Story perspectives

Royal Caribbean to buy 50% stake in Sandals for $3B

By Drooid · Sep 23, 2026, 2:31 PM UTC · How we work

Summary

Story summary

Royal Caribbean Group is buying a 50% stake in Sandals and Beaches Resorts.
The deal values the partnership at US$3 billion, about a 10-times forward EBITDA multiple.
Morgan Stanley will provide committed debt financing for the investment.
Closing is slated for early 2027 and the acquisition should be earnings-accretive that year.
CEO Jason Liberty and Executive Chairman Adam Stewart will share joint-venture governance, while reservations and operations stay unchanged.

History

Historical Context

On April 17 2003, Carnival Corporation merged with P&O Princess Cruises in a $5.4 billion deal, creating the world’s largest cruise group with eleven brands and consolidating decades of P&O’s cruise heritage that began in 1837 and included the 1974 acquisition of Princess Cruises. The merger exemplified a consolidation trend that still shapes the industry today.

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Story summary

Royal Caribbean Group is buying a 50% stake in Sandals and Beaches Resorts.
The deal values the partnership at US$3 billion, about a 10-times forward EBITDA multiple.
Morgan Stanley will provide committed debt financing for the investment.
Closing is slated for early 2027 and the acquisition should be earnings-accretive that year.
CEO Jason Liberty and Executive Chairman Adam Stewart will share joint-venture governance, while reservations and operations stay unchanged.

1 / 2