Royal Caribbean Secures 50% Stake in Sandals Resorts in $3 Billion Deal

On September 23, Royal Caribbean Group announced it will acquire a 50 percent equity stake in Sandals Resorts International and its Beaches brand for approximately $3 billion in cash. The transaction values the all-inclusive resort operator at about $6 billion and is slated to close in early 2027, subject to customary approvals and closing conditions. Royal Caribbean will fund the purchase with debt financing from Morgan Stanley. A joint board, co-led by Royal Caribbean chairman and CEO Jason Liberty and Sandals executive chairman Adam Stewart, will oversee the new venture.

ReutersRoyal Caribbean Is Investing $3 Billion in Sandals and Beaches Resorts in a Landmark Caribbean All-Inclusive Partnership Royal Caribbean Group buys 50% stake in Sandals Resorts for US$3 billion Royal Caribbean in Talks to Buy Half of Sandals in Reported $3 Billion Deal

Sandals Resorts, founded in 1981, operates adult-only Sandals resorts and family-focused Beaches properties across the Caribbean. The company has been the subject of periodic sale speculation for nearly a decade. Royal Caribbean, whose portfolio includes Royal Caribbean, Celebrity Cruises and Silversea, has been expanding its land-based vacation offerings through private destinations and the “Royal Beach Club” concept. The acquisition marks the cruise operator’s largest move from sea to land, creating a combined vacation platform that spans cruises, private islands and all-inclusive resorts.

ReutersRoyal Caribbean acquires 50% stake in Sandals Resorts for $3 billion Royal Caribbean Is Investing $3 Billion in Sandals and Beaches Resorts in a Landmark Caribbean All-Inclusive Partnership

• Jason Liberty – Chairman and CEO, Royal Caribbean Group.

Royal Caribbean acquires 50% stake in Sandals Resorts for $3 billion

• Adam Stewart – Executive Chairman, Sandals Resorts International and Beaches Resorts.

Royal Caribbean acquires 50% stake in Sandals Resorts for $3 billion

• Morgan Stanley – Provider of debt financing for the transaction.

Royal Caribbean Group buys 50% stake in Sandals Resorts for US$3 billion

• Transaction value: $3 billion cash for a 50 percent stake.

Royal Caribbean in Talks to Buy Half of Sandals in Reported $3 Billion Deal

• Implied enterprise value of Sandals Resorts: ? $6 billion.

Reuters

• Forward EBITDA multiple: ? 10 times.

Royal Caribbean Eyes $3B for Half of Sandals

• Sandals portfolio: 20 resorts across the Caribbean.

Reuters

• Royal Caribbean’s global vacation market estimate: ? $2 trillion.

Royal Caribbean Nears $3 Billion Deal for Half of Sandals Resorts — BigGo Finance

Sandals executive chairman Stewart emphasized that the joint venture will not alter existing reservations, loyalty programs or resort operations, and that the company will remain true to its Caribbean roots while accelerating growth.

Royal Caribbean Group buys 50% stake in Sandals Resorts for US$3 billion

The combined entity links Royal Caribbean’s cruise and private-destination assets with Sandals’ all-inclusive resort expertise, creating cross-selling opportunities and a more diversified revenue stream. For Sandals, the partnership provides additional capital and a broader distribution network to support expansion projects, including a $1 billion Beaches growth plan and a $200 million transformation of flagship Jamaica resorts.

Royal Caribbean Is Investing $3 Billion in Sandals and Beaches Resorts in a Landmark Caribbean All-Inclusive Partnership Royal Caribbean acquires 50% stake in Sandals Resorts for $3 billion Royal Caribbean Buys 50% Stake in Sandals and Beaches Resorts

• “My father, Gordon ‘Butch’ Stewart, founded Sandals Resorts with the belief that a company built in the Caribbean could stand on the world stage alongside the most respected names in hospitality,” — Adam Stewart, executive chairman

Royal Caribbean Group buys 50% stake in Sandals Resorts for US$3 billion

• “We have been building a vacation platform that brings joy to millions of people around the world and creates meaningful relationships that last with our guests,” — Jason Liberty, chairman and CEO

Royal Caribbean Group buys 50% stake in Sandals Resorts for US$3 billion

The agreement is expected to close in early 2027, pending regulatory approvals and customary closing conditions. Both companies have indicated that existing guest experiences will continue unchanged while they explore new opportunities for resort growth.

Royal Caribbean acquires 50% stake in Sandals Resorts for $3 billion