Royal Caribbean Group and Sandals Resorts on Wednesday, September 23, 2026 announced the signing of an agreement to form a partnership in the all-inclusive resort space with a 50 per cent investment from Royal Caribbean Group.

“Building on Sandals and Beaches Resorts’ more than four decades of leadership in Caribbean hospitality, the joint venture will create new opportunities for continued resort growth while broadening the experiences across Royal Caribbean Group’s vacation platform,” both entities said in a joint news release.

The partnership brings together two of the travel industry’s most celebrated vacation companies, pairing Sandals and Beaches’ all-inclusive resort expertise with Royal Caribbean Group’s vacation platform, including industry-leading brands — Royal Caribbean, Celebrity Cruises and Silversea — a portfolio of private destinations, new river cruising offering, and an industry-first loyalty programme.

“United in a shared history in the Caribbean and connected by a love for their communities, the companies will offer travellers an unparalleled collection of cruise, private destination and resort experiences, serving guests across more vacation occasions and establishing their undisputed leadership in Caribbean vacations,” the release added.

After signing the partnership agreement Sandals Resorts and Beaches Resorts Executive Chairman Adam (left) and Royal Caribbean Group Chairman and CEO Jason Liberty shake hands.

“The joint venture expands Royal Caribbean Group into an adjacent vacation category, growing its participation in the approximately US$2 trillion global vacation market, and meets the growing global demand for Sandals and Beaches Resorts by accelerating their expansion,” the release stated.

“The partnership will include Sandals and Beaches’ collection of premier all-inclusive properties across the Caribbean, and the companies will explore opportunities to broaden distribution, deepen guest engagement, and make it easier for travellers to discover vacation experiences offered across both portfolios,” they added.

“For nearly 60 years, we’ve reimagined what a vacation can be, constantly expanding the ways we inspire our guests to explore, connect and create lifelong memories,” the release quotes Royal Caribbean Group Chairman and CEO Jason Liberty.

“We have been building a vacation platform that brings joy to millions of people around the world and creates meaningful relationships that last with our guests. 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 said.

LIBERTY… our partnership with Sandals and Beaches Resorts brings together two iconic leading vacation companies to further strengthen and grow one of the most admired resort portfolios in the world

“The Stewart family has created powerful and beloved brands, and we are honoured to build on that legacy. Together, we see tremendous opportunity to expand the reach of Sandals and Beaches Resorts and continue turning the vacation of a lifetime into a lifetime of vacations,” he added.

“My father, Gordon ‘Butch’ Stewart, founded Sandals Resorts with the belief that a company built in the Caribbean could stand on the world stage alongside the most respected names in hospitality. Today is proof of how far that vision can go,” said Sandals Resorts and Beaches Resorts Executive Chairman Adam Stewart.

“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. Together, we will introduce more guests to Sandals and Beaches Resorts while creating even more extraordinary experiences for those who have made our resorts part of their lives for decades.” Stewart added.

“As we continue to grow, we will remain true to what has always defined us: delivering authentic vacations that exceed expectations while creating opportunities for our team members, travel advisor partners and the communities we call home. The future has never been brighter, and I know this moment would make my father incredibly proud,” Stewart said.

STEWART… as we continue to grow, we will remain true to what has always defined us: delivering authentic vacations that exceed expectations while creating opportunities for our team members, travel advisor partners and the communities we call home. The future has never been brighter, and I know this moment would make my father incredibly proud

The joint venture will be governed by a board under the shared leadership of Stewart and Liberty. Stewart will maintain a leadership role in guiding the company’s long-term strategic growth as executive chairman of Sandals and Beaches Resorts. Existing reservations, loyalty programmes, resort operations, and cruise operations will continue as usual, with the partnership bringing additional resources to support future opportunities.

Under the terms of the agreement, Royal Caribbean Group will acquire a 50 per cent equity interest in Sandals and Beaches Resorts for approximately US$3 billion, representing a forward EBITDA multiple of approximately 10x.

Royal Caribbean Group has secured committed debt financing from Morgan Stanley to fund the investment. The transaction is expected to close in early 2027, subject to customary approvals and closing conditions, and is expected to be accretive to earnings next year.

BofA Securities and PJT Partners acted as financial advisors, and Latham & Watkins and Jones Day acted as legal advisors to the Sandals Group. Perella Weinberg Partners and Morgan Stanley acted as financial advisors and Kirkland & Ellis LLP acted as legal advisor to Royal Caribbean Group.