A new residential cruise ship startup with condos starting at $100,000 will let travelers live at sea take a look around the ship
Brittany Chang
- Residential cruise ship startup Villa Vie Residences has acquired a ship for its never-ending cruise.
- The 30-year-old Villa Vie Odyssey was previously Fred Olsen Cruise Lines' Braemar.
Residential cruise ship startup Villa Vie has hit the one milestone its competitors have been struggling to achieve: acquiring a vessel for its never-ending cruise.
On Tuesday, Villa Vie — helmed by former Storylines and Life at Sea Cruises employees — announced it had purchased Fred Olsen Cruise Lines' Braemar vessel, now renamed the Villa Vie Odyssey. In May 2024, the potential cruise operator says this 924-passenger ship will then embark on a never-ending itinerary, circumnavigating the globe every 3 ½ years.
Villa Vie’s purchase of the eight-deck Odyssey is a boon to the tumultuous residential cruise industry plagued by financial and ship acquisition pain points.
In 2022, trade publications reported Fred Olsen Cruise Lines would be selling its 30-year-old Braemar. Before joining Fred Olsen's fleet, the ship previously sailed with companies like Norwegian Cruise Line.
Similar startups have recently either announced delays or fallen apart.
The launch of Victoria Cruises Line's residential ship was postponed from May 2023 to late July 2024 just months after debuting.
In a more dramatic downfall, competitor Life at Sea Cruises announced in late November that its highly anticipated never-ending cruise, which would've circumnavigated the world every three years, had been called off — the company was unable to acquire a ship in time.
Would-be luxury operator Storylines is still planning to sail its flashy residential MV Narrative ship.
However, the startup has delayed its vessel's construction timeline multiple times over the last few years. Storylines' investors and former employees have since casted doubts that the ship will ever be built.
Villa Vie's CEO Mikael Petterson and director of sales Irina Strembitsky previously worked for Life at Sea and Storylines.
When Villa Vie officially pays for and acquires the vessel in February 2024, the startup will spend an additional $13 million on its 10-week refurbishment, Petterson told Business Insider in an email.
These 10 weeks would be broken down into an eight-week wet dock and a two-week dry. (The vessel was last refurbished in 2019.)
To fund this purchase and update, Petterson said Villa Vie will rely on first lien debt and “resident equity investors” from its Founders Club.
These resident investors, of which there are currently over 50, would own 52% of the company.
When complete, the Oydssey would then embark on its never-ending around-the-world sailing in May 2024 complete with condos starting at $100,000.
Travelers on the ship will spend their first 1,301 days sailing from Southampton, England to 425 ports throughout 147 countries, according to the cruise startup. This includes 127 days in South America, 103 days in the South Pacific, and 68 days in Africa.
The vessel has 509 cabins, although 35 will be reserved for “friends and family,” according to Petterson.
Half of the remaining 474 cabins will be available for purchase. The rest would then be reserved for "pay-as-you-go" travelers who've purchased preset segments of the itinerary.
These shorter sailings, which range from 35 to 131 days, start at $4,361 for a single-occupancy interior stateroom on the transatlantic leg.
As of December 8, 31 people have put down a deposit for a cabin, Petterson told Business Insider. Another 32 have expressed “firm interest.”
A little over 60 people have instead committed to the "pay-as-you-go" options.
Onboard, these guests would spend their days at sea lounging around the Odyssey’s library, “culinary arts center,” pool, and four jacuzzis.
The ship also has three restaurants, eight bars, and four lounges.
There's even an onboard golf simulator along with the classic cruise ship gym and spa.
Work-from-anywhere guests could work from the "business center" complete with offices and conference rooms.
Starlink and Viasat 3 would support these remote workers.
If Villa Vie can keep its promise of life at sea, the startup will soon join The World as one of the only successful residential cruise ship operators.
But unlike its predecessor, Villa Vie would be significantly more affordable: About 10 to 12 of The World's condos go on sale annually, selling for between $2 million and $15 million. Buyers must have a net worth of $10 million to be considered.
To compare, travelers who want to purchase a Villa Vie cabin would pay between $100,000 for an interior stateroom to $250,000 for a balcony cabin.
Monthly fees start at $3,500 for a double-occupancy interior stateroom, which would still make this more affordable than any option aboard The World.
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