Royal Caribbean Group and Sandals Resorts Sign Landmark $3 Billion Partnership at Miami Headquarters

Royal Caribbean Group and Sandals Resorts announced a landmark partnership on September 23, 2026 — and they chose Miami to make it official. The signing took place at Royal Caribbean Group's new Miami headquarters, with Biscayne Bay and the downtown skyline framing the moment as Jason Liberty, Chairman and CEO of Royal Caribbean Group, and Adam Stewart, Executive Chairman of Sandals Resorts, put pen to paper on a deal that reshapes Caribbean travel.

Under the terms of the agreement, Royal Caribbean Group will acquire a 50% equity interest in Sandals and Beaches Resorts for approximately $3 billion, representing a forward EBITDA multiple of approximately 10x. The transaction is expected to close in early 2027, subject to customary approvals, and is expected to be accretive to earnings next year.

The joint venture pairs Sandals and Beaches Resorts' all-inclusive expertise — built over more than four decades across Jamaica, Antigua, Saint Lucia, The Bahamas, Barbados, Grenada, Curaçao, and beyond — with Royal Caribbean Group's global vacation platform, which includes Royal Caribbean, Celebrity Cruises, Silversea, a portfolio of private destinations, and an industry-first loyalty program. The companies will explore opportunities to broaden distribution, deepen guest engagement, and make it easier for travelers to combine cruise, private destination, and resort experiences.

"For nearly 60 years, we've reimagined what a vacation can be," said Jason Liberty. "Our partnership with Sandals and Beaches Resorts is an important next step — bringing together two iconic leading vacation companies to further strengthen and grow one of the most admired resort portfolios in the world. Together, we see tremendous opportunity to turn the vacation of a lifetime into a lifetime of vacations."

"My father, Gordon 'Butch' Stewart, founded Sandals Resorts with the belief that a company built in the Caribbean could stand on the world stage alongside the most respected names in hospitality," said Adam Stewart. "Today is proof of how far that vision can go. This partnership gives us the ability to grow faster with a partner that shares our values of exceptional hospitality, long-term investment, and the power of enduring brands. The future has never been brighter, and I know this moment would make my father incredibly proud."

Stewart will maintain his leadership role as Executive Chairman of Sandals and Beaches Resorts, with the joint venture governed by a board under the shared leadership of both executives. Existing reservations, loyalty programs, resort operations, and cruise operations will continue as usual through the transition.

For Miami — home to Royal Caribbean Group's headquarters and one of the world's busiest cruise ports — the deal underscores the city's position as the undisputed capital of Caribbean travel. For more information, visit royalcaribbeangroup.com, sandals.com, and beaches.com.