New Rembrandt Timeshares

November 14, 2001
Premier’s Rembrandt-nee-Holland America’s Rotterdam V, which was last heard from when it was seized by Premier creditors in Freeport, the Bahamas, has been given a new lease on life. Cruiseshares, a S. Florida-based company, announced today that it had purchased the ship (still languishing in Freeport) via a contract signed last week and will create cruise-dom’s only time-share-at-sea. Cruiseshares president Stanley Priskie declined to reveal the cost of buying the ship. Unlike Residensea, which is a condo-at-sea project, Cruiseshares’ Rembrandt (they’re keeping the name) will be patterned after traditional time share ownership. Priskie says cabins will sell at prices ranging from $10,000 - $25,000; that one-time fee entitles purchasers to a one week’ cruise every year. There’s an additional annual maintenance cost of about $875 for each cabin. The sales effort is slated to begin in two weeks, Priskie says, and Cruiseshares expects to receive delivery of Rembrandt in mid-May. “The ship needs to go through a drydock and then will be delivered to us ready to sail,” he says. Otherwise, a lot of details are up in the air at this point. The ship, according to Priskie, is in good shape -- the circa 1958 Rembrandt received an overhaul from Premier in 1999 -- and may need just a few cosmetic touches. He’s not clear about an itinerary though predicts it will center around the Caribbean with a home port somewhere in that region rather than Florida. The company plans to outsource maritime and hotel operations.