SBW-Photo via Royal Caribbean The Ultimate Family Suite can hold up to eight people.
- Under CEO Michael Bayley, $4 has $4.
- The Ultimate Family Suite, which was introduced on Symphony of the Seas, may be the centerpiece of that strategy.
- The 1,346-square-foot suite can cost over $60,000 on a seven-night cruise.
Three years ago, Royal Caribbean set out to double its earnings and increase its return on invested capital. Part of $4 to achieve that goal involved upgrading the cruise line's high-end offerings and raising their prices. If he made them attractive enough to customers, Bayley figured, they'd be happy to pay a premium.
"People are perfectly happy to pay for a product that they perceive as being of value, and we just elevated that perception of value and we elevated the price," he said in an interview with Business Insider.
The Ultimate Family Suite may be the centerpiece of that strategy. The two-level, 1,346-square-foot suite is Royal Caribbean's version of a penthouse. It's no coincidence that the suite was introduced on $4, which debuted in March as the world's largest cruise ship.
The suite has an 85-inch TV, three video game consoles, a 100-foot-long Lego wall, a tw0-story slide, a ping pong table, and a balcony with a whirlpool.
As you might expect the suite isn't cheap, as it can run for over $60,000 on a seven-night cruise. Bayley says the suite's amenities justify the price, and given that it's sold out for much of the next year, he might be onto something.
"I would challenge any company in the world to show me a better family suite. It is the ultimate family suite," he said.
Here's a look at the suite and why Bayley thinks it's worth its hefty price tag.