The joint venture, slated to close in early 2027, will be governed by a board under the shared leadership of Royal Caribbean Group CEO Jason Liberty and Sandals Executive Chairman Adam Stewart. While the investment allows the cruise company to expand into an adjacent $2 trillion vacation market, the day-to-day operations for Sandals and Beaches—including loyalty programs and existing reservations—will remain unchanged.
Royal Caribbean Group to Acquire 50% Stake in Sandals Resorts
Royal Caribbean Group is moving into the all-inclusive land-based resort market, announcing a $3 billion deal to acquire a 50% equity interest in Sandals and Beaches Resorts. The partnership aims to merge the cruise giant’s global vacation platform with the Caribbean hospitality brand to accelerate growth across both portfolios.
Funding for the transaction is secured through committed debt financing from Morgan Stanley, with the deal valued at approximately 10 times forward EBITDA. For the Stewart family, the move represents a scaling of the brand founded by Gordon 'Butch' Stewart nearly six decades ago. The companies plan to leverage their combined reach to deepen guest engagement and simplify the booking process for travelers moving between cruise and resort experiences. The agreement marks a significant shift for Royal Caribbean, which already operates 71 ships and multiple private island destinations, as it seeks to capture a larger share of the global demand for premium Caribbean travel.
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