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

Royal Caribbean Group (NYSE: RCL) agreed on September 23, 2026, to acquire a 50% equity interest in Sandals and Beaches Resorts for approximately $3 billion, forming a joint venture in the all-inclusive Caribbean market. The deal values Sandals at $6 billion, or roughly 10x forward EBITDA, with committed debt financing from Morgan Stanley. The transaction is expected to close in early 2027, pending customary approvals, and management said it will be accretive to earnings next year. The venture will be governed by a board under Royal Caribbean Chairman and CEO Jason Liberty and Sandals Executive Chairman Adam Stewart, who retains his executive role. Existing reservations, loyalty programs, and resort and cruise operations continue unchanged. Sandals operates adults-only properties across Jamaica, Antigua, Saint Lucia, The Bahamas, Barbados, Grenada, Curaçao, and Saint Vincent and the Grenadines. Royal Caribbean trimmed its annual revenue growth target to roughly 9% from 10% on softer demand, while raising full-year adjusted earnings guidance to $17.73–$17.87 per share.