Royal Caribbean Group and Sandals Resorts announced on 23 September 2026 that they had signed a partnership agreement under which the cruise operator will acquire 50% of Sandals and Beaches Resorts for approximately $3bn (around €2.6bn). The deal takes the Miami-based group into the all-inclusive market and gives the Jamaican group a financial partner to accelerate its expansion across the Caribbean. Closing is expected in early 2027.
A 50:50 joint venture
Royal Caribbean Group (NYSE: RCL) and Sandals Resorts have announced the signing of an agreement to form a joint venture in the all-inclusive resort space, with the cruise operator taking a 50% stake. The agreement was signed at Royal Caribbean Group’s new headquarters in Miami, in the presence of Jason Liberty, the group’s President and Chief Executive Officer, and Adam Stewart, Executive Chairman of Sandals Resorts.
The partnership covers the entire collection of Sandals and Beaches all-inclusive resorts in the Caribbean. The two groups intend to explore ways to broaden distribution, strengthen guest engagement and make it easier for travellers to access the experiences offered across both portfolios.
Around €2.6bn, or roughly 10 times EBITDA
Under the terms of the agreement, Royal Caribbean Group is acquiring 50% of Sandals and Beaches Resorts for approximately $3bn, or around €2.6bn. The price represents a multiple of approximately 10 times forward EBITDA. The group has secured committed debt financing from Morgan Stanley to fund the investment.
The transaction is expected to complete in early 2027, subject to customary approvals and closing conditions. Royal Caribbean Group says the deal should be accretive to its earnings from next year.
BofA Securities and PJT Partners acted as financial advisers to Sandals, with Latham & Watkins and Jones Day as legal counsel. Royal Caribbean Group was advised by Perella Weinberg Partners and Morgan Stanley on the financial side, and by Kirkland & Ellis LLP on legal matters.
Governance shared between Adam Stewart and Jason Liberty
The joint venture will be overseen by a board of directors jointly led by Adam Stewart and Jason Liberty. Adam Stewart retains his role as Executive Chairman of Sandals and Beaches Resorts and will continue to steer the company’s long-term growth strategy, a position he has held since his appointment in 2021 at the helm of Sandals Resorts International.
Existing bookings, loyalty programmes and resort and cruise operations will continue unchanged. The partnership is intended to provide additional resources for future developments.
Adam Stewart, whose father, Gordon “Butch” Stewart, founded Sandals and died in 2021, said his father had created Sandals Resorts in the belief that a company born in the Caribbean could rise to the global stage alongside the most respected names in hospitality, and that the day showed just how far that vision could go. He added that the partnership gave the company the ability to grow faster alongside a partner that shared its values of exceptional hospitality, long-term investment and the power of enduring brands.
Royal Caribbean Group expands beyond cruising
For Royal Caribbean Group, the deal opens up a holiday category adjacent to its core business and strengthens its presence in a global vacation market estimated at around $2 trillion (approximately €1.75 trillion). The group operates 71 ships serving more than 1,000 destinations across all seven continents, through its three wholly owned brands (Royal Caribbean, Celebrity Cruises and Silversea) and its 50% stake in TUI Cruises, which operates the Mein Schiff and Hapag-Lloyd brands.
The group is also building a portfolio of private destinations through its Perfect Day and Royal Beach Club collections, and will enter the river cruise market in 2027 with Celebrity River Cruises. It also relies on a loyalty programme billed as an industry first.
Jason Liberty said the partnership with Sandals and Beaches Resorts marked an important step on that journey, bringing together two iconic travel companies to strengthen and grow one of the world’s most admired resort portfolios. He added that the Stewart family had built powerful, much-loved brands and that the group was honoured to carry that legacy forward.
Sandals and Beaches, two brands in expansion mode
Founded more than four decades ago, the Jamaican group operates two brands. Sandals Resorts, positioned in adults-only all-inclusive, is present in Jamaica, Antigua, Saint Lucia, the Bahamas, Barbados, Grenada, Curaçao and Saint Vincent and the Grenadines. Beaches Resorts, its family brand, operates in Negril, Jamaica, and in the Turks and Caicos Islands.
The Beaches pipeline includes future resorts in Exuma in the Bahamas, a destination increasingly sought after by luxury groups, as well as in Barbados, Runaway Bay in Jamaica, and Saint Vincent and the Grenadines. It is this development that Royal Caribbean Group’s investment is intended to accelerate.
All-inclusive, an increasingly contested segment
Our analysis – The deal comes as major hotel groups strengthen their foothold in all-inclusive across the Caribbean and Latin America. Hilton is leveraging its loyalty programme to boost its all-inclusive portfolio, while Marriott is now taking the format beyond the region with The Ritz-Carlton, Kemer, All-Inclusive in Turkey. More recently, IHG opened the Kimpton brand’s first all-inclusive resort on the Riviera Maya. By partnering with one of the segment’s long-established operators rather than building its own hotel offering, Royal Caribbean Group gains access to a Caribbean clientele close to its own. The challenge now will be the two groups’ ability to turn that proximity into cross-selling between cruises, private destinations and resort stays.
At a glance by The Hospitality Tribune
Royal Caribbean Group acquires 50% of Sandals Resorts
Deal value: approx. $3bn (c. €2.6bn), about 10x forward EBITDA, financed through committed debt from Morgan Stanley
Scope: Sandals (adults-only) and Beaches (family) all-inclusive resorts across the Caribbean
Governance: joint board led by Adam Stewart and Jason Liberty, and Stewart stays on as Executive Chairman
Pipeline: Beaches resorts planned in Exuma, Barbados, Runaway Bay and Saint Vincent
Closing expected early 2027, and the deal should add to RCG’s earnings next year
