A 3-year around-the-world cruise was supposed to set sail in a week. But there's still no ship.

• Life at Sea Cruises has yet to acquire the ship it would use for its upcoming three-year world cruise.
• The company is "facing challenges" because of investor withdrawal, a memo it sent to buyers says.
• Residential cruise startups like Life at Sea and Storylines have faced shake-ups throughout 2023.

A three-year, around-the-world cruise that was supposed to set sail next week — after two previous delays — looks like it's again grounded: The company still has yet to acquire a ship.

Life at Sea Cruises is "facing challenges" because of investor withdrawals, according to a memo to customers written by its parent company's CEO and obtained by Business Insider.

This means at least some investors who had offered to help fund the purchase of the vessel likely have backed out. The company responded to a request for comment from BI with a statement that didn't address specific questions.

Life at Sea promised, as the name entailed, a true life at sea. Residents would buy a three-year package for a little over $115,500 per person. On November 30, they would then sail to 382 ports across 140 countries.

After this 1,095 days at sea, the vessel would continue its global circumnavigation on a different route every three years. Would-be travelers could pay extra to stay on board — potentially indefinitely.

The company, a division of Miray Cruises, had planned for between 800 to 900 mostly American passengers to sail for the full three years. As of August, about 40% of the 540 cabins had been reserved, Miray's then-CEO Kendra Holmes told Business Insider, adding that it would have been many of these travelers' first time on a cruise. (Holmes left the company this month.)

But Life at Sea still has yet to acquire a vessel it would use for the around-the-world itinerary that was set to sail next week. And unless it's able to find one that doesn't require extensive refurbishments, this once-in-a-lifetime vacation could soon be called off.

A November 19 statement to customers from Miray's CEO Vedat Ugurlu apologized for the inconvenience, but said the company was "actively working on creating alternative plans for the future,
ensuring an unforgettable experience for our valued community."

To salvage this trip, Life at Sea is still exploring options to buy another ship, the statement said. But if it's unable to sail on December 1, the company said it will offer buyers "alternative departure dates or expedited refunds."

For travelers who were already in Istanbul, from where the ship was previously planned to set sail, Life at Sea will reimburse their hotels until December 1 and "subsequent travel expenses," the statement said.

Life at Sea's three-year sail has been unraveling

Throughout 2023, Life at Sea has wooed travelers with its advertised three-year around-the-world cruise on the MV Lara, a ship.

Aboard the yet-to-be-acquired vessel, the company had promised staterooms with per-day costs cheaper than many mass-market world cruise itineraries. Also set to be included were wellness and business centers, Starlink WiFi, and a hospital.

Trade publications reported Miray would be acquiring the 20-year-old AIDAAura — which left Carnival Corporation's fleet in September — for its never-ending cruise. But "confidential clauses" prevented Life at Sea from publicly confirming its vessel of choice, Holmes told Business Insider in August.

In October, delays in the ship's acquisition forced the company to postpone its launch twice. Amid this, Mediterranean cruise operator Celestyal announced in mid-November that it had purchased the AIDAAura, now renamed the Celestyal Discovery.

Now that the AIDAAura is off-market, the fate of Life at Sea remains unknown.

Throughout 2023, multiple condos-at-sea startups have announced delays. The embarkation of Victoria Cruises Line's residential Victoria Majestic — formerly a Holland America ship — was postponed from May 2023 to July 2024.

Similarly, construction on Storylines' luxury residential vessel has been repeatedly postponed, prompting at least one buyer to ask for a refund.

Have you considered investing in a residential cruise ship concept? We want to hear your story. Email this reporter at bchang@businessinsider.com.