PREMIER YACHTS INC
www.pyi.com
Locations:
Chicago, Navy Pier. Washington D.C., Boston
History/company Profile:
The story behind Chicago-based Premier Yachts, Inc. is the real American
dream. In the late 1980s, when Michael Higgins was working as a bar
manager for another Chicago dining cruise ship, he had a concept for
something different. Higgins did not want to create just another dinner
cruise line, but one with a fresh approach to dining with an emphasis
on first class service, atmosphere and elegance.The next step was
to finance the $6 million to make the Odyssey vision a reality. Jim
Miller, an Oak Brook-based business owner evaluated the opportunity
and put up the money to get Odyssey Cruises going. The rest of Odyssey's
ownership team quickly fell into place and included Jim Noyes as an
officer and minority investor. With the money in hand, they next moved
to design the ship of their dreams.The Odyssey partners in 1990 selected
New Orleans-based Service Marine Industries to custom build Odyssey
I. Yet after construction began, Service Marine began to experience
financial difficulties. To protect their investment, the Odyssey team
acted quickly. Miller put capital into the company to keep it running,
but ended up acquiring it. "We got our ship and we saved Service
Marine," said Miller.In May 1991, the 175- foot, 600- passenger
Odyssey I was christened in Chicago. Odyssey I carried more than 100,000
passengers during her first season. The partners realized a larger
vessel would be needed for the Chicago market, so in May of 1993,
the 200- foot, 850- passenger Odyssey II was christened. This ship
featured three main decks and was designed to be bigger and even more
beautiful than the original, according to Higgins. Odyssey I was then
moved to Boston and the Odyssey II carried more than 400,000 passengers
during her first three years of operation. In May 1995, a 240- foot,
600- passenger Odyssey III was christened for use in Washington, D.C.
Built long and low, this is the only ship of its kind in the U.S.
designed specifically to travel beneath historic bridges spanning
the Potomac. The result is unobstructed views of the Capitol's historic
landmarks and monuments. In the first year, Odyssey III carried more
than 100,000 passengers. In 1996, Premier Yachts, Inc. went into a
new direction, adding a sleek, 70 ft, 149-passenger speedboat to its
fleet. Seadog has proven to be very successful with its 30-minute
rides along Chicago's lakefront. So successful, that the company added
Seadog II in 1997, Seadog III in 1998 and Seadog IV in 2001. Likewise
in 2002, Premier Yachts created a new type of dining experience on
the water with its latest 600-passenger ship, Mystic Blue Cruises.
Built specifically for cruising along the Chicago skyline, Mystic
Blue offers the largest picture windows of any ship on the lake, contemporary
interiors and moderately priced buffet-style dining. Mystic Blue is
perfect for both tourist and group business. Premier Yachts today
boasts sales of $30 million + annually with 800 employees in three
cities, and has served more than 1 million passengers. "It's
still hard to believe it all started out as a dream on a cocktail
napkin," said Higgins.
Benefits:
Detailed information coming
Management Profile:
Detailed information coming
Growth:
Detailed information coming.
