Royal Caribbean agrees to buy Sandals stake for $3 billion

• Royal Caribbean Group (NYSE:RCL) agreed to acquire a 50% equity interest in Sandals and Beaches Resorts for approximately $3 billion.
• The transaction values the resort business at a forward EBITDA multiple of about 10x and expands Royal Caribbean’s presence into all-inclusive resorts.
• Royal Caribbean stated that the partnership aims to grow Sandals and Beaches’ Caribbean resort portfolio and broaden its vacation offerings.

Royal Caribbean Group (NYSE:RCL) agreed to acquire a 50% equity interest in Sandals and Beaches Resorts for approximately $3 billion through a joint venture partnership.

The transaction values Sandals and Beaches Resorts at a forward EBITDA multiple of about 10x and expands Royal Caribbean’s vacation business beyond cruises into the all-inclusive resort market.

Royal Caribbean Group secured committed debt financing from Morgan Stanley to fund the transaction, which is expected to close in early 2027 subject to customary approvals and closing conditions.

Royal Caribbean operates cruise brands including Royal Caribbean, Celebrity Cruises, and Silversea, while Sandals and Beaches operate Caribbean all-inclusive resort properties.

The company stated that the partnership is intended to support growth of Sandals and Beaches’ resort portfolio while connecting cruise, private destination, and land-based vacation offerings.