UPDATE, SEPT. 23, 2026: Yesterday, we reported that Royal Caribbean Group was nearing a deal to acquire a majority stake in Sandals Resorts. This morning Royal Caribbean and Sandals officially announced the agreement, and the final structure is a little different than what news outlets were originally reporting. Rather than Royal Caribbean taking a majority position, the company will invest approximately $3 billion for a 50% equity stake in Sandals and Beaches Resorts, creating a jointly controlled partnership. The transaction is expected to close in early 2027, subject to customary approvals.
Royal Caribbean Group is officially moving into the all-inclusive resort business!
The company and Sandals Resorts announced this morning that they have signed an agreement creating a new partnership built around Sandals and Beaches Resorts, with Royal Caribbean Group investing approximately $3 billion for a 50% ownership stake.
The deal gives Royal Caribbean an equal equity position in one of the Caribbean’s best-known resort companies while leaving the Stewart family very much involved in the business. Adam Stewart will remain Executive Chairman of Sandals and Beaches Resorts and will help guide the company’s long-term growth alongside Royal Caribbean Group Chairman and CEO Jason Liberty.
So while the initial reports pointed toward Royal Caribbean taking control of Sandals through a majority investment, what was actually announced is a 50-50 partnership.
Royal Caribbean Is Paying $3 Billion for Half of Sandals
Under the agreement, Royal Caribbean Group will acquire a 50% equity interest in Sandals and Beaches Resorts for approximately $3 billion. Royal Caribbean says that represents a forward EBITDA multiple of roughly 10x, with financing already committed through Morgan Stanley.
The transaction is expected to close in early 2027 and is expected by the company to add to earnings next year.
That investment brings Royal Caribbean into an entirely new part of the vacation market.
Sandals operates adults-only all-inclusive resorts throughout the Caribbean, while Beaches focuses on families and multigenerational vacations. The portfolio includes existing resorts in Jamaica, The Bahamas, Saint Lucia, Antigua, Barbados, Grenada, Curaçao, Saint Vincent and the Grenadines, and Turks and Caicos, with additional Beaches properties already planned.
For Royal Caribbean, this is no longer just about cruise ships, private islands and beach clubs.
Royal Caribbean Group has been steadily repositioning itself as a broader vacation company rather than simply a cruise company. It operates Royal Caribbean, Celebrity Cruises and Silversea, has a 50% interest in TUI Cruises, continues to expand its Perfect Day and Royal Beach Club destination portfolio, and is preparing to enter river cruising with Celebrity River Cruises in 2027.
The company has been talking more and more about building a broader vacation platform, with ships, destinations and other vacation experiences all feeding into the same ecosystem. Sandals and Beaches now become a major piece of that strategy.
Rather than simply competing with all-inclusive resorts for vacation dollars, Royal Caribbean is now investing directly in one.
What Changes for Guests Right Now?
For the moment, not much.
Royal Caribbean and Sandals say existing cruise operations, resort operations, reservations and loyalty programs will continue as usual. That means there is no immediate merging of Crown & Anchor Society, Captain’s Club or Sandals loyalty benefits, and no announced changes to existing bookings.
Where this becomes interesting is what happens next.
The companies specifically said they plan to explore ways to broaden distribution, deepen guest engagement and make it easier for travelers to discover vacation experiences across both portfolios.
That’s a lot of corporate talk, but it’s easy to see the direction they’re going to move in.
Royal Caribbean Group now has cruise brands covering the mainstream, premium and luxury markets, private destinations throughout the Caribbean and beyond, an upcoming river cruise operation, and soon a 50% stake in Sandals and Beaches.
Cross-selling between those businesses would seem like an obvious opportunity.
A Royal Caribbean customer could eventually be introduced to a Sandals vacation. A Celebrity passenger could be marketed a Beaches or Sandals stay. Resort guests could potentially be introduced to cruises through Royal Caribbean Group’s brands.
None of those specific programs have been announced yet, but the two companies are openly saying they want travelers to move more easily between their vacation offerings.
Sandals Leadership Isn’t Changing
One of the most important details in today’s announcement is that Sandals is not simply being absorbed into Royal Caribbean Group.
The new joint venture will be overseen by a board under the shared leadership of Adam Stewart and Jason Liberty. Stewart will remain Executive Chairman of Sandals and Beaches Resorts and continue helping guide the company’s long-term direction.
That structure helps explain the difference between the early reporting and the final agreement.
Reports yesterday suggested Royal Caribbean was nearing a majority investment that could have effectively placed control of Sandals in Royal Caribbean’s hands. Instead, the companies landed on an equal 50% partnership that gives Royal Caribbean substantial influence while keeping the Stewart family involved in the business.
For Sandals, the deal also provides additional capital and access to Royal Caribbean Group’s enormous customer base, marketing machine and vacation distribution network.
For Royal Caribbean, it provides an instant foothold in the all-inclusive resort market without having to build a resort company from scratch.
The Cruise Industry Isn’t Just About Ships Anymore
The timing also makes this deal particularly interesting.
Just days ago, we reported that MSC Mediterranean Shipping Company was exploring an investment in Meyer Werft, one of the world’s major cruise shipbuilders.
Now Royal Caribbean Group is spending roughly $3 billion to buy half of Sandals and Beaches Resorts.
The transactions are completely different, but they point in the same general direction – the largest players in cruising are looking for ways to expand beyond simply operating ships.
Things are about to get very interesting!
