Royal Caribbean has agreed to pay US$3 billion (AU$4.2 billion) for a 50 per cent stake in Sandals Resorts International, marking the biggest transaction in the cruise giant’s history.
The deal values Sandals at US$6 billion and will give Royal Caribbean joint control of the Caribbean resort group, significantly expanding its footprint beyond cruising and into land-based holidays.
Royal Caribbean will acquire its stake through a newly created joint venture that will control Sandals’ portfolio of 20 resorts across the Caribbean. Members of the Stewart family, which founded Sandals, will retain the remaining 50 per cent.
The portfolio includes the couples-focused Sandals Resorts brand and family-oriented Beaches Resorts, with properties across destinations including Barbados, Saint Lucia and Saint Vincent.
Royal Caribbean Group CEO Jason Liberty described the partnership as an “important next step” in the company’s ambition to build a broader holiday platform.
The acquisition also creates significant cross-selling opportunities between Royal Caribbean’s cruise customers and Sandals’ land-based resort portfolio.
Royal Caribbean has already been expanding beyond traditional ocean cruising. Alongside its 71-ship fleet, the group operates private destinations including Perfect Day at CocoCay in The Bahamas and has pushed into river cruising and wider holiday packages.
Its previous major acquisition came in 2018, when it paid US$1 billion for a majority stake in luxury cruise line Silversea before subsequently acquiring the remainder of the company.
The Sandals transaction follows several previous attempts to sell the privately owned resort group and comes five years after the death of founder Gordon “Butch” Stewart.
His son Adam Stewart, who became executive chairman following his father’s death, will govern the new joint venture alongside Liberty.
The deal is expected to close in early 2027.
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