Royal Caribbean to Acquire 50% Stake in Sandals Resorts
The reported US$3 billion transaction would move the cruise group into land-based vacations through a jointly governed venture.
Royal Caribbean is purchasing a 50% stake in Sandals Resorts for US$3 billion, according to the report. The deal values the business at US$6 billion and would give Royal Caribbean control over Sandals’ 20 hotel resorts across the Caribbean. The signing took place at Royal Caribbean Group’s new headquarters in Miami.
The joint venture is intended to expand Royal Caribbean Group into land-based vacations while accelerating the global growth of Sandals and Beaches Resorts, the report said. A board jointly led by Adam Stewart and Royal Caribbean Group President and CEO Jason Liberty will govern the venture.
Stewart will continue as executive chairman of Sandals and Beaches Resorts, guiding the company’s long-term strategic growth. Existing reservations, loyalty programs, resort operations and cruise operations are expected to continue as usual. The partnership is also expected to provide additional resources for future opportunities.
