Royal Caribbean agrees to $3B Sandals 50% joint venture

Royal Caribbean Cruises Ltd. said on September 23, 2026 that it entered into definitive agreements to acquire a 50% equity interest in the business comprising the Sandals and Beaches Resorts for a base purchase price of approximately $3.0 billion in cash, with committed debt financing from Morgan Stanley and a targeted close in early 2027 subject to customary approvals.

Royal Caribbean Group is buying into the Caribbean all-inclusive resort business in a joint venture with Sandals and Beaches Resorts, putting roughly $3 billion of cash behind a 50% equity stake that is still expected to close in early 2027.

The agreement and purchase price

On September 23, 2026, Royal Caribbean Cruises Ltd. (NYSE: RCL), which operates as Royal Caribbean Group, announced that it entered into definitive agreements to acquire a 50% equity interest in the business comprising the Sandals and Beaches Resorts. The Form 8-K states a base purchase price of approximately $3.0 billion in cash. The company said it has secured committed debt financing from Morgan Stanley to fund the investment. The transaction is expected to close in early 2027, subject to customary approvals and closing conditions. Closing has not occurred.

Exhibit 99.1, furnished with the Form 8-K, frames the same economics as approximately $3 billion for the 50% interest and says that price represents a forward EBITDA multiple of approximately 10x. The release also says the transaction is expected to be accretive to earnings next year, without quantifying earnings-per-share impact in the disclosed materials.

Partnership structure and operations

The press release describes a joint venture in the all-inclusive resort space that pairs Sandals and Beaches Resorts’ resort portfolio with Royal Caribbean Group’s vacation platform, including Royal Caribbean, Celebrity Cruises, and Silversea brands, private destinations, a new river-cruising offering, and the group’s loyalty program. Existing reservations, loyalty programs, resort operations, and cruise operations are described as continuing as usual, with the partnership intended to add resources for future opportunities.

Governance is framed as a board under the shared leadership of Adam Stewart, Executive Chairman of Sandals and Beaches Resorts, and Jason Liberty, Chairman and CEO of Royal Caribbean Group. Stewart is described as maintaining a leadership role guiding long-term strategic growth as Executive Chairman of Sandals and Beaches Resorts.

Advisors named in the release

Exhibit 99.1 lists BofA Securities and PJT Partners as financial advisors, and Latham & Watkins and Jones Day as legal advisors, to the Sandals Group. Perella Weinberg Partners and Morgan Stanley are listed as financial advisors, and Kirkland & Ellis LLP as legal advisor, to Royal Caribbean Group.

What this filing settles — and what it does not

The Form 8-K and furnished EX-99.1 lock the announced 50% equity stake, the approximately $3.0 billion cash base purchase price, Morgan Stanley committed debt financing, and an early-2027 close target subject to approvals. They do not close the deal, print Sandals historical revenue or EBITDA dollars, disclose the interest rate or full terms of the Morgan Stanley facility, or provide a quantified accretion bridge.