Two vacation giants unite in US$3 billion deal that pairs cruise expertise with all-inclusive resort leadership across the Caribbean.
Two of the travel industry’s most recognizable names have joined forces in what both companies describe as a landmark agreement that reshapes the Caribbean vacation landscape. Royal Caribbean Group and Sandals Resorts signed a partnership deal on September 23, 2026, with Royal Caribbean acquiring a 50 percent equity stake in the all-inclusive resort operator for approximately US$3 billion.
The strategic alliance pairs Royal Caribbean’s extensive cruise portfolio—which includes Royal Caribbean, Celebrity Cruises, and Silversea brands, along with private destinations and a new river cruising offering—with Sandals and Beaches Resorts’ unmatched expertise in Caribbean all-inclusive hospitality. According to the joint announcement, the partnership taps into the approximately US$2 trillion global vacation market while positioning both companies to capture growing demand for Caribbean experiences.
Governance of the joint venture will rest with a board led jointly by Sandals Executive Chairman Adam Stewart and Royal Caribbean Chairman and CEO Jason Liberty. Stewart will continue guiding the company’s long-term strategic direction as executive chairman of Sandals and Beaches Resorts. Crucially, existing reservations, loyalty programmes, and day-to-day resort and cruise operations will continue unchanged, with the partnership providing additional resources for future expansion opportunities.
Royal Caribbean has secured committed debt financing from Morgan Stanley to fund the investment. The transaction is expected to close in early 2027, pending customary regulatory approvals and closing conditions, and is projected to boost Royal Caribbean’s earnings starting next year. The deal values Sandals at approximately 10 times forward EBITDA, according to the terms disclosed.
Adam Stewart emphasized that the partnership represents a natural evolution of his father Gordon “Butch” Stewart’s founding vision—that a Caribbean-built company could compete globally among the world’s most respected hospitality brands. “This partnership is the natural next step in building on that conviction,” Stewart said, noting that the alliance will enable faster growth while maintaining the authentic vacation experiences and community commitments that have defined Sandals for decades.
Jason Liberty framed the deal as a pivotal expansion of Royal Caribbean’s vacation platform into the all-inclusive resort category. “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,” Liberty stated.
Sandals Resorts was founded by Gordon “Butch” Stewart and has operated as a Caribbean-based all-inclusive resort brand for more than four decades, building a reputation for hospitality and community investment across the region. Royal Caribbean Group operates some of the world’s largest cruise lines and has expanded its vacation offerings to include private destinations and river cruising experiences.
This partnership directly impacts Caribbean tourism and hospitality, the economic lifeblood of many island nations. The deal signals major investment in Caribbean resort infrastructure and positions the region as central to one of the world’s largest vacation companies’ growth strategy. For Caribbean workers, travel advisors, and communities hosting these resorts, the partnership promises expanded employment opportunities and increased resources for local development initiatives.
Written & Edited by Orlyn Edwards. Published by Caribbean Air Force Media.
Category: Business · Island routing: Jamaica