• 3 min de lectura
• 3 min de lectura
Royal Caribbean Group is getting into land vacations by acquiring a 50% stake in Caribbean all-inclusive brand Sandals Resorts for approximately $3b.
The deal expands Royal Caribbean's participation in the approximately $2 trillion global vacation market, and meets the growing demand for adults-only Sandals and family-friendly Beaches Resorts by accelerating their expansion, possibly beyond the Caribbean.
This advances RCL Chairman/CEO Jason Liberty's vision to provide a "lifetime of vacations" and "keep guests within our ecosystem of vacation offerings."
The transaction is expected to close in early 2027 and to be accretive to earnings next year.
For Royal Caribbean, this represents a forward EBITDA multiple of approximately 10 times. The company has secured committed debt financing from Morgan Stanley.
Sandals runs 17 adults-only resorts across the Caribbean and Bahamas along with two family-friendly Beaches properties.
Sandals resorts are located in Curaçao, Jamaica, St. Lucia, Barbados, Grenada, Antigua, The Bahamas and St. Vincent, while Beaches resorts are found in Turks and Caicos and Jamaica.
"For nearly 60 years, we've reimagined what a vacation can be, constantly expanding the ways we inspire our guests to explore, connect and create lifelong memories," Liberty said. "We have been building a vacation platform that brings joy to millions of people around the world and creates meaningful relationships that last with our guests. 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 continued: "The Stewart family has created powerful and beloved brands, and we are honored to build on that legacy. Together, we see tremendous opportunity to expand the reach of Sandals and Beaches Resorts and continue turning 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. Today is proof of how far that vision can go," said Adam Stewart, executive chairman of Sandals Resorts and Beaches Resorts. "This partnership is the natural next step in building on that conviction. It 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 joint venture will be governed by a board under the shared leadership of Stewart and Liberty. Stewart will maintain a leadership role in guiding the company's long-term strategic growth as executive chairman of Sandals and Beaches Resorts. Existing reservations, loyalty programs, resort operations and cruise operations will continue as usual, with the partnership bringing additional resources to support future opportunities.
BofA Securities and PJT Partners acted as financial advisors, and Latham & Watkins and Jones Day acted as legal advisors to the Sandals Group. Perella Weinberg Partners and Morgan Stanley acted as financial advisors and Kirkland & Ellis LLP acted as legal advisor to Royal Caribbean Group.