Caribbean News
AN EASTERN CARIBBEAN GEM IS UNEARTHED
~SANDALS® RESORTS OPENS ITS 18TH RESORT IN SAINT VINCENT AND THE GRENADINES~
April 17, 2024, Montego Bay, Jamaica – In an intimate ribbon cutting ceremony commemorating Sandals Resorts’ entry into the largely undiscovered destination of Saint Vincent and the Grenadines, the only Caribbean born superbrand welcomed its first guests to a nature-forward experience brimming with island inspiration and stirring ‘Sandals Firsts’.
Witnessed by government officials, Sandals executives, guests and resort team members, an emerald green ribbon, representative of the island’s flag and lush surroundings, was cut signaling the official opening of Sandals Saint Vincent and the Grenadines.
Executive Chairman of Sandals Resorts International Adam Stewart, spoke on what the opening of the hotel chain’s 18th resort meant for the brand, the island and the Caribbean at large. “This is a multi-generational act in the making that began with my extraordinary
father Gordon ‘Butch’ Stewart and Prime Minister Gonsalves many years ago. They flirted heavily about flying the Vincy flag not only here but in all the other islands across the Caribbean that Sandals has its operations. Little did we know that 43 years later the Sandals brand would grow from one 99-room hotel in Montego Bay to a top 500 brand known on the world stage as a super brand. The only Caribbean born commercial super brand known across the United States, Europe and Canada with over 84% brand penetration and recognition,” he shared.
He expounded further on what he dubbed the Sandals Effect, a confluence of things that happen when Sandals comes to town. “First and foremost, we market the destination, both St. Vincent and the Grenadines. The landscape that makes up this incredible archipelago will benefit. Directly and indirectly for linkages, tour operators, taxi operators, restaurateurs, musicians, farmers, fishers, entrepreneurs, hardware store operators, the entire ecosystem and connectivity we plan to make sure that the entire world knows.”
With Sandals’ expansion to the island, airlift has increased exponentially with more availability on the horizon. According to Adam Stewart, numerous airlines have adjusted their schedules in anticipation for the demand. “American Airlines used to fly twice per week to and from the Argyle Airport, since April the airline has increase to four times per week and is expected to have daily flights by the end of 2024. Air Canada and Virgin have increased their airlift with JetBlue and United Airlines now flying to the island for the first time. Nationals and visitors will have the opportunity to fly more conveniently and we will continue to grow. ,” expressed Stewart.
The resort, in May 2024, is expected to host some 300 top travel advisors from around the world, the largest contingent of international travel professionals to ever visit Saint Vincent and the Grenadines.
Dr. The Honourable, Ralph Gonsalves, Prime Minister of Saint Vincent and the Grenadines, in his main address added further credence to the impact Sandals has on his country and the CARICOM community. “During COVID, unemployment went up, there was a decline in economic activity in the region. At the time we also had volcanic eruptions, Sandals came to us with a proposal to recruit Vincentians and send them to their resorts across the Caribbean to be trained. We had to evacuate 20,000 persons with some in shelters for four to six months. Along came a friend in Sandals who said they could ease some of the pressure providing opportunities for 500 people and these little things talk to me about partnership. This might have been small for Sandals but it was a huge thing for
us in the condition in which we found ourselves and I want to thank Sandals and Adam.”
“It is an understatement really to call Sandals a brand. It has become an existential part of our Caribbean civilization. This civilization is tailor-made for tourism and Butch Stewart has helped to shape this aspect of the material to help sustain us. I think that when the history of the 20th into the 21st century is written, there would be a towering place for this legend,” The Hon. Gonsalves continued.
In honour of the late Gordon ‘Butch’ Stewart, Prime Gonsalves in opining that the relationship he enjoyed with the late founder made him “one of us” shared a remarkable plan to celebrate his memory and contributions to tourism and economic development in the region. “The government of Saint Vincent and the Grenadines had indicated to Sandals that we will build the road coming to the entrance of the hotel. Having built it, we will call it the Gordon ‘Butch’ Stewart Boulevard,” the Prime Minister announced proudly to stirring applause from the audience.
Sandals Saint Vincent and the Grenadines offers 301 rooms and suites across 50 lush-laden acres, authentically embracing its Saint Vincent location with an experience that is as thoughtful as it is meticulously local.
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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