Royal Caribbean to take $3 billion, 50% stake in Sandals in landmark cruise-to-land deal

Royal Caribbean Group has agreed to acquire a 50% stake in Sandals Resorts International for $3 billion, taking the cruise giant into the Caribbean all-inclusive resort business in one of the biggest cross-category travel deals of recent years.

The agreement, announced on Wednesday, creates a joint venture covering the Sandals and Beaches Resorts portfolios. The Stewart family, which founded Sandals in 1981 and has held it privately ever since, retains the other half. The deal values the resort business at about ten times forward EBITDA.

Royal Caribbean said it has secured committed debt financing from Morgan Stanley to fund the investment. The transaction is expected to close in early 2027, subject to customary approvals, and the company expects it to add to earnings next year.

Sandals operates 20 all-inclusive resorts across the Caribbean, including properties in Jamaica, the Bahamas, Saint Lucia, Grenada and Barbados, according to Reuters. The Financial Times first reported this week that the deal could value Sandals at more than $6 billion.

The joint venture will be overseen by a board jointly led by Royal Caribbean chairman and chief executive Jason Liberty and Sandals executive chairman Adam Stewart, who stays on to guide the brands’ long-term growth. Royal Caribbean said existing reservations, loyalty programmes and operations on both sides continue as usual.

Sources

• Reuters (23 Sept 2026): “Royal Caribbean acquires stake in resort operator Sandals for $3 billion” — 50% stake for $3bn announced Wednesday; 20 resorts; Stewart family retains half; Morgan Stanley financing; expected close early 2027; FT valuation report: https://www.reuters.com/business/royal-caribbean-acquires-stake-resort-operator-sandals-3-billion-2026-09-23/
• Royal Caribbean Group / Sandals Resorts press release via PR Newswire (23 Sept 2026): “Royal Caribbean Group and Sandals Resorts announce landmark partnership” — joint venture terms; ~10x forward EBITDA multiple; committed debt financing; accretive to earnings next year; board shared leadership of Liberty and Stewart; existing reservations and loyalty programmes continue: https://www.morningstar.com/news/pr-newswire/20260923fl54538/royal-caribbean-group-and-sandals-resorts-announce-landmark-partnership-to-accelerate-their-leading-vacation-experiences
• TravelPulse (23 Sept 2026): “Royal Caribbean Group to acquire $3 billion stake in Sandals Resorts in landmark mega-deal” — deal terms; Liberty and Stewart comments; expansion into the land-based resort market: https://www.travelpulse.com/news/cruise/royal-caribbean-group-to-acquire-3-billion-stake-in-sandals-resorts-in-landmark-mega-deal