Royal Caribbean Nears $3 Billion Deal for Stake in Sandals Resorts, Stock Drops 6%

Royal Caribbean is closing in on a deal to buy into Sandals Resorts International, according to a person familiar with the matter cited by CNBC. The person said talks value the Caribbean all-inclusive resort chain at $6 billion and that a roughly $3 billion investment is on the table. The talks are ongoing and may not result in a final agreement, the person cautioned.

The news was first reported by the Financial Times. Royal Caribbean shares fell about 6% after the report, according to CNBC, and TradingView reported the drop reversed an earlier gain in the stock tied to lower oil futures. The stock is down roughly 25% over the past year after Royal Caribbean trimmed its revenue growth forecasts on softer demand for European sailings.

What the deal would look like

CNBC, citing its source, described the transaction as a 50% equity stake in Sandals. Pluang and Traders Union, both citing CNBC's reporting, repeated that same 50% figure.

Travel Market Report and TradingView, both drawing on Financial Times reporting, described something different: a majority stake, with heirs of Sandals founder Gordon "Butch" Stewart retaining equity and Royal Caribbean becoming the majority shareholder, with an option to acquire full ownership down the road. That is not the same deal structure as a straight 50-50 split, and the sources here do not reconcile the discrepancy. Whether Royal Caribbean ends up with exactly half the company or working control with a path to buying the rest remains unsettled until a deal, if any, is actually signed.

TradingView reported that people with knowledge of the negotiations said an announcement could come within days. None of the sources reviewed here confirm that a deal has actually closed as of today, Tuesday, September 22, 2026.

Why Royal Caribbean wants in

Royal Caribbean executives have spent recent years pushing the line that "we are a vacation company," not just a cruise line, according to Travel Market Report. The company already runs private island destinations for its cruise passengers and has been building out land-based offerings.

Sandals and its Beaches brand operate more than a dozen properties across the Caribbean, according to CNBC, with Travel Market Report putting the number at 20 all-inclusive properties. Buying into that network would give Royal Caribbean an immediate foothold in the all-inclusive resort business, an entirely different vacation product than a cruise ship.

If completed at the reported $6 billion valuation, Travel Market Report noted this would be Royal Caribbean's largest acquisition ever, dwarfing its $1 billion purchase of luxury line Silversea in 2020.

Sandals has been shopping itself for years

This is not a new idea for Sandals. Travel Market Report reported the company had been trying to find a buyer even before Stewart's death in 2021, with prior sale talks in both 2017 and 2019 that went nowhere. The Wall Street Journal reported last year that Sandals could fetch between $6 billion and $7 billion, putting the current reported valuation right at the low end of that range.

A company that has quietly shopped itself for close to a decade finally landing a serious buyer represents a different story than a surprise takeover approach. It suggests Sandals' owners have had time to be selective about price and structure rather than being forced into a sale.

What's unresolved

Neither Royal Caribbean nor Sandals has responded to requests for comment, according to CNBC. No party has confirmed the deal is final, and the person who described the terms to CNBC spoke on condition of anonymity because the talks are private.

Investors clearly read the news as a negative in the short term, pushing shares down 6% in a single session on top of a stock already down a quarter over the past year. Whether that reaction reflects skepticism about the price, concern about Royal Caribbean taking on debt or complexity outside its core cruise business, or simple uncertainty while terms remain unconfirmed is not addressed by any of the reporting reviewed here.

Royal Caribbean and Sandals may sign and announce an agreement soon. TradingView's sourcing suggested this could happen within days of September 22, 2026. Until that happens, the deal size, the ownership split, and what it means for Sandals' branding and management remain open questions.