Norwegian Holdings Signs 15-Year Lease in Seattle
PHOTO: The Norwegian Pearl docked at Pier 66 in Seattle. (Courtesy of Don Wilson/Port of Seattle)
Norwegian Cruise Line Holdings (NCLH) signed a 15-year lease with the Port of Seattle that includes plans for a $30 million expansion and improvements at Pier 66.
“This is a historic deal for the Port of Seattle,” said Port CEO Ted Fick said. “A 15-year lease for a cruise terminal is unprecedented on the West Coast. Norwegian is showing real vision by investing in the economic growth of this region.”
NCLH — the parent of Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises — will make improvements to the Bell Street Cruise Terminal to “significantly expand” the portion of the Pier 66 facilities used for processing cruise passengers. The project is estimated at $30 million.
Under the new lease, NCLH will manage the cruise operations at Pier 66 and will have priority rights to the cruise ship berth during the Alaska cruise season, which generally runs from May through September. The port will operate the facilities the rest of the year.
The cost for the terminal improvements will be shared by NCLH and the port. The 15-year commitment is estimated to generate over $2 billion in total business revenue for the region, nearly 900 jobs, and over $65 million in state and local taxes.
The deal secures NCLH ships in Seattle for the full term of the lease and provides passenger volume guarantees estimated to bring $73 million dollars in revenue to the port.
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