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As part of the luxury travel boom, demand for yachts is at an unprecedented level, according to longtime industry executive Larry Pimentel.
Pimentel, the former CEO of the upscale cruise line Azamara and now the president and CEO of Marc-Henry Cruise Holdings Ltd., the joint owner and operator behind the new Four Seasons Yachts, has a strong foothold in the world of luxury cruising and high-end travel. He’s observed a shift in mindset since the pandemic that’s motivating wealthy travelers to spend more on exceptional travel experiences, he says.
“We have seen consistent evidence of this behavior throughout luxury hospitality verticals, from land-based five-star hotels and resorts to small luxury cruises and expeditions to curated special interest vacations,” Pimentel says.
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Larry Pimentel is the MARC-HENRY CRUISE HOLDINGS LTD, JOINT OWNER/OPERATOR FOUR SEASONS YACHTS.
Strong demand bodes well for the new Four Seasons-branded cruise line, Four Seasons Yachts, which will launch its by-invitation-only voyages in late 2025. The inaugural yacht will feature 95 suites with balconies, a 66-foot swimming pool and multiple restaurants, with trips starting at US$2,500 per person per night.
Pimentel speaks with Penta about the new brand, the mindset of affluent travelers, and what they most want from their getaways today.
Penta: What did it take to win back consumers to the cruising industry after the negative reputation it had in the wake of the pandemic?
Larry Pimental: The traditional cruise sector worked diligently with many health experts during the pandemic to ensure that public health protocols were a top priority. That did a magnificent job. The cruise ships have returned with confidence, and the consumer had a pent-up demand.
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How do you expect luxury cruising to evolve in the coming years?
A drive toward sustainability—fuels, construction techniques, paint—will continue to be more visible as new products debut. Ship owners are serious about going green. They also are opting for designs that are a little more laid-back,” for lack of a better word, with an emphasis on communing with the outdoor environment. Many of today’s most popular yacht designs focus on larger exterior areas, fold-out terraces and the ever-popular beach club. Large windows lining interior areas often open completely to let in sea breezes, and some main dining areas are now alfresco. These trends seem to be a function of owners getting younger and younger due to the influx of tech money, as well as a transfer of generational wealth.
How will Four Seasons Yachts differ from like-minded luxury yachting experiences?
We’re spending US$4.3 million per stateroom against an industry average of approximately US$850,000, and the yacht will offer nearly 50% more living space than our nearest competitor. From a service standpoint, the guest-to-staff ratio is 1:1, and this team will handle the onboard experience and shore excursions, so you’re tended to at a very personalized level throughout the trip.
The cruise line is offering voyages by invitation only. MARC-HENRY CRUISE HOLDINGS LTD, JOINT OWNER/OPERATOR FOUR SEASONS YACHTS.
A rendering of the interior of the vessel. MARC-HENRY CRUISE HOLDINGS LTD, JOINT OWNER/OPERATOR FOUR SEASONS YACHTS.
Why launch a yacht with only 95 suites?
It was important not only from an audience perspective but also from a category perspective to lean into scarcity. To this end, voyages are being distributed by invitation only, beginning with Four Seasons guests and travel partners. Having this type of managed distribution system puts us more in the realm of a luxury membership club than a discrete product. This strategy sets us up to build more of a community around our offering and long-term relationship with our brand.
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What is the value of this approach?
If you create a private and protected space, luxury travelers will open up. But you must be a chameleon who adapts to expectations and listens carefully. You have to give ultra-high-net-worth travelers a combination of digital tools, live experiences and personalized service support to show them that they are part of an exclusive community of people who share their interests. For these specialized consumers, you never want to make them feel passed off. So, we have personal yacht consultants who remain the single point of contact for travelers throughout the entire experience.
What do you believe most drives the buying decisions of the luxury traveler?
Travel writer Pico Ayer says: “We travel initially to lose ourselves; and we travel next to find ourselves.” This is especially true for top-tier travelers. When you’ve traveled widely and can afford to go anywhere, you are traveling less to understand the world and more to understand yourself and the community you are with. At its best, luxury hospitality can build trust by creating moments for them to bond with themselves, their traveling companions, and the world around them.
This interview was edited for length and clarity.
Four Seasons-Branded Cruise Line Will Offer Trips by Invitation Only. Its Leader Explains Why.
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