Royal Caribbean's $3B Sandals Deal Boosts Cruise Tourism

Royal Caribbean Acquires 50% Stake in Sandals Resorts in $3 Billion Vacation Deal 

MIAMI, United States September 23, 2026 Royal Caribbean Group has officially confirmed the acquisition of a 50% majority stake in Sandals Resorts International for approximately $3 billion, marking one of the most consequential strategic transactions in the history of the global travel sector. The announcement arrives as the Cruise Tourism Market continues to register surging consumer search activity and record-breaking booking momentum, with operators and analysts alike pointing to an accelerating shift in how travellers are discovering and planning cruise-inclusive vacations. 

The deal, reported by Seatrade Cruise News on September 23, 2026, expands Royal Caribbean's participation in the approximately $2 trillion global vacation market. The transaction is structured at a forward EBITDA multiple of approximately 10 times, with committed debt financing secured from Morgan Stanley, and is expected to close in early 2027. 

Sandals Resorts International operates 17 adults-only resorts across the Caribbean and Bahamas, along with two family-friendly Beaches properties in Turks and Caicos and Jamaica. The combined portfolio spans destinations including Jamaica, St. Lucia, Barbados, Grenada, Antigua, Curaçao, St. Vincent, and The Bahamas. Existing reservations, loyalty programmes, resort operations, and cruise operations will continue without disruption during the transition period. 

Royal Caribbean Group Chairman and Chief Executive Officer Jason Liberty framed the acquisition as a pivotal step in the company's long-term strategy to provide a "lifetime of vacations" and retain guests within a broader ecosystem of vacation offerings. "Our partnership with Sandals and Beaches Resorts is an important next step on that journey bringing together two iconic leading vacation companies to further strengthen and grow one of the most admired resort portfolios in the world," Liberty stated. Adam Stewart, Executive Chairman of Sandals Resorts and Beaches Resorts, will maintain a leadership role in guiding the company's long-term strategic growth under a jointly governed board. 

Key Highlights: 

• Royal Caribbean Group acquires a 50% majority stake in Sandals Resorts International for approximately $3 billion, with the deal expected to close in early 2027 and be accretive to earnings 

• The acquisition encompasses 17 adults-only Sandals resorts and two family-friendly Beaches properties across the Caribbean and Bahamas 

• The transaction expands Royal Caribbean's reach into the approximately $2 trillion global vacation market, reinforcing its strategy to build a multi-format vacation platform 

• The joint venture will be governed by a shared board under the leadership of Jason Liberty and Adam Stewart, with all existing guest programmes and operations continuing uninterrupted 

Analyst Insight: 

According to analysts at Next Move Strategy Consulting, the Royal Caribbean–Sandals transaction reflects a broader structural evolution within the cruise sector, as leading operators move beyond vessel-centric models to capture a greater share of total travel spend across both sea and land-based segments. NMSC analysts note that with the global cruise tourism market valued at USD 167.85 billion in 2026 and projected to reach USD 338.63 billion by 2035 at a CAGR of 8.11%, strategic acquisitions of this scale are consistent with the industry's trajectory toward vertically integrated vacation platforms. The spike in consumer search activity for cruise-inclusive packages driven by rising disposable incomes, expanding itinerary options, and growing demand for all-inclusive experiences further validates the commercial rationale behind Royal Caribbean's move to anchor guests within a seamless, multi-format vacation ecosystem. 

Industry Outlook: 

The Royal Caribbean–Sandals deal signals a defining inflection point for the cruise tourism industry, one that is likely to prompt competitive responses from other major operators seeking to extend their footprint into land-based leisure assets. As consumer search behaviour increasingly reflects demand for integrated sea-and-shore vacation experiences, cruise lines that can offer continuity across multiple travel formats are positioned to capture disproportionate market share. With the global cruise tourism market on a sustained growth trajectory through 2035, the convergence of cruise and resort products is expected to become a central feature of the industry's next phase of expansion, reshaping competitive dynamics, distribution strategies, and passenger loyalty frameworks across the sector. 

Source: Seatrade Cruise News 

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Prepared By: Sanyukta Deb