Word: residensea
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...upset. "It's amazing," she said, a glass of champagne in her hand. "It's different from any of the other homes we own, that's for sure!" Donna and husband Jim, 56, had come from San Jose, Calif., to Landskrona, Sweden, to watch The World of ResidenSea, the world's first luxury condominium cruise ship, sail for Norway, where it would be painted and outfitted with a shipbuilder's equivalent of a Barguzin sable coat...
...akin to a $262 million, 12-decker mobile home: it starts to depreciate as soon as it's driven off the lot. But for residents, investing is not the point. "At no time do we discuss with them a return," says Fredy Dellis, the Belgian-born chief executive of ResidenSea. "What we're selling is a unique lifestyle." The World's maiden voyage is not until January 2002. But the drawing board is dazzling, with plans for onboard art exhibitions, a Swiss-run spa, a full-size tennis court and driving ranges, a retractable marina and a route that constantly...
...what is now Norwegian Cruise Line. Kloster originally planned a ship with 286 condos and 183 hotel rooms. After scaling back, he was able to attract investors, including the Continental Casualty Co., a subsidiary of Chicago-based insurance giant CNA Financial Corp. But to persuade penta-millionaires to buy, ResidenSea assembled a cadre of credible associates, including its blue-chip investor Silversea Cruises, which will manage maritime and hotel operations. ResidenSea also marketed through sophisticated make-believe. Inside a factory near Vienna, the company built condo mock-ups so inviting that some residents bought art and rare books right from...
...ResidenSea had planned all along to launch three such ships and, after its success with the World, has already ordered the second. The company expects to complete financing later this year, using many of the same investors. The World's condo buyers are proof that if you build a floating town, they will come. But will they stay? Industry insiders say that granting residents ownership creates potential friction with ship operators. Others foresee an inevitable shake-out as passengers shun certain amenities or even one another. Andy Vladimir, co-author of Selling the Sea: An Inside Look at the Cruise...
Knut Kloster Jr., the former chairman of the Norwegian Cruise and Royal Viking lines, plans to top even that by launching a ship that will be a permanent home for its passengers. The globe-trotting vessel, called World of ResidenSea, will have 286 condominiums when completed in early 2001. Kloster has so far sold 65 units, which go for as much as $6.6 million. And for those who can't get enough Titanic, a U.S.-Swiss partnership plans to build a $500 million replica that will take its maiden voyage on the 90th anniversary of the Titanic...
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