By NAN Business Editor
News Americas, NEW YORK, NY, Weds. Sept. 23, 2026: Royal Caribbean Group has agreed to acquire a 50% equity stake in Sandals and Beaches Resorts for approximately $3 billion, a deal that values the Caribbean’s most recognized homegrown hospitality brand at roughly $6 billion – and hands half of it to a New York Stock Exchange-listed cruise giant.
The companies announced the partnership Tuesday, framing it in a joint statement and a customer email from Sandals as a “landmark partnership” that will “accelerate” growth for both brands. Adam Stewart, Executive Chairman of Sandals and Beaches and son of founder Gordon “Butch” Stewart, called it “the natural next step” in his father’s vision that “a company built in the Caribbean could stand on the world stage alongside the most respected names in hospitality.”
DETAILS
But the announcement leaves out a detail that matters as much as the celebration: this is Royal Caribbean buying in, not two equals joining forces. The 50% stake and the roughly $6 billion valuation of Sandals’ resort interests were confirmed in financial reporting, not in the press materials sent to Sandals’ own customers, which described only “an equity interest” without specifying the size of the stake.
Sandals and Beaches employ an estimated 20,000 people across eight territories – Jamaica, Antigua, Saint Lucia, The Bahamas, Barbados, Grenada, Curaçao, and Saint Vincent and the Grenadines – making the brand one of the region’s largest private employers in tourism. Neither company’s announcement included specific commitments on job protection, local procurement, or continued funding for the Sandals Foundation, the brand’s philanthropic arm, beyond routine “About” language.
Under the deal terms, Royal Caribbean secured committed debt financing from Morgan Stanley to fund the roughly 10x forward-EBITDA acquisition. The transaction is expected to close in early 2027, subject to customary regulatory approvals, and Royal Caribbean says it expects the deal to be accretive to earnings the following year.
Wall Street’s reaction was notably cooler than the deal’s own messaging. Royal Caribbean’s stock fell roughly 5% to 6% on the news, with cruise-sector peers Carnival and Norwegian also sliding as investors weighed the risk of a debt-funded expansion into an all-inclusive resort category the cruise line has never operated in directly.
Governance details remain thin. The joint venture will be overseen by a board under what the companies describe as “shared leadership” between Stewart and Royal Caribbean Group Chairman and CEO Jason Liberty, with Stewart continuing as Executive Chairman. Existing reservations, loyalty programs, and resort operations will continue unchanged, according to the companies, with the partnership adding “additional resources” for future growth.
The deal comes as Royal Caribbean pushes into what it calls the roughly $2 trillion global vacation market beyond cruising, following its buildout of private-destination properties under its Perfect Day and Royal Beach Club brands and its planned 2027 entry into river cruising.
For a brand whose founding story – a Jamaican entrepreneur building a globally competitive hospitality company from the Caribbean outward – has long been a point of regional pride, the deal marks a significant ownership shift, even as Sandals’ own messaging frames it purely as growth.
“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.”
“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.”