A new startup in the burgeoning residential cruise sector hopes to make waves soon.
The new residential cruise line Crescent Seas is a little different from other budding residential cruise startups as it already has a ship secured.
Former NCL Exec Has Big Plans
Russell Galbut is developer Crescent Heights’s principal and a former Norwegian Cruise Line Holdings chairman.
Galbut says he has inked a $230 million long-term 10-year lease with Norwegian Cruise Line Holdings Ltd for the luxury ship Seven Seas Navigator.
Galbut was chairman of Norwegian’s board from 2018 to 2024.
Crescent Seas will refurbish the Navigator with 210 condo units, ranging in price from $750,000 to $8 million. The tentative launch date is 2026.
“The earth is 29% covered by land and 71% by water, so why do we sell millions of condos in cities and there’s only one historical ship that was a residency previously?” Galbut said.
“Why not have your own yacht and share a community with 200 other travelers? That’s what we are looking to create.”
Maintenance fees will start at $210,000 annually, covering hospitality, housekeeping, and other ship amenities. Owners can stay permanently on the ship or sublet their condo.
Galbut says the company is in discussions to acquire three other ships and place a newbuild order for one.
“The interest is rising. It’s the beginning of an industry like private aviation. We are fortunate to be part of its birth, and I suspect in years to come, it will grow like traditional cruise lines,” Galbut added.
He said the company is collaborating with Lissoni & Partners, Journey, and MAWD to design the condos and interior spaces.
Several residential cruise startups have tried to launch in the last few years but without much success.
Only one has secured a ship and taken to the seas, albeit with multiple delays spanning several months.
Villa Vie Odyssey launched last year and is currently on a three-year round-the-world voyage.
