Royal Caribbean to Acquire 50% Stake in Sandals Resorts for About US$3 Billion

Royal Caribbean Group and Sandals Resorts announced an agreement to form a joint venture to expand all-inclusive resort operations, with Royal Caribbean holding 50% of the joint venture. Under the terms, Royal Caribbean will acquire a 50% stake in Sandals and Beaches Resorts for about US$3 billion, corresponding to roughly 10 times forward EBITDA, backed by a debt financing commitment from Morgan Stanley. The transaction is expected to close in early 2027, subject to customary approvals and closing conditions, and is expected to be accretive to group earnings in 2027. The joint venture will be governed by a board co-led by Stewart and Liberty, with existing bookings, loyalty programs, resor…