Royal Caribbean Group and Sandals Resorts have announced a landmark joint venture, with Royal Caribbean acquiring a 50% equity interest in Sandals and Beaches Resorts for approximately $3 billion. The deal values the transaction at a forward EBITDA multiple of approximately 10x. It is expected to close in early 2027, subject to approvals.
The partnership brings together Royal Caribbean Group’s cruise portfolio, which includes Royal Caribbean, Celebrity Cruises and Silversea, with Sandals and Beaches Resorts’ all-inclusive Caribbean properties. Sandals operates adults-only resorts across Jamaica, Antigua, Saint Lucia, The Bahamas, Barbados, Grenada, Curaçao, and Saint Vincent and The Grenadines, while Beaches offers family all-inclusive resorts in Negril, Jamaica and Turks and Caicos, with further expansions planned.
The joint venture will be governed by a board under the shared leadership of Adam Stewart, executive chairman of Sandals Resorts, and Jason Liberty, chairman and chief executive officer of Royal Caribbean Group. Both companies say existing reservations, loyalty programmes and resort operations will continue as normal.
Jason Liberty said: “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.”
Adam Stewart added: “This partnership is the natural next step in building on that conviction. It gives us the ability to grow faster with a partner that shares our values of exceptional hospitality, long-term investment, and the power of enduring brands.”