Sandals plans new destinations and hotels amid US$3b Royal Caribbean deal

 

New destinations and hotels are in the pipeline for Sandals Resorts.

 

That's the word from Sandals Executive Chairman Adam Stewart, who did not disclose where those developments are being considered.

 

Mr. Stewart was speaking as the company moves ahead with what he calls the single biggest deal in the Caribbean.

 

"Scale makes things cheaper. If you took all the hotels out of any one of our country, the cost of living goes up overnight, the foreign exchange that we bring in. And there's a narrative...that 80 per cent of the money, you know, leaves the economy, or 70 per cent [of] the money that comes in. Well, look, let me talk about Sandals. Take any country that we operate in and look at how much we buy locally. If we can get it locally - we're in Jamaica today - more than 80 per cent of our fruits and vegetables come from a local farmer, picked yesterday, and put on our tables today," he noted. 

 

"We are a for-profit company. You have to be profitable. If you're not profitable, you can't do the kind gestures that we just did in Hurricane Melissa. We should be proud to be profitable," he told his Sandals team. 

 

The acquisition, valued about US$3 billion, will see Royal Caribbean Group take a 50 per cent stake in Sandals Resorts International.