The enterprise is distinct from other yacht marketing schemes is that Princess will manage and operate the yacht to be shared 100 percent. A Princess 75 motoryacht based in Port Adriano, Palma de Mallorca will be the first offering in the program. The initiative is aimed at a different type of client who may not have previously considered yacht or does not want to consider the burden of ownership. Princess yacht officials also see this as a way to lure previous owners back into the market.
The business model on which the scheme is based is a aviation fractional-ownership program named NetJets. Those able to afford yacht ownership often have many different interests and don’t necessarily wish to dedicate all their resources to one particular activity.
Another plus is the cost-effective nature of the initiative as the average charter price of a Princess 75 is €52,000 per week, while the cost of shared ownership is €32,000 per week. Servicing and maintenance is shared equally among the four owners with each responsible for their own food and fuel.
Personalization is at the core of the fractional-ownership model, which is not found on charter vessels but on privately-owned boats. This is something that the YachtQuarters team hope to pursue with the program as owners will be able to bring their own personal items and crew.
Princess is hopeful that this method of ownership could be a way to engage with previously untapped clientele. Although no owners have been secured as yet, the brand is hopeful for a successful 2018 with the summer season on the horizon. See your 4Yacht Broker for more information.
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