On September 23, 2026, Royal Caribbean Cruises Ltd. announced a definitive agreement to acquire a 50% equity interest in the business comprising Sandals and Beaches Resorts. The transaction involves a base purchase price of approximately $3.0 billion in cash.
Under the terms of the agreement, Royal Caribbean Group will pay approximately $3 billion for the 50% stake, representing a forward EBITDA multiple of approximately 10x. The company has secured committed debt financing from Morgan Stanley to fund the investment.
The joint venture is expected to close in early 2027, subject to customary approvals and closing conditions. The transaction is anticipated to be accretive to earnings next year. The partnership will be governed by a board under the shared leadership of Adam Stewart and Jason Liberty.
Financial advisors for the Sandals Group include BofA Securities and PJT Partners, with legal advisors Latham & Watkins and Jones Day. For Royal Caribbean Group, financial advisors are Perella Weinberg Partners and Morgan Stanley, with legal advisor Kirkland & Ellis LLP.
