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A new development in the cruise ship industry is the
idea of full time residency onboard. The ResidenSea Corporation
has built a $265M cruise ship with 110 residences and 88 guest
suites that allows wealthy patrons to live on the ship full
time as it cruises around the world [ResidenSea]. It began
cruising in March of 2002. Their waste policies are mentioned later.
Unfortunately they targeted the ultra-luxury market just as the
global recession hit, and for several years had troubles
selling units. In late 2003 the residents bought the ship from
the operating company to run it themselves. They report that
sales have been increasing (although there are still many empty
units). Still, it sounds as though the original financial
backers did not get good results. Given that its already
difficult to get funding for a new type of venture which
requires substantial capital, the ResidenSea result makes it
even harder.
Source: http://seastead.org/commented/paper/review.html#A_new_development_in_the_cruise_ship_industry_is_t
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Comments:
[Sat Apr 16 01:53:42 EDT 2005-105] Russell Davis (NOSPAMHatchery@shellfish-unlimited.org.NOSPAM):
Strange Situation & Opportunity Needs Advise: 261 foot long ex Navy Barrack Barge abandoned on my property. Have title - Must find a use. Would someone please direct me to the legal requirements for a floating condo or motel on a docked, no-propulsion vessel? Thanks
[Sat Aug 27 23:24:10 PDT 2005-238] Scott Scheule (NOSPAMScottScheule@gmail.com.NOSPAM):
Given that it's already...
[Tue Sep 27 22:21:02 PDT 2005-269] Unknown:
Four Seasons Plans Ocean Residences
Posted Jun 10, 2005, 2:37 PM ET by Deidre Woollard
Related entries: Water
residensea
The Four Seasons is also planning a luxury residential ocean liner:
http://www.luxist.com/entry/1234000967046327/
The International Herald Tribune reports that the Four Seasons Hotels have become the first big-name brand to selling ocean-going residences. The ship will offer 80 fully-owned apartments and ten fractional ownership units. Furnished apartments will have from two to four bedrooms and will include a kitchen and at least one terrace. Like The World of Residensea shown here, the ship will cruise the globe stopping to take in major events in various ports. The ship will include four restaurants, lounges, a wine cellar, theater, a 10,000 sq. ft. spa and an outdoor pool. The ship is planned to be ready for 2007. The apartments will cost from $4 million to $15.4 million and fractional ownership will cost upwards of $400,000 for a one-twelfth share.
[Tue Sep 27 22:21:50 PDT 2005-269] Chris Rasch (NOSPAMcrasch@openknowledge.org.NOSPAM):
Oops, the above post re: the Four Seasons was from me.
[Tue Sep 27 22:27:58 PDT 2005-269] Chris Rasch (NOSPAMcrasch@openknowledge.org.NOSPAM):
Another residential cruise ship:
http://www.ecruising.com.au/news/news_detail.asp?id=440
A new residential ship emerges (13/09/05)
A new entrant in the residential ship arena is emerging. Randall Jackson, a Phoenix-based builder of private homes and motor yachts, is throwing his hat into the ring with Magellan, a vessel offering 200 luxury units.
At 70,000gt, the 15-deck, 804-foot ship would be much larger than The World and the planned Four Seasons vessel, each of which is 42,500gt. Magellan’s plans call for four restaurants, a large aquaspa, a casino, a heliport with two Bell Jet helicopters, two 50-foot Bertram fishing boats, two Scarab speed boats and an observatory.
The units range from 1,130 square feet (two bedrooms) to 3,200 square feet (four bedrooms) and are priced from $1.8m. Jackson’s company, Residential Cruise Line, aims to pre-sell 120 units before initiating ship construction.
‘We anticipate no longer than 12 months to hit our sales goals,’ sales and marketing director Kevin Miller told Seatrade Insider. The 16 penthouses are scheduled for sale by auction only, with the starting bid for the largest set at $6m.
Advertising is launching in major consumer publications including Forbes, Fortune and Conde Nast Traveler, and an Oct. 29 date has been set for the first penthouse auction (four units), at the Fort Lauderdale Boat Show.
‘The primary difference between us and competitors is the level of exclusivity and privacy,’ Miller said, adding that most people who are contacting Residential Cruise Line are savvy buyers who have received information about The World and Four Seasons. Miller is targeting families who would likely use Magellan as a vacation home.
A 25% deposit and the first year’s ship operating expense (starting at $96,000 annually) is required to secure a purchase. Fixed-rate financing of 6% is available.
Finland’s Delta Marin served as the naval architects and Yran & Storbraaten are the interior architects. V. Ships will provide technical management.
Seatrade Insider
13/09/05
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