Pacific Star cruises and fractional consultancy Fractions Abroad are working together to bring a luxury fractional cruise fleet to the fractional lifestyle market.
Three ships will be launched in the UK and Europe, China and Australia and the company says the ships will offer “the equivalent of a first class boutique hotel afloat, at a fraction of the price”.
Pacific Star Princess, Pacific Star Countess and Pacific Star Lady will be offering guests a unique combination of exclusive, on board pampering in an exclusive environment. Thirty-four balconied staterooms accommodating sixty-eight guests mean that cruise travellers will be able to relax in a private environment with plenty of onboard “breathing space”.
The fractional ownership plan entitles owners to own a fraction of the yachts, entitling them to a two-week cruise in their chosen stateroom for two people, each year for 15 years. The cost includes all food and standard drink, entertainment, linen, insurance, crew and management charges. After 15 years, the yachts will be sold with net sales proceeds being redistributed to all owners, in direct relation to their percentage ownership in the yacht.
Structure of agreements
Annual management fees are paid to Title Trustees International, the trust partner of Pacific Star Cruises, which holds the funds on account of the members and is fully regulated by the Financial Services Authority. These funds are then paid to Pacific Star Cruises, which manages the vessels on behalf of owners. Both Pacific Star and Title Trustees International are fully bonded, insured and regulated.
All three yachts will be owned by independent companies, with each member having a share in the owning company through the trust structure. The ships will be registered in the Isle of Man, allowing them to fly the British flag, and affording them the consular assistance of British Embassies worldwide.
The yachts are being built from scratch and the first is expected to be delivered in June 2013.