BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Royal Caribbean Group (RCL) and Sandals Resorts announced the signing of an agreement to form a partnership in the all-inclusive resort space with a 50% investment from Royal Caribbean. The companies will offer travelers a collection of cruise, private destination and resort experiences, serving guests across more vacation occasions. The partnership will include Sandals and Beaches' collection of premier all-inclusive properties across the Caribbean.
Royal Caribbean Group will acquire a 50% equity interest in Sandals and Beaches Resorts for approximately $3 billion. The company has secured committed debt financing from Morgan Stanley to fund the investment. The transaction is expected to be accretive to earnings next year.
At last close on NYSE, Royal Caribbean shares were trading at $234.89.
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