Caribbean News
TCHTA Adopts 30 Coral Reefs in Commemoration of 30 Years
#TurksandCaicos, November 25, 2022 – The Turks & Caicos Hotel and Tourism Association (TCHTA) has embarked on a robust calendar of initiatives in 2022, memorializing its 30 years of service to the industry as a non-profit organization.
The month of November – TCI’s Tourism Environmental Awareness Month (TEAM) – sees the association involved
in their signature “Hello Tourist” program plus a donation to the Turks and Caicos Reef Fund’s “Adopt a Coral” program. On Monday, November 21st, TCHTA’s CEO, Stacy Cox, and Sustainable Tourism Committee Chair, Mona Beeson, presented a cheque for $2000.00 to TCRF Director Alizee Zimmermann. As a result, the TCHTA has officially adopted 30 corals to commemorate its 30th anniversary.
For years, water sports operators, avid scuba divers, and stakeholders have pointed out that the vibrant reef we know so well has begun to see some marked deterioration. This has been due to both climactic and weather events, but also due to human negligence. The issue is not just a local one, but a global occurrence. Naturally, development, overfishing, and added pressure from the growing visiting population lend to this problem, and mitigation is needed to save our reefs.
Enter the Turks and Caicos Reef Fund’s RESCQ (Restoration of Ecosystem Services and Coral Reef Quality) effort. In 2014, the foundation began installing in-water coral farms. The farms are home to multiple coral ladders and two large rope nursery structures growing endangered staghorn corals at dive sites at Northwest Point. Staghorn is one of two primary reef-building corals in the Caribbean that White Band Disease has nearly wiped out. The farms allow fragments of these corals to be harvested, maintained, and later transplanted to reef sites for repopulating damaged areas.
For many years, The TCHTA’s Sustainable Tourism Committee has played an integral part in promoting sustainable practices through its member efforts and work with industry partners. There is a rich history of collaboration with the Ministry of Tourism, the Department of Environment and Coastal Resources (DECR), the National Trust, and
the Turks and Caicos Reef Fund (TCRF).
Committee Chair Beeson says that Sustainability is a tenant of the association’s work, and the donation is a gesture of the TCHTA’s continued commitment to the environment, the care for the islands, and the country’s tourism product. “This donation is quite meaningful for us as an organization. We have worked very hard over the years to champion efforts centered around maintaining the beauty of this country, both land, and sea. We take our committee’s mandate very seriously, as we know just how careful we must be with the fragile ecosystem we are fortunate to enjoy.” Beeson continued, “The Reef Foundation’s work is critical, and we are proud to support this initiative. Today’s efforts will ensure that the TCI we all love is here for future generations to enjoy.”
The association’s Sustainable Tourism efforts have a long, successful history. Their bi-annual TCI Shines event is in its 13th year and sees TCHTA member resorts and businesses dispatching teams to conduct clean-ups. The effort is magnified with the engagement of community groups who are provided with garbage bags, gloves, and water by the TCHTA to participate in the exercise. In addition, school competitions, reef-safe sunscreen research, deployment of garbage receptacles throughout the island, and the “no plastic straws” campaign have been a part of the organization’s efforts. The Adopt a Coral donation will mark the second 30-year focused item for the Sustainable Tourism committee, the first being planting 30 juvenile Mighty Mahogany plants throughout the islands for Earth Day 2022.
Also present for the official donation, TCHTA Stacy Cox shared her excitement, “The work carried out by the Reef Foundation has a significant impact on our islands and our ability to maintain what people marvel at and come to enjoy when they visit our destination. This will certainly not be the last collaboration between the TCHTA and the TCRF as we work collectively to preserve the beauty and vitality of our country’s natural treasures.”.
The TCRF is expanding its nurseries to the beloved and heavily visited snorkel site of Coral Gardens in Grace Bay, allowing visitors and residents alike to experience the world of growing corals. All this is accessible from the beach and on snorkel.
Accepting the donation, TCRF Executive Director Alizee Zimmermann said, “With one ladder already installed, the support of the TCHTA in adopting 30 corals for its 30th anniversary is allowing us to install a 2nd ladder here. A huge success for accessibility to coral restoration! We are so grateful for the support shown by the TCHTA and excited to see these corals grow and be ‘planted’ back onto the natural reef!”
For a small donation of $50, any person or group can participate in the Adopt a Coral program. The TCHTA encourages the wider corporate community to donate where possible and join the fight to preserve and protect our magnificent reefs.
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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