Resident-Led Bid to Buy Villa Vie’s Odyssey Ends in Failure

A final-ditch try by residents of Villa Vie’s Odyssey to purchase and function the ship is useless within the water.

The Odyssey’s ultimate months have been marked by indicators of Villa Vie Residences’ financial distress, culminating within the ship’s abrupt halt final week in Cambodia. Residents — who purchased cabins for between $119,999 and $439,999 within the hope of living permanently at sea — got simply eight hours to disembark on Tuesday.

Paul Montoya, a member of the ship’s seven-person Resident Council which was concerned in securing resident pledges for the buyout, described the bid on Thursday as a “Hail Mary.”

Two days in a while Saturday, a resident-backed group calling itself Sagar Capital instructed residents that the trouble had ended, in keeping with a letter reviewed by Enterprise Insider. Three residents confirmed the letter’s contents.

The letter stated the group had spent two months making an attempt to barter a deal, however had been unable to take action.

Montoya stated in a name with Enterprise Insider on Monday that the group had agreed to contribute a “honest quantity” of capital towards the buyout to “get issues rolling,” whereas different residents have been invited by way of WhatsApp or in individual to pledge matching funds.

Cambodian authorities stated that 203 residents have been on board when the ship docked in Sihanoukville. Based on the letter, 169 residents made pledges, however the quantity pledged was inadequate.

“We have been somewhat bit quick, however we have been fairly shut,” Montoya added, declining to say how a lot residents had pledged. He stated that no cash was collected from residents.

In its letter, Sagar Capital cited a lot of causes for ending the bid, which a number of residents stated was their solely hope of protecting the Odyssey crusing. These included:

• An incapacity to achieve an settlement with the ship’s lender;
• Villa Vie having extra debt than anticipated;
• Potential authorized publicity;
• The price of chapter proceedings;
• The monetary threat to residents’ financial savings.

“It was in all probability extra exploratory than something to see if the help could be there,” Montoya stated on Monday. “I feel for probably the most half the help was there, however it could have been in all probability very tenuous in making an attempt to maneuver ahead with these issues.”

In an interview with Enterprise Insider on Friday, Petterson stated the corporate was doing every part it may to maintain the ship afloat after a possible take care of Oneil Khosa, the previous CEO of Margaritaville at Sea, fell by way of earlier this month.

Petterson stated Villa Vie’s focus was on recapitalization. “Ideally, we want an operational accomplice that may are available in with a stronger hand and a much bigger pocket,” he stated.

Earlier final week, Petterson instructed Enterprise Insider that the corporate was considering bankruptcy.

Villa Vie, Petterson, and the corporate’s cofounder Kathy Villalba didn’t instantly reply to requests from Enterprise Insider for remark for this story.

The resident-led effort was a ultimate push to save the ship, Montoya stated. Now, he stated, residents are counting on “much more of a protracted shot,” akin to a “benevolent soul” stepping in.

Cheryl Ethrington, a resident who had deliberate to pledge towards the buyout, stated: “I have not fully given up hope that somebody will decide up the baton and run with it. If not, life goes on.”

You’ll be able to learn the letter from Sagar Capital to residents in full beneath:

A Letter to our Fellow Odyssey Residents

October 31, 2026

Dearest fellow residents and cherished mates,

It’s with profound unhappiness that we write sharing the tough information that Sagar Capital has ended its efforts to steer residents in buying and working the Odyssey. Sadly, this resolution is ultimate. Out of respect, we need to share a transparent and candid clarification.

Why we’re convey this to a detailed:

1. No settlement with the lender. We negotiated with the ship’s lender for 2 months and couldn’t attain phrases. We perceive the lender, with Columbia Ship administration, has now taken management of the ship and intends to promote it at public sale.
2. Extra debt than we anticipated. We got entry to Villa Vie’s data solely final Saturday. Our evaluate discovered considerably extra debt than we had anticipated.
3. Authorized publicity. Taking on Villa Vie and altering its administration would have uncovered Sagar to vital legal responsibility from present and future lawsuits.
4. The price of chapter. A Chapter 11 course of would value about $3 million for the primary 60 days alone and will take for much longer if lawsuits have been filed.
5. The danger to your financial savings. We couldn’t discover a month-to-month payment that each coated the ship’s working prices and stayed reasonably priced. We couldn’t in good conscience ask anybody to place their financial savings in danger on a plan which may not succeed.

What we got down to do

Our solely goal was to maintain the ship crusing for the individuals who name it house. It was by no means our intent to promote something to anybody, or to press anybody into a call. We tried to provide the information as we discovered them, and we’re sorry the information didn’t enable us to succeed.

Profound Gratitude

We obtained 169 pledges. To every of you who pledged, and to everybody who answered surveys, joined calls and provided concepts: thanks in your belief and your dedication.

Your pledge: no cash was collected.

What we’ve got discovered over these months belongs to this group. If residents with the monetary means to hold an effort ahead ever come collectively, we’ll enthusiastically take part.

We’re certain collectively by this outstanding, unlikely journey and can ceaselessly stay your neighbors and mates. We all know this can be a tender second, and must lean on each other for emotional and sensible help. With that on our hearts, we might need to collect just about within the coming days so we are able to share, mirror, and help one another as a group. The newly elected interim Resident Council is keen to serve or help the place wanted.

Although this chapter is closing, our group stays sturdy. Please attain out to at least one one other as we all the time have, whether or not to speak, share sources, or navigate subsequent steps collectively. We now have been and can stay on this collectively, and we’ll proceed to help each other.

With respect and gratitude,

Sagar Capital LLC