Royal Caribbean Takes 50% of Sandals Resorts in Land Push

Royal Caribbean Group, the Miami-headquartered cruise operator (NYSE: RCL), agreed to take a 50% stake in Sandals and Beaches Resorts, according to a Form 8-K the company filed Sept. 23 with the SEC. It is a cruise balance sheet reaching into land-based resort real estate.

Why it matters

The press release attached to the filing says the joint venture expands the company into an adjacent vacation category and accelerates Sandals and Beaches’ expansion. For developers, that points to a well-capitalized buyer of hospitality growth, not just ships.

The venture will be governed by a board under the shared leadership of Adam Stewart, Sandals’ executive chairman, and Jason Liberty, Royal Caribbean’s chairman and CEO. Existing resort and cruise operations continue as usual.

For South Florida readers, the buyer sits in Miami. A local company is now underwriting resort growth across the Caribbean, a signal for lenders, brokers and developers who work the region’s hospitality pipeline. The filing names no South Florida project.

The numbers

Under the agreement, Royal Caribbean will acquire a 50% equity interest for approximately $3 billion, which the release says is a forward EBITDA multiple of approximately 10x. The company says it secured committed debt financing from Morgan Stanley to fund the investment.

The release says the deal is expected to be accretive to earnings next year. It also frames the move as growing the company’s participation in the roughly $2 trillion global vacation market.

What’s next

The transaction is expected to close in early 2027, subject to customary approvals and closing conditions. Until then, watch for regulatory filings and any detail on how the companies plan to broaden distribution across both portfolios.

The release says the companies will explore broader distribution and deeper guest engagement. It does not announce new resort sites or openings, so the development pipeline is still undefined. Track more regional deal flow on our South Florida desk page.