Royal Caribbean Acquires 50% Stake in Sandals Resorts for $3 Billion

Royal Caribbean Group has officially agreed to acquire a 50% equity interest in Sandals Resorts International for approximately $3 billion, marking the cruise giant's largest-ever land-based expansion and a definitive step beyond traditional cruising.

The transaction, announced on Wednesday, 23 September 2026, values the Caribbean all-inclusive resort operator at $6 billion. According to Cnbc reporting, the deal represents the largest acquisition in Royal Caribbean's history, surpassing its purchase of Silversea. The investment represents a forward EBITDA multiple of approximately 10 times, as detailed by Caribbean National Weekly.

Media additions

Royal Caribbean Buys 50% Stake in Sandals, Touting “A New Era of Vacations”

This strategic pivot aligns with broader trends across the leisure sector, where operators seek to capture a larger share of overall consumer travel spending by integrating land and sea offerings. The newly formed joint venture brings together Sandals and Beaches' land-based footprint — encompassing over a dozen properties across destinations like Jamaica, the Bahamas, Saint Lucia, Grenada, and Barbados, according to The Globe and Mail — with Royal Caribbean's vast cruise fleet, private destinations, river cruising offerings, and loyalty programs.

Industry watchers note that Sandals has explored strategic alternatives for nearly a decade. As Idaho Statesman reports, the resort operator previously weighed potential sales and talks as early as 2017. Financial reporting by Travel Market Report indicated that valuation expectations hovered between $6 billion and $7 billion prior to the finalization of the Royal Caribbean agreement.

The joint venture will operate under the governance of a shared board. Jason Liberty, Chairman and CEO of Royal Caribbean Group, and Adam Stewart, Executive Chairman of Sandals and Beaches Resorts, will share leadership duties. Stewart will maintain his executive role to guide the long-term strategic growth of the resort brands, building on the legacy established by his father, the late Gordon "Butch" Stewart, who founded Sandals in Jamaica in 1981.

"The partnership ... (pairs) 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 program"

Corporate statement via Openjaw

Despite the grand ambitions touted in promotional emails sent to travel advisors, leadership was quick to clarify the immediate scope of the agreement. As Openjaw notes, the arrangement is not intended to merely sell cruise passengers routine day passes to land resorts. Rather, Liberty emphasized that the acquisition mirrors the company's expansion into river cruising, a deliberate move to capture travelers across multiple vacation formats.

While Sandals controls substantial real estate parcels adjacent to existing properties that could eventually serve cruise itineraries, resort expansion remains the primary focus. The transaction also arrives against a complex backdrop for the cruise sector. As Finance and CNBC report, wider industry recovery has faced headwinds from geopolitical conflicts in the Middle East, softened demand for European sailings, and trimmed revenue forecasts. Following the announcement, Royal Caribbean shares experienced a temporary dip of roughly 6% according to Openjaw, reflecting investor digestion of the steep price tag alongside broader macroeconomic pressures.

Historically, Royal Caribbean has eyed land acquisitions before. Cruise Fever highlights that the cruise operator previously evaluated a purchase of the Grand Lucayan Resort in Freeport, Bahamas, and acquired the Xanadu Beach Hotel for $30 million. These land investments parallel competitor strategies, such as Cruise Fever noting Carnival Corporation's launch of Celebration Key on Grand Bahama Island.

What to Watch Next

• Regulatory and customary closing approvals required ahead of the anticipated completion date.
• Integration milestones between Royal Caribbean's customer loyalty ecosystem and Sandals and Beaches operations.
• Potential announcements regarding land-use developments on Sandals-controlled parcels adjacent to current Caribbean properties.

For holidaymakers, day-to-day operations remain unchanged. Both corporations confirmed that existing bookings, loyalty points, and resort schedules will experience no immediate disruption while leadership prepares for the formal transition.