A Cruise Giant Just Bought Half of Sandals

Royal Caribbean Group has agreed to buy a 50 percent stake in Sandals and Beaches Resorts. According to Cruise Industry News, the agreement was signed on September 23, 2026, and the investment is about $3 billion, roughly 10 times forward EBITDA. Financing is committed through Morgan Stanley, and the deal is expected to close in early 2027.

Leadership will be shared. The board will be governed jointly by Adam Stewart, Executive Chairman of Sandals and Beaches, and Jason Liberty, CEO of Royal Caribbean Group. Stewart keeps his executive chairman role overseeing long-term strategy. Royal Caribbean says the deal should add to earnings in 2027.

For guests, little changes immediately. Current reservations, loyalty programs and operations continue as they are. The stated goals are broader distribution, deeper guest engagement and wider discovery across both portfolios, plus faster expansion of Sandals across the Caribbean.

Strategically, the move extends Royal Caribbean beyond ships into land-based Caribbean stays, in a global vacation market the company puts at around $2 trillion. Liberty called the partnership an important next step in building a vacation platform. Over time, that could mean cruise and resort bookings getting closer together, though neither company has announced specific bundled products.

Sources: Cruise Industry News, Cruise Industry News (latest)