Royal Caribbean Group takes 50% stake in Sandals and Beaches Resorts
The joint venture is the cruise company’s first move into land-based all-inclusive resorts and is expected to close in early 2027.
Royal Caribbean Group has acquired a 50% equity interest in Sandals and Beaches Resorts, creating a joint venture that expands the cruise company into land-based all-inclusive resorts for the first time. The deal was signed at Royal Caribbean Group’s new headquarters in Miami.
The transaction reportedly values Sandals at $6 billion, putting Royal Caribbean Group’s half at $3 billion. For the cruise company, the investment represents a forward EBITDA multiple of about 10 times. Morgan Stanley has committed debt financing for the transaction, which is expected to close in early 2027.
The joint venture will be overseen by a board jointly led by Stewart and Liberty. Sandals currently operates 17 adults-only Caribbean and Bahamas resorts, along with two Beaches properties for families. Both companies said existing bookings, loyalty programs, resort operations and cruise operations will continue without immediate changes. They added that the partnership will provide further resources for future opportunities.
