Caribbean News
AIRLINE EXECUTIVE LAUDS SANDALS RESORTS INVESTMENT IN CARIBBEAN TOURISM
…commends resort company for continuing to open new destinations
May 30, 2024, Montego Bay, Jamaica – Chief Executive Officer of Inter-Caribbean Airlines Trevor Sadler has praised Sandals Resorts for its commitment to the growth and development of regional tourism, as it continues to open new resorts creating employment and generating economic activity for islands all over the Caribbean.
Sadler was in attendance at the recent Sandals Travel Advisor Recognition (STAR) Awards held at the newly opened Sandals St. Vincent and the Grenadines resort. The event, which is held by Sandals to recognise its top producing travel advisors from all over the world, also brought hundreds of travel advisors to the islands, many for the very first time.
The Inter-Caribbean Airlines boss said the drive to invest in new territories and to promote the destinations themselves, underlies not only the power and stability of the brand, but the belief the company has in the potential of the Caribbean. Sadler added that his own airline has benefited from the Sandals Effect, recalling when the company took its Beaches brand to the Turks and Caicos Islands some 27 years ago, “that by itself drove a lot of tourism, but it also drove economic activity, the need for more employees, and for Inter-Caribbean it was one of those early developments of connecting the Turks and Caicos particularly with Jamaica, the Dominican
Republic and other islands that set us on the path of growth.”
In fact during those early years Sadler said Sandals Founder the late Gordon ‘Butch’ Stewart would often offer words of encouragement to his own Chairman and Founder Lyndon Gardiner, “Mr. Stewart would stop in and he would say hello to Lyndon, he would always give him some counsel, some guidance, and ‘Butch’ Stewart became really a mentor for Lyndon. He guided Lyndon and helped him think about developing the business, so we as a company, have to say thanks to Butch Stewart.”
Sadler said he was pleased to see Sandals continuing to take a leading role in Caribbean tourism under its new Executive Chairman Adam Stewart, “here is Adam following in the footsteps of his father and the legacy that was created by him. His father’s relationship with and advice allowed my own chairman (Lyndon Gardiner) to build Inter-Caribbean Airlines and to overcome the obstacles that were in front of him allowing us to achieve what we have now become today as an airline. We are by no means done, but certainly that support has helped Inter-Caribbean to become one of the best recognised airline brands across the Caribbean.”
Sadler also supported the position of the Sandals Executive Chairman that the Caribbean must be united as a destination and promote itself as such, because together it has so much more to offer visitors. He said Inter-Caribbean stands ready to help connect destinations, allowing brands like Sandals to sell multi-destination holidays, “an island may have a different name, but it’s not multiple hours on an airplane to get there, it may be one hour or two hours away for the most. Visitors can do it, because they won’t be giving away a day of their vacation, just a couple hours to get to a whole new destination, and you begin this new experience. People take on board this whole new realisation that because we change the name of the country doesn’t mean it take hours and hours to get there.”
Sadler also underscored the importance of events like the STAR Awards, “The US is a key source market for us as an airline, as well as Sandals, so having the opportunity to speak to the top roughly 400 travel agents of the US, Canada and the UK is not a value you can put a number on.”
Sadler further surprised attending travel advisors by giving away two tickets to each of them to destinations where Inter-Caribbean flies.
Captions – From L to R: Inter-Caribbean Airlines CEO Trevor Sadler speaks with Gary Sadler, Executive VP of Sales and Industry Relations at Unique Vacations Inc., an affiliate of the worldwide representatives of Sandals and Beaches Resorts
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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