Caribbean News
Sandals Resorts, UWI & FIU Partner To Create School to Honour Butch Stewart
#Jamaica, October 26, 2021 – In recognition of its 40th anniversary and to honour the legacy of its Founder, the late Gordon ‘Butch’ Stewart, OJ, CD, Hon. LLD, Sandals Resorts International (SRI) today signed a Memorandum of Understanding with The University of the West Indies (The UWI) and Florida International University’s (FIU) Chaplin School of Hospitality & Tourism Management to create the Gordon ‘Butch’ Stewart International School of Hospitality & Tourism.
The new school will be built at the Western Jamaica Campus of The University of the West Indies, Mona in the tourism capital of Montego Bay, the birthplace of the Sandals brand. Through innovative technology and by leveraging the Universities’ powerful network and reach across the Caribbean and internationally, regional and international students will benefit from high-quality academic tutelage and practical experience in a range of hospitality and tourism programmes.
Speaking on the significance of the partnership, SRI’s Executive Chairman, Adam Stewart, said, “Creating opportunity through education is fundamental to our organisation and to the successful future of the Caribbean, as it is to all people seeking a better life for themselves and their families. This conviction, so deeply held by my father, was fostered by experience and in long conversations begun so many years ago with the great Professor, Sir Hilary Beckles. This partnership is so deeply meaningful and the work ahead extremely vital. Sandals has proven that what is born of this region can successfully compete against any brand on an international stage. Now, together with powerhouses The UWI and my alma mater FIU – two world-leading academic institutions, we embark upon building the world’s premier institute for tourism, the Caribbean’s economic engine. This is truly, a dream come true.”
Stewart also spoke of the transformative power of tourism for Caribbean economies, saying, “Tourism is the single most powerful industry across the Caribbean and its ability to connect with and impact wider industries and subsequently Caribbean economies is often under-appreciated. This partnership and this school is an obvious investment in the education of Caribbean people but beyond that it is also an investment in Caribbean tourism and the many other critical industries that we support. This investment will go a far way towards mapping the pathway for the survival of the region. Hundreds of thousands of Caribbean nationals depend on tourism, whether directly or indirectly. This school is an investment in our young people, in the future of the Caribbean and represents our understanding of the critical role of tourism in the future of the region.”
A cutting-edge, research-led facility, the Gordon ‘Butch’ Stewart International School of Hospitality & Tourism will provide students with an immersive, holistic world-class learning and training experience by marrying the academic excellence synonymous with The UWI and FIU with the groundbreaking innovation and world-leading hospitality standards that have come to trademark the Sandals brand.
The Institution, touted as the 21st century symbol of the ideal relationship between the private sector, academia and civil society is poised to become the flagship centre of hospitality and tourism in the region and will also focus on providing meaningful learning experiences for students outside the classroom.
Stewart shared, “My father believed in learning by experience – ‘on-the-job training,’ as he often put it. As a consummate entrepreneur and a lifelong dreamer, he knew success was born beyond the boardroom, found instead in moments of exploration and discovery. It is this understanding that will inspire the world-class curriculum, putting students in real-world experiences as part of their development.”
The partnership embraces the core objectives of increasing access to globally ranked education, improving alignment with critical and influential industry needs and aspirations, demonstrating agility and responsiveness to the challenges of tourism and hospitality education and practice and delivering focused academic leadership and quality assurance processes, consistent with the Universities’ respective policies, standards and procedures.
Commenting on the landmark collaboration and its implication for regional development, Vice-Chancellor, The University of the West Indies, Professor Sir Hilary Beckles said, “Tourism is our number one business in the Caribbean and The UWI is its number one university. FIU has been a respected partner to Caribbean people and institutions for decades and in particular, counts many distinguished Jamaicans among its graduates and professors. It follows therefore that the three of us should collaborate to ensure our individual and collective oneness. The
Sandals brand and its product, are excellent and exquisite. The UWI is honoured to work with Adam Stewart, its leader, to celebrate the respected legacy of his father, the brilliant Gordon ‘Butch’ Stewart. The idea of building up a first class tourism and hospitality school within The UWI to honour this legend is at once exciting and energizing. The UWI-Sandals-FIU engagement is therefore a powerful and progressive partnership that will serve our region very well in the years ahead.”
His sentiments were shared by President of the Florida International University, Dr. Mark B. Rosenberg who added, “We are proud to partner with Sandals Resorts International and the University of West Indies, two highly respected institutions in the Caribbean and both leaders in the hospitality industry. At FIU, we already welcome international students from the Caribbean from 20 different countries. Offering even more students, the opportunity to study, learn and live in two hospitality destinations learning and working from iconic leading institutions and brands like Sandals, UWI and FIU, is historic. We also need to acknowledge SRI Executive Chairman Adam Stewart BS ’03, who has followed in his father’s footsteps in business, leadership and generosity. This partnership will create a perfect avenue for students looking to advance their hospitality education in two of the top tourist destinations in the world, resulting in a new generation of hospitality leaders.”
The Gordon ‘Butch’ Stewart International School of Hospitality & Tourism will not only offer a number of existing programmes, including the BSc in Tourism Management and the PhD in Tourism/Hospitality but will also offer newly developed programmes such as the BSc in Hospitality Operations, the BSc in Attractions and Events Management and Master of Science programmes in Hospitality Management and Events Management from Florida International University.
Stewart shared, “My dad spent much of his life pioneering and building the regional tourism industry. There truly is no better way to celebrate his legacy than by working with The UWI and FIU to ensure the sustainable development of the region’s tourism through training and investment in our young talent. I know this project would have made him so happy and we cannot wait to cut the ribbon and officially welcome our first cohort of students.”
By Deandrea Hamilton | Editor
September 28, 2026 – Wall Street initially flinched at the $3-billion handshake. But in a matter of days, it was smoother sailing.
Perhaps the bigger Caribbean business story is not what Sandals Resorts International is getting from the deal. It is who is writing the
cheque — and what that says about what Gordon “Butch” Stewart built.
As reports of Royal Caribbean Group’s Sandals deal circulated Tuesday, RCL shares plunged 6.14 percent from Monday’s $250.25 close to $234.89, on sharply elevated trading.
When the agreement became official Wednesday — approximately $3 billion for a 50 percent equity interest in Sandals and Beaches Resorts — shares slipped another 1.95 percent to $230.30 and touched $222.22 intraday. Investors were digesting both the size of the investment and committed debt financing secured through Morgan Stanley.
But by Thursday, RCL rebounded 3.77 percent, with shares continuing their recovery Friday to finish the week around $243. Analysts were also looking ahead: JPMorgan reportedly raised its RCL price target from $345 to $394, while Citi placed the company on a 90-day positive catalyst watch.
And just who is RCL?
Royal Caribbean Group is a global vacation giant, publicly traded on the New York Stock Exchange with a market value of roughly $65 billion. Its portfolio includes Royal Caribbean International, Celebrity Cruises and Silversea, alongside private destinations and an
expanding vacation platform.
So when a company of that scale commits $3 billion for only half of Sandals and Beaches Resorts, the transaction puts a striking financial marker on one of the Caribbean’s greatest home-grown hospitality success stories.
The deal, expected to close in early 2027, creates a 50-50 partnership with the Stewart family and takes Royal Caribbean deeper into the all-inclusive resort business.
Butch Stewart started Sandals in Jamaica in 1981 believing a Caribbean company could compete with the world’s best.
Forty-five years later, one of the world’s biggest vacation companies is prepared to pay $3 billion just to own half of what he built.
Now that’s the handshake that does more than seal a deal — it cements a legacy.
Caribbean News
Royal Caribbean Group and Sandals Resorts Announce Landmark Partnership to Accelerate Their Leading Vacation Experiences
Royal Caribbean Group Investment to Advance Sandals and Beaches’ Growth and Broaden the Group’s Vacation Portfolio
Montego Bay, Jamaica and Miami, September 24, 2026 – Royal Caribbean Group (NYSE: RCL) and Sandals Resorts today announced the signing of an agreement to form a partnership in the all-inclusive resort space with a 50% investment from Royal Caribbean Group. Building on Sandals and Beaches Resorts’ more than four decades of leadership in Caribbean hospitality, the joint venture will create new opportunities for continued resort growth while broadening the experiences across Royal Caribbean Group’s vacation platform.
The partnership brings together two of the travel industry’s most celebrated vacation companies, pairing Sandals and Beaches’ all-inclusive resort expertise with Royal Caribbean Group’s vacation platform, including industry-leading brands – Royal Caribbean, Celebrity Cruises and Silversea – a portfolio of private destinations, new river cruising offering, and an industry-first loyalty program. United in a shared history in the Caribbean and connected by a love for their communities, the companies will offer travelers an unparalleled collection of cruise, private destination and resort experiences, serving guests across more vacation occasions and establishing their undisputed leadership in Caribbean vacations.
The joint venture expands Royal Caribbean Group into an adjacent vacation category, growing its participation in the approximately $2 trillion global vacation market, and meets the growing global demand for Sandals and Beaches Resorts by accelerating their expansion. The partnership will include Sandals and Beaches’ collection of premier all-inclusive properties across the Caribbean, and the companies will explore opportunities to broaden distribution, deepen guest engagement, and make it easier for travelers to discover vacation experiences offered across both portfolios.
“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,” said Jason Liberty, Chairman and CEO, Royal Caribbean Group. “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. 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. Together, we will introduce more guests to Sandals and Beaches Resorts while creating even more extraordinary experiences for those who have made our resorts part of their lives for decades.” Stewart added, “As we continue to grow, we will remain true to what has always defined us: delivering authentic vacations that exceed expectations while creating opportunities for our team members, travel advisor partners and the communities we call home. The future has never been brighter, and I know this moment would make my father incredibly proud.”
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.
Under the terms of the agreement, Royal Caribbean Group will acquire a 50% equity interest in Sandals and Beaches Resorts for approximately $3 billion, representing a forward EBITDA multiple of approximately 10x. Royal Caribbean Group 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, and is expected to be accretive to earnings next year.
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.
PHOTO CAPTION: Jason Liberty, Chairman and CEO of Royal Caribbean Group, and Adam Stewart, Executive Chairman of Sandals Resorts, mark the signing of an agreement to form a landmark partnership that expands Royal Caribbean Group into the all-inclusive resort space and supports the future growth of Sandals and Beaches Resorts. The signing took place at Royal Caribbean Group’s new headquarters in Miami, with the city’s skyline in the background.
The Caribbean tourism deal first reported as a possibility on Tuesday is now a signed agreement. Royal Caribbean Group plans to pay
approximately US$3 billion for a 50% stake in Sandals and Beaches Resorts, putting the value of the business at about US$6 billion. The purchase is expected to close in early 2027, subject to approvals.
Founded in Jamaica by the late Gordon “Butch” Stewart in 1981, the resort business has a presence across nine Caribbean destinations, including Jamaica, The Bahamas and Turks and Caicos. Sandals has described its workforce as nearly 20,000 people, most of them Caribbean nationals.
“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,” said Adam Stewart in the announcement carried by PR Newswire. He will remain executive chairman, while the Stewart family retains a stake. The companies say existing reservations and resort operations will continue as usual.
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