Royal Caribbean buys 50% of Sandals for 3 billion

Jason Liberty, CEO of Royal Caribbean Group, stated that this agreement is part of efforts to diversify how the company serves its customers. "We have built a vacation network that brings joy and creates lasting connections with our clients," he added.

Adam Stewart, Executive President of Sandals Resorts, highlighted that this deal reflects his father Gordon "Butch" Stewart's initial vision. "My father founded Sandals with the idea that a Caribbean company could rise to a global level," he explained.

The transaction is expected to close early in 2027, subject to regulatory approvals and customary conditions. The partnership aims to expand the combined offerings for existing clients while preserving their current experience.

Finance

The deal represents a forward-looking EBITDA multiple of approximately ten times, financed by Morgan Stanley through debt. Royal Caribbean Group indicated that this operation should be beneficial for its results starting from the following year.

Structure of the Joint Venture

The new entity will be jointly led by Jason Liberty and Adam Stewart. Sandals Resorts will continue to be managed under current leadership, with a focus on maintaining its roots in the Caribbean despite its international growth.