Ambassadors International to sell assets; CEO expected to bid on marine group

By Lisa Kerner

Charlotte, N.C., Feb. 11 - Ambassadors International, Inc. said it will sell its principal non-Windstar Cruises assets with the assistance of Stephens Inc.

Stephens will sell the company's marine division, including its marina construction and marine operations businesses, and its travel and events division, an Ambassadors news release said.

Ambassadors chairman of the board and chief executive officer Joe Ueberroth is expected to participate in the bidding process for the marine group.

Ueberroth is being replaced as chairman by Art Rodney. A search to replace Ueberroth as CEO and to replace chief financial offer Laura Tuthill is underway, the company said.

According to Ambassadors, its cruise and corporate headquarters will be consolidated in Seattle over the next several months and the current executive team in Newport Beach, Calif., will be transitioning out of the company.

"The board and management are confident in the strategy to focus all of our capital and efforts on Windstar Cruises and the small ship luxury segment. Further, we believe that Windstar has the most potential upside for our shareholders and a successful sale of our other businesses provides the company stability in a difficult economy," Ueberroth said.

Ambassadors is a Newport Beach, Calif.-based cruise and travel company.

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