Caribbean News
Statement by the Premier of the Virgin Islands (British) on Regional Trade and Opportunities
Road Town, October 24, 2019 – Tortola – Premier of the British Virgin Islands (BVI), Andrew A Fahie, has signaled his intention to strengthen ties with the rest of the Caribbean Community, noting that there will be business and job opportunities in his country due to an aggressive development thrust.
Premier Andrew Fahie
In a statement on October 23, Fahie called on local and regional entrepreneurs and innovators to use apply their creativity to identify the business opportunities that will be emerging as development on the British Overseas Territory takes off, so that they can tap into those opportunities.
“My message to local and regional business interests is to prepare yourselves. If your venture requires a foreign partner, find one now and start the process. If you are foreign based and you have something the BVI needs, make your BVI connection. There is a lot of work to be done and a lot of opportunities for getting involved,” Fahie said.
Two years after being devastated by Hurricanes Irma and Maria, the BVI has made significant strides in recovery and is working on a development programme that will make its infrastructure, economy and people more resilient to sudden and dramatic events in the tourism and financial services industry, which are its two main economic engines. Fahie, whose Virgin Islands Party (VIP) won the general election last February, is looking to increase the country’s revenue from those two sectors, while encouraging the development of new industries that will diversify the BVIs economy.
The implementation of economic substance legislation, coupled with the BVI’s tourism strategy, is driving up rivals into the country. The BVI Government has also indicated its intention to diversify its tourism thrust into areas such as hosting meetings, conferences, training, education, medical services and other sporting events besides its annual regattas.
This growth is driving a demand for goods and services, and Fahie says while his primary goal is to ensure that BVIslanders and local businesses benefit as much as possible from this activity, excess demand will have to be supplemented with help from outside – starting with the BVI’s CARICOM neighbours who face similar challenges and circumstances.
“Our CARICOM neighbours have a lot to offer in terms of manufactured goods, professional services, skilled labour and partnerships that will have mutual benefits. The Caribbean region is very strong if our countries and our people work together,” Fahie said, adding that he intends to invite regional government and business leaders to examine the dynamics of opening up intra-regional trade.
“We will be reaching out to the leaders in the region and business organizations to let them know that the BVI is serious about doing business and we are open for business. We need lumber, aggregates, construction materials, foodstuff and other products, which can be easily accessed by establishing an ocean freight trade route from Guyana, through Trinidad and Tobago, Grenada, St Lucia, St Vincent, Dominica, the Virgin Islands and also Jamaica. A rising tide will lift all boats, and the BVI will take the lead in developing this,” he said.
He added, “Our mission today must be to spark a transformation locally and regionally and create an environment where all of our people enjoy a high quality of life, characterized by a feeling of reasonable happiness, comfort and security; where they occupy sustainable jobs in the careers of their choosing; where our people, especially the young ones, have easy access to the opportunities for education, training and development so that they can pursue their dreams; and where they can get high value for their earnings.”
The BVI, known as “Nature’s Little Secrets”, is a cluster of about 50 islands and cays located just east of Puerto Rico. It has the reputation of being one of the more prosperous states in the Caribbean and Latin America region. It boasts a Gross Domestic Product (GDP) of $1.027 billion (2017 est.) with an estimated per capita GDP of $34,246. As one of the most popular vacation destinations in the world, the BVI attracts over 1 million tourists annually including about 400,000 overnight visitors, due to its pristine beaches, scenic locations, and its ideal location for sailing, snorkeling and diving. The BVI is considered the sailing capital of the world and a very popular destination for Old Years’ Night parties.
Release: BVI Government
Photo Caption: Road Town, Tortola two years after hurricane Irma
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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