Royal Caribbean Group said on Sept 23 it will acquire a 50% stake in Sandals and Beaches Resorts for about $3bn, valuing the Caribbean resort operator at roughly $6bn.
Why Royal Caribbean Group is buying Sandals Resorts (50%)
The cruise operator is diversifying into land-based vacations; it describes the deal as the largest in its history.
Deal terms and financing
The price is about 10 times forward EBITDA and is financed with debt committed by Morgan Stanley. A new joint venture board will be led by Royal Caribbean CEO Jason Liberty and Sandals executive chairman Adam Stewart.
Regulatory approvals and timing
Closing is expected in early 2027.
Market context
Sandals has been viewed as a potential sale candidate for nearly a decade. Royal Caribbean shares fell about 3% on the news.
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