World's First Floating Resort To Sale In 2001

The world's first ocean-going luxury resort is scheduled to be afloat late in 2001 now that Bahamas-registered ResidenSea has secured financing and found a builder, according to company officials. The vessel for the rich, dubbed The World of ResidenSea, was conceived four years ago by Norwegian cruise magnate Knut Kloster Jr. Flagging cruise line share prices coupled with turmoil in the world financial market over the past few years prompted the firm to cut the size and cost of the ship to 40,000 tons at $350 million from an initial 86,000 tons at $545 million.