large fishing ships. The Mexican state oil company
Pemex acquired a 51% ownership in 2013.
A unit of Ritz-Carlton Hotel Co. has a contract to manage
the 298-passenger ship, which will be owned by the private equity firm Oaktree
Capital Management, along with senior managers of the brand.
Barreras said a contract was signed for the first ship, with
options for a second and third.
Miami-based Ritz-Carlton Yacht Collection expects to take
delivery of the first ship in late 2019. Contract prices were not disclosed.