HomeRoyal Caribbean Confirms $3B Deal for 50% of Sandals and Beaches Resorts

Royal Caribbean Confirms $3B Deal for 50% of Sandals and Beaches Resorts

September 23, 2026

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Royal Caribbean Group has signed an agreement to invest approximately $3 billion for a 50% equity interest in Sandals and Beaches Resorts, confirming negotiations that surfaced a day earlier but stopping short of an outright acquisition of the resort company. Royal Caribbean’s investor presentation places the transaction at a $6 billion enterprise value and approximately 10 times forward EBITDA. Morgan Stanley has committed debt financing for the investment, closing is targeted for early 2027 subject to approvals and other conditions, and Royal Caribbean expects the transaction to add to earnings next year. Sandals Executive Chairman Adam Stewart will remain in a leadership role, with Stewart and Royal Caribbean Chairman and CEO Jason Liberty sharing leadership of the joint-venture board.

Royal Caribbean Group · Sandals · Beaches

From Cruise Company to Vacation Platform

Royal Caribbean is committing $3 billion to enter the all-inclusive resort business through a 50-50 partnership with one of the Caribbean's best-known hospitality groups.

Ownership 50%
Royal Caribbean stake

The Stewart family side retains the other half of the resort joint venture rather than selling the business outright.

Valuation Multiple ~10x
Forward EBITDA

The announced $6 billion enterprise value equates to roughly ten times expected forward EBITDA.

Closing Target Early 2027
Subject to approvals

Completion remains dependent on customary regulatory approvals and closing conditions.

Financing Morgan Stanley
Committed debt financing

Royal Caribbean says committed financing has already been secured for its investment.

Earnings Accretive
Expected next year

Royal Caribbean expects the investment to add to earnings following the planned closing.

Resort Platform Included in the Deal
Current Portfolio 18 Resorts
Royal Caribbean's transaction presentation lists 18 operating or in-scope Sandals and Beaches resorts.
Resort Keys 6,155
5,062 Sandals keys plus 1,093 Beaches keys in the transaction presentation.
Coming Soon 3 Resorts
Additional projects are identified in The Bahamas, Barbados and Jamaica.
Royal Fleet 71 Ships
Royal Caribbean Group currently operates 71 ocean ships across its cruise platform.
Ship Universe Deal Analyzer

Sandals Transaction Valuation Analyzer

Explore the announced $3 billion investment, $6 billion enterprise value and 10x forward EBITDA multiple, then test how different assumptions change the implied deal economics.

$B
%
$B
x
resorts
Uses Royal Caribbean's transaction-presentation count.
keys
Implied Forward EBITDA $600M Enterprise value divided by the entered forward EBITDA multiple.
Investment per Resort $167M Royal Caribbean's investment divided by the entered resort count.
Enterprise Value per Key $975K Enterprise value divided by the entered number of resort keys.
Royal Investment per Key $487K $3 billion investment allocated across the entered key count.
Pro-Rata 100% Equity Price $6.0B Investment divided by the entered ownership percentage.
Remaining Ownership 50% Percentage of equity not acquired by Royal Caribbean under the entered scenario.
Ownership Split
The announced transaction creates an equal partnership rather than a full Royal Caribbean acquisition.
Royal Caribbean
50%
Other Ownership
50%
Announced Valuation $6.0B
Enterprise value used in Royal Caribbean's transaction presentation. Enterprise value is not necessarily the same as equity value because debt and cash can affect the relationship between the two.
Investment $3.0B
Stake 50%
Multiple 10.0x
Keys 6,155
Transaction model: Royal Caribbean's investor presentation states approximately $3 billion for a 50% equity interest at a $6.0 billion enterprise value and approximately 10x forward EBITDA. The implied EBITDA and per-key figures above are arithmetic derived from those announced inputs. They are not company guidance for resort-level profitability or property appraisal values. The pro-rata equity figure should also not be confused with enterprise value because the companies have not disclosed a complete net-debt and cash bridge for Sandals and Beaches Resorts.
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By the ShipUniverse Editorial Team — About Us | Contact