Royal Caribbean Group and Sandals Resorts have signed an agreement to establish a partnership in the all-inclusive resort segment, with Royal Caribbean Group holding a 50% stake. Building on Sandals and Beaches Resorts' more than four decades of leadership in the Caribbean hospitality industry, the joint venture will create new opportunities to further expand their resort portfolio and diversify the experiences available within Royal Caribbean Group's vacation platform.
Jason Liberty, president and CEO of Royal Caribbean Group, and Adam Stewart, executive chairman of Sandals Resorts, formalized the agreement to create this alliance, which will allow Royal Caribbean Group to enter the all-inclusive resort segment and support the future growth of Sandals and Beaches Resorts. The signing took place at Royal Caribbean Group's new headquarters in Miami, with the city skyline as a backdrop.
The alliance brings together two of the most recognized vacation companies in the tourism industry, combining Sandals and Beaches' expertise in all-inclusive resorts with Royal Caribbean Group's vacation platform, which includes industry-leading brands such as Royal Caribbean, Celebrity Cruises, and Silversea, a portfolio of private destinations, a new river cruise offering, and an industry-leading loyalty program. United by a shared history in the Caribbean and a commitment to the communities where they operate, both companies will offer travelers a wide range of cruise experiences, private destinations, and resorts, catering to a greater number of travel occasions and strengthening their position in the Caribbean vacation market.
The joint venture will allow Royal Caribbean Group to expand its presence into a complementary vacation category, increasing its share of the approximately $2 trillion global vacation market, while responding to growing international demand for Sandals and Beaches Resorts by accelerating their expansion. The alliance will encompass Sandals and Beaches' portfolio of premium all-inclusive properties in the Caribbean, and both companies will explore opportunities to expand distribution, strengthen customer relationships, and make it easier for travelers to discover the vacation experiences available across both portfolios.
“For nearly 60 years, we have reinvented what a vacation can be, constantly expanding the ways we inspire our guests to explore, connect, and create lifelong memories,” said Jason Liberty, Chairman and CEO of Royal Caribbean Group. “We have built a vacation platform that brings joy to millions of people around the world and creates meaningful and lasting relationships with our guests. Our alliance with Sandals and Beaches Resorts represents an important step on that journey, bringing together two leading and iconic vacation companies to strengthen and grow one of the world’s most admired resort portfolios. The Stewart family has created strong and beloved brands, and we are proud to contribute to that legacy. Together, we see a tremendous opportunity to expand the reach of Sandals and Beaches Resorts and continue to transform the vacation of a lifetime into a lifetime of vacations.”.
“My father, Gordon ‘Butch’ Stewart, founded Sandals Resorts with the conviction that a company born in the Caribbean could compete on the international stage alongside the most respected names in the hospitality industry. Today is proof of just how far that vision can take us,” said Adam Stewart, Executive Chairman of Sandals Resorts and Beaches Resorts. “This partnership is the next natural step in further developing that conviction. It will allow us to grow faster alongside a partner who shares our values: exceptional hospitality, long-term investment, and the power of enduring brands. Together, we can bring Sandals and Beaches Resorts to more guests and create even more extraordinary experiences for those who have made our resorts a part of their lives for decades.”.
Stewart added: “As we continue to grow, we will remain true to what has always defined us: delivering authentic holidays that exceed expectations, while creating opportunities for our employees, our travel advisor partners, and the communities we call home. The future has never been brighter, and I know this moment would have made my father incredibly proud.”.
The joint venture will be governed by a board of directors under the shared leadership of Stewart and Liberty. Stewart will retain a leading role in defining the company's long-term growth strategy as executive chairman of Sandals and Beaches Resorts. Existing bookings, loyalty programs, resort operations, and cruise operations will continue as normal, while the alliance will provide additional resources to support future opportunities.
Under the terms of the agreement, Royal Caribbean Group will acquire a 50% stake in Sandals and Beaches Resorts for approximately $3 billion. Royal Caribbean Group has secured committed debt financing from Morgan Stanley to fund the investment. The transaction is expected to close in early 2027, subject to customary approvals and closing conditions, and is expected to contribute positively to the company's results next year.
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