Royal Caribbean to Form $3 Billion Sandals Joint Venture
The cruise operator said the partnership expands it into an adjacent vacation category and accelerates growth of the all-inclusive brands.
Royal Caribbean Group (RCL) agreed to form a joint venture with Sandals and Beaches Resorts in a transaction valued at approximately $3 billion, a mixed-structure deal the company said would expand it into an adjacent vacation category and accelerate growth of the all-inclusive brands.
The cruise operator said the partnership is intended to grow its participation in the approximately $2 trillion global vacation market and meet rising demand for Sandals and Beaches Resorts by speeding their expansion.
The deal is expected to close in early 2027, subject to customary approvals and closing conditions.
Jason Liberty, chairman and chief executive of Royal Caribbean Group, said the company has been building a vacation platform that brings joy to millions of people around the world and creates meaningful relationships that last with 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 said.
He said the Stewart family has created powerful and beloved brands, and that the company is 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,” Liberty said.
Royal Caribbean Group already describes itself as a leading global vacation company spanning cruise, exclusive destinations, and land-based vacation experiences, with 69 ships sailing to more than 1,000 destinations through Royal Caribbean, Celebrity Cruises, and Silversea, plus a 50% joint venture interest in TUI Cruises. The company has been expanding its private-destination portfolio from three to eight by 2028 through Perfect Day and Royal Beach Club, and is set to enter river cruising in 2027 with Celebrity River Cruises.
In October 2025, Liberty said the introduction of Royal Beach Club Santorini, opening in 2026, would increase the land-based destination portfolio from two to eight by 2028. In January 2026, the company said it was connecting ships, exclusive destinations, a cross-brand loyalty program, and technology into a single vacation ecosystem, attracting new guests and driving repeat engagement.
The Sandals and Beaches Resorts joint venture sits alongside that land-based expansion: the cruise group is adding beach-club and river-cruise assets on a stated timetable while taking a mixed-structure stake in an established all-inclusive operator.
The transaction is expected to close in early 2027, subject to customary approvals and closing conditions.