The partnership, announced September 23, will create a joint venture combining Sandals’ resort expertise with Royal Caribbean’s global vacation platform. The transaction is expected to close in early 2027, subject to regulatory and other customary approvals.
The move gives Royal Caribbean a substantial position in the land-based vacation market while adding Sandals and Beaches to a portfolio that already includes Royal Caribbean, Celebrity Cruises, Silversea, private destinations and a new river cruise operation scheduled to launch in 2027.
Sandals operates adults-only all-inclusive resorts across Jamaica, Antigua, Saint Lucia, The Bahamas, Barbados, Grenada, Curaçao and Saint Vincent and the Grenadines. Beaches Resorts focuses on family vacations, with properties in Jamaica and Turks and Caicos.
Under the agreement, Royal Caribbean will acquire 50% of Sandals and Beaches for approximately $3 billion, equivalent to a forward EBITDA multiple of about 10 times. Morgan Stanley has provided committed debt financing for the investment.
Sandals executive chairman Adam Stewart will remain in a leadership role, working alongside Royal Caribbean Group chairman and CEO Jason Liberty. The joint venture will be governed by a board under their shared leadership.
For travelers and travel advisors, existing reservations, loyalty programs and resort operations are expected to continue as usual. The companies say the partnership will provide additional resources for resort expansion, broader distribution and opportunities to connect cruise and land-based vacation experiences.
Royal Caribbean has been steadily expanding its land-based offering through its Perfect Day and Royal Beach Club destinations. The Sandals investment marks a much larger move into an established resort business rather than relying solely on developing new private destinations.
