Caribbean News
TCI: No date, but Carnival will return with larger ships at an expanded pier; investment announces as $25 million
#TurksandCaicos, June 19, 2021 – Four months from now Grand Turk could be welcoming the biggest names and brands and vessels in cruising, and when the passengers descend upon the island it will be overwhelming in terms of the numbers. What the Turks and Caicos Islands Government hopes and Carnival Cruise Line executives want, is for the experience to be greatly enhanced and far from under-whelming, whenever that day comes.
An $8.5 million Turks and Caicos Islands Government and Carnival Infrastructure Fund will support refurbishment and development to ensure the visitor experience is unforgettable for all of the right reasons. Enhancements in Grand Turk, despite the sizeable cash storage, have been slow, however both parties, on Thursday, re-committed to spending from the fund.
“We have toured the island, we have spoken about how the infrastructure Fund will manage, because of that conversation, I expect that you will see a more orderly and more timely draw down of the funds that will be re-invested. The focus will have to be on the physical, the cultural and the cultural heritage of these islands. This is a fragile environment; we are looking at expanding the tourism product both land-based and cruise-based. The Government will be making significant investment alone or along with Carnival to do everything that we can to preserve the culture and the architecture,” said Hon. Washington Misick, TCI Premier in addressing questions posed at a public meeting held on June 17.
Carnival Corporation’s Senior Executive team flew into Grand Turk for the two-hour meeting with key government leaders, namely: Washington Misick, Premier & Minister of Finance, Investment and Trade; Otis Morris, Minister of Home Affairs and Member of Parliament for Grand Turk North; Akierra Misick, Minister of Physical Planning and Infrastructure Development and Josephine Connolly, the Minister with responsibility for Tourism, Environment, Culture, Marine Resources and Heritage.
From Carnival Corporation, there was: Gioria Israel, Sr Vice President of Global Ports for Carnival Corporation; Marie McKenzie, VP of Global Ports and Caribbean Government Relationships; Raquel Mota, Health Environment & Safety manager; David Candib, who managed construction of the port; Franklyn Diaz, is the new ports manager for The Bahamas and Turks and Caicos and Desmond Hall, the local Operations Manager.
The high level meeting was held at the Grand Turk Cruise Center around 3 p.m. on June 17, 2021; it was followed by a two-hour walking tour of the capital and on Friday, a meeting was planned with Carnival staff on the island.
“One of the big things we are looking at is how we can provide incentive to encourage investment in the historic district, but also, particularly so in our traditional communities. I am here today to reinforce our relationship and our partnership with Carnival to ensure that once they return we can operate in partnership, in an orderly basis so that everyone who has an interest in the cruise sector can benefit,” said Hon Misick at the meeting.
Areas viewed were South Base; a government zone badly destroyed when hurricanes Irma and Maria battered Grand Turk within a week of each other in September 2017. The delegation, in golf carts, moved along the historic lanes of Duke and Front Streets with stops at Osprey Beach, which led them pass deserted businesses, the unoccupied Welcome Center and the dilapidated buildings, all flanking Columbus Landfall National Park. There was also a walk through Middle Street.
“We are committed to making this the best visitor experience, but also the best experience for those of us who live and work here by redeveloping and repositioning our tourism product to be the best that it could be in any small island. Carnival has demonstrated their commitment during the talks to helping us achieve that.”
The quaint, historic island is the capital of the Turks and Caicos and at less than seven square miles, with a population around 4,800 people (probably less with the loss of the cruise industry), it is predicted cruise calls will bring with them more than double the residency.
“Twenty-three per cent of guests book tours on the ship. That means all of the other guests are available to go on tours or to do whatever activity they may chose, so I believe there is enough business for everyone,” said the Premier.
Everyone, could possibly include a new cruise line and definitely includes expansion of the current gangway at the Grand Turk Cruise Center.
“The overall project of expanding the pier so that we can take the Mardi Gras; that project only is about $25 million. We are ready to commence work. We have worked with Government on some of the permitting, some have already been granted and we are working on the details, explained Giora Israel, Senior Vice President of Global Ports, Carnival Corporation who added: “…that will allow the Mardi Gras come in with two gangways which means we can have people get off the ship very, very quickly. This activity is very important to make sure we can take the ship. There are not many ports that can take this ship, we are delighted to advise you that the Mardi Gras, and its sister ship, Celebration – in about a year and a half from now – they are scheduled to come here.”
The two vessels named by Mr. Isael boast many firsts including being the only LNG (Liquefied Natural Gas) powered cruise ships in the Americas and in the case of the Mardi Gras, which arrived at its home port in Port Canaveral, Florida on June 4, 2021 it features the first rollercoaster at sea.
No date was announced about when the cruise industry will reboot for Turks and Caicos and when Carnival Cruise ships will return to the Grand Turk Cruise Center, however, the new PNP Government Administration through the premier assured it is committed to reversing the economic contraction which forced a pause on cruising since March 13, 2020.
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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