At first glance, the difference between a cruise ship and a yacht seems obvious. One conjures images of a floating city built for the masses; the other, of exclusivity and intimacy. But now some of the world’s most prominent hotel brands are muddying the waters. , , , and have all marketed their new vessels as “ ” to set them apart from cruise ships. But are they?

“Anytime that cabins are sold individually, or there are groups on board that are independent of each other, that is just not yachting,” says Alexander Coles, cofounder and senior broker of . “That is a cruise ship, however high the level.” For traditionalists like Coles, yachting means tailoring every element—menus, destinations, activities, even formality—to an owner or a charter guest, with the crew creating a familial experi

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