Regency Cruises is not only embarking on an ambitious growth course set by its new owners, the Greek Lelakis Group, but is also diversifying its product. Recently announced plans call for Regency to operate in Europe.

In addition to the 400-passenger Regent Spirit formerly the Constellation, which is scheduled to start service from Montego Bay, Jamaica, this fall, Regency has also announced the commissioning in 1994 of the 500-passenger, 8,000-ton Regent Jewel, formerly the Sun Fiesta, launching seven-day sailings in the Black Sea and the Eastern Mediterranean. The Regent Spirit will be redeployed in the Western Mediterranean during the summer months.

According to William Schanz, Chairman and CEO of Regency, the ships will feature seldom­-visited ports of call, and "argueably the best cruise value on a price/performance basis."

The Regent Jewel will sail alternating itineraries from Istanbul and Piraeus, while the Regent Spirit will sail two different itineraries from Nice.

Rates range from $1,745 to $2,995 per person, double occupany for seven-day cruises. Combined 14-day sailings are also available. Early booking discounts offer savings up to 35 percent on seven-day sailings and 40 percent on 14-day sailings. Round­ trip air add-ons range from $495 to $895.

According to a company spokesperson, Regency expects to generate 70 percent of the passengers for its Mediterranean cruises in the United States and 30 percent in Europe.

A seventh addition to Regency's fleet, the 1,500-passenger Regent Sky, will enter service in 1995. While no itineraries have been announced yet, the spokesperson suggested that ships may then be redeployed.

Regency's goal is said to become one of the five largest cruise operators within the next two years.