MONTEGO BAY, Jamaica and MIAMI, 23 September 2026 – Royal Caribbean Group and Sandals Resorts have signed an agreement to form a partnership in the all-inclusive resort space, with Royal Caribbean Group set to acquire a 50% equity interest in Sandals and Beaches Resorts for approximately $3 billion.
The partnership will bring together Sandals and Beaches Resorts’ Caribbean all-inclusive portfolio with Royal Caribbean Group’s wider vacation platform, including Royal Caribbean, Celebrity Cruises, Silversea, private destinations, its new river-cruising offering and its loyalty programme.
The transaction is expected to close in early 2027, subject to customary approvals and closing conditions.
Partnership expands Royal Caribbean Group into all-inclusive resorts
The agreement will extend Royal Caribbean Group into the all-inclusive resort category while providing additional resources to support the continued growth of Sandals and Beaches Resorts.
The partnership will include Sandals and Beaches Resorts’ collection of all-inclusive properties across the Caribbean. The companies also plan to explore opportunities to broaden distribution, increase guest engagement and make vacation experiences across both portfolios easier for travellers to discover.
The joint venture will expand Royal Caribbean Group into an adjacent vacation category, increase its participation in the approximately $2 trillion global vacation market and support the continued expansion of Sandals and Beaches Resorts.
The Group’s existing vacation platform spans its three wholly owned cruise brands, Royal Caribbean, Celebrity Cruises and Silversea, along with private destinations and its planned entry into river cruising.
Shared leadership planned for new joint venture
The joint venture will be governed by a board under the shared leadership of Jason Liberty, Chairman and CEO of Royal Caribbean Group, and Adam Stewart, Executive Chairman of Sandals Resorts.
Stewart will continue to play a leadership role in the long-term strategic development of Sandals and Beaches Resorts as Executive Chairman.
Existing reservations, loyalty programmes, resort operations and cruise operations will continue as usual following the agreement, while the partnership will provide additional resources for future opportunities.
“For nearly 60 years, we’ve reimagined what a vacation can be, constantly expanding the ways we inspire our guests to explore, connect and create lifelong memories,” said Jason Liberty, Chairman and CEO, Royal Caribbean Group. “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. Our partnership with Sandals and Beaches Resorts is an important next step on that journey – bringing together two iconic leading vacation companies to further strengthen and grow one of the most admired resort portfolios in the world. The Stewart family has created powerful and beloved brands, and we are honored to build on that legacy. Together, we see tremendous opportunity to expand the reach of Sandals and Beaches Resorts and continue turning the vacation of a lifetime into a lifetime of vacations.”
Stewart said the agreement would provide Sandals and Beaches Resorts with additional capacity to grow alongside a partner sharing its focus on hospitality, long-term investment and established brands.
“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. Today is proof of how far that vision can go,” said Adam Stewart, Executive Chairman of Sandals Resorts and Beaches Resorts. “This partnership is the natural next step in building on that conviction. It gives us the ability to grow faster with a partner that shares our values of exceptional hospitality, long-term investment, and the power of enduring brands. Together, we will introduce more guests to Sandals and Beaches Resorts while creating even more extraordinary experiences for those who have made our resorts part of their lives for decades.” Stewart added, “As we continue to grow, we will remain true to what has always defined us: delivering authentic vacations that exceed expectations while creating opportunities for our team members, travel advisor partners and the communities we call home. The future has never been brighter, and I know this moment would make my father incredibly proud.”
Royal Caribbean Group to invest approximately $3 billion
Under the terms of the agreement, Royal Caribbean Group will acquire its 50% equity interest in Sandals and Beaches Resorts for approximately $3 billion.
The purchase price represents a forward EBITDA multiple of approximately 10 times.
Royal Caribbean Group has secured committed debt financing from Morgan Stanley to fund the investment. The company expects the transaction to be accretive to earnings in 2027 following completion.
The agreement remains subject to customary approvals and closing conditions, with closing anticipated in early 2027.
BofA Securities and PJT Partners acted as financial advisers to the Sandals Group, while Latham & Watkins and Jones Day served as its legal advisers.
Perella Weinberg Partners and Morgan Stanley acted as financial advisers to Royal Caribbean Group, with Kirkland & Ellis LLP serving as legal adviser.
Sandals and Beaches growth to remain part of strategy
Sandals and Beaches Resorts have more than four decades of leadership in Caribbean hospitality, with Sandals focused on adults-only all-inclusive resorts and Beaches serving the family all-inclusive market.
The partnership is intended to support further expansion of the resort portfolio while broadening the range of vacation experiences available through Royal Caribbean Group’s platform.
Following completion of the transaction, Royal Caribbean Group and Sandals Resorts will each hold a 50% interest in the Sandals and Beaches Resorts business, with the companies continuing to pursue opportunities across their respective vacation portfolios.
Source: Official Press Releases from Royal Caribbean Press Centre, 23 September 2026, MONTEGO BAY, Jamaica and MIAMI
