Ambassadors International Inc. has put its upscale cruise line up for sale.
The Newport Beach cruise line operator on Wednesday said it has started the sale process for its Majestic America Line, which includes the American West Steamboat Co., the Delta Queen Steamboat Co. and a 49-passenger vessel that operates in Hawaii and Alaska.
Ambassadors is hoping to sell the line quickly and already has sent out information to potential bidders, the company said in a statement.
The Majestic cruise line has seen a few setbacks. In 2007, Congress declined to extend legislation that allowed the historic Delta Queen to operate on U.S. rivers through 2008. An additional ship didn’t operate as well because of the legislation.
Last year Ambassadors also saw one of its ships, the Empress of the North, run aground in Alaska. The incident cost the company $6.2 million.
The cruise line operator also handles other travel-related work. It is an outgrowth of International Ambassador Program Inc., a company bought by brothers Peter and John Ueberroth in 1993 to offer educational travel programs for students and professionals.
Chief Executive Joe Ueberroth is the son of Peter Ueberroth, who’s chairman of the U.S. Olympic Committee.
Ambassadors counts a market value of about $65 million.
