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

Royal Caribbean Cruises Ltd. agreed to acquire a 50% stake in Sandals Resorts International for about $3 billion, forming a joint venture that gives the cruise operator access to all-inclusive Caribbean properties. The deal was announced Wednesday, September 23, 2026. Family members of Sandals founder Gordon Stewart, who died in 2021, will retain the remaining half. Miami-based Royal Caribbean secured debt financing from Morgan Stanley to fund the transaction, which is expected to close in early 2027. Royal Caribbean expects to combine cruises with resort stays to expand its Caribbean offerings. The agreement comes as Middle East conflict weighs on the cruise industry's post-pandemic recovery. Royal Caribbean shares have fallen almost 16% this year, a smaller decline than peers Carnival Corp. and Norwegian Cruise Line Holdings Ltd.