The New York investment company Apollo Management has purchased Regent Seven Seas Cruises from Carlson Company for $1 billion.  Apollo previously purchased a hefty chunk of Oceania Cruises and has created a division for the two cruise lines: Prestige Cruise Holdings. 

The Oceania and Regent brands will remain separate and Mark Conroy will continue as president of Regent, which will maintain it’s fleet of small luxury vessels which have been sailing in the black for some time. 

Earlier this year Apollo bought a $1 billion stake of NCL Holdings, parent company of Norwegian ruise Line, which is not part of Prestige Cruise Holdings.