Royal Caribbean Agrees to $3 Billion Sandals Investment

Royal Caribbean Group has agreed to invest approximately $3 billion for a 50% interest in Sandals and Beaches Resorts, expanding the cruise company’s business into all-inclusive resorts. The companies announced the signed agreement on Wednesday, September 23, 2026. The transaction remains subject to closing, which Royal Caribbean expects early next year. The investment gives Royal Caribbean a stake in two resort brands operated by Sandals. The deal is structured as a partnership, with the Stewart family retaining the other half, according to one account of the agreement. Royal Caribbean says the purchase price represents about 10 times forward earnings before interest, taxes, depreciation and amortization, or EBITDA. Royal Caribbean said it has secured committed debt financing for the transaction and expects the investment to be accretive to earnings. Those are company projections; the available reports do not provide detailed financing terms or establish how much the deal will affect the company’s leverage. The expected earnings contribution has not yet been demonstrated. Sandals and Beaches operate 20 all-inclusive resorts across the Caribbean, according to one report.