YachtWise contracts boats from Cheoy Lee

FORT LAUDERDALE, Fla. – YachtWise, a yacht management company, has contracted with China’s Cheoy Lee Shipyards to build an 84-foot luxury motor yacht explicitly designed for the concept of fractional yacht ownership, YachtWise said in a recent release.

Cheoy Lee Shipyards has completed a custom design. YachtWise is managing the build and marketing the opportunity to 10 prospective yacht owners.

The company’s program offers fractional ownership of a $4-million Cheoy Lee luxury motor yacht. The owners, through YachtWise’s management group, set the itinerary of the yacht each year and can arrange their personal scheduling needs through the company’s concierge services.

“Rather than just taking a floor plan from an existing yacht, we have redesigned the vessel especially for the needs of YachtWise’s fractional program,” said Bob Reneau, sales and marketing manager for Cheoy Lee Shipyards. “This will be a truly unique and very comfortable yacht for its owners.”

Basing the YachtWise model on fractional ownership methods currently applied to luxury resort homes and private jets, an owner contributes 10 percent of the initial capital input of the price of the boat and then an additional 10 percent of the annual management, operational, and maintenance expenses. In return, the owner has the yacht for personal use four weeks per year.

• For more of the latest news, click here.