The following is presented as an introduction to individuals and corporations interested in fractional ownership of the classic motor yacht Norwester. It is intended to provide a sketch of her current status, a broad overview of the owners thinking about future operations and a brief financial picture of a partnership. Clearly, there will be many conversations and brainstorming sessions both before and after a partnership is established.
The ideal partner will, first and foremost, have a love of classic wooden yachts and value their restoration and care. He or she will bring marketing ideas and skills to the table along with a solid understanding of small business set up and operation. The level of hands-on involvement with maintenance and operation of the yacht will be determined by the partners' availability, desire and skills.
Built in 1932 in Winthrop, Mass, Norwester has had a colorful history, much of which is documented aboard the yacht including pictures of her launch as Chiro and her maiden voyage. She was moved from the East Coast, transiting the Panama Canal to Newport Beach, Ca in 1937 when she was renamed Norwester. She remained there until cruising to the Pacific Northwest in 1996. She was owned by John Wayne for about 8 years in the 50’s and 60’s and there are many items of memorabilia aboard. She is currently moored in Anacortes, WA and spends a number of weeks each summer on Lake Union in Seattle.
She was purchased by the present owner in 2005 after having seen a series of relatively short term owners beginning in 1993. A major renovation program was undertaken in 2005, beginning with a detailed assessment of her condition. The two primary objectives of this first phase of her renovation were to make certain that her electrical, mechanical and plumbing systems were all in good shape and functioning properly and to insure that her hull and structure were seaworthy. Having met these two primary objectives, the next phase of her care is underway.
Norwester is currently privately owned however the new partnership, Norwester Management Group, LLC will own and operate the yacht. It is this LLC that is seeking fractional owners. The current owner would hold the position of Managing Partner. The detailed form of this LLC and the specifics of the partnership agreement have not been finalized recognizing that partners may have differing needs and wishes. Norwester Charters, a DBA of the current owner, will be changed to a second LLC, Norwester Charters, and will operate as a charter company, arranging to lease the yacht from Norwester Management Group for such use.
Norwester is being chartered through Voyages Northwest in Seattle and interest in the boat has been high. She is used for crewed charters only and can carry up to 12 passengers by USCG regulation. Of the hits on the Voyages Northwest web site, Norwester gets 3 to 4 times the number of any of the other boats. The 2008 season was the first one for which she has been "ready". Three charters were booked which is not a great number but they were for Microsoft, Amazon and Boeing. Can't get much better than that and there's a story to go with each one. The owner is continually developing relationships with additional brokers and with individual charterers. Based on the interest and excitement level encountered thus far, Norwester has all the potential to be a very successful charter vessel indeed.
The owner is offering fractional ownership of up to 49%. Price of the partnership is based on a very recent survey and a list of projects to be included in the next phase of restoration. Serious parties will be given full financial information. The new partner(s) will purchase 49% of her surveyed value, 49% of the next phase of restoration and 49% of the annual operating costs. In return, the partner(s) will be entitled to cruising time aboard the yacht and will share in a proportionate share of the profits/losses of the operation.
All serious inquires by email will be answered. Provide information about yourself and your interests in your initial email. Please – no phone calls. Send your emails to: captain@norwestercharters.com.