Royal Caribbean is nearing a deal to buy a majority stake in Sandals Resorts International, valuing the all-inclusive company at more than $6bn, as the cruise operator expands into land-based vacations. The transaction would be Royal Caribbean's largest ever, giving it control of Sandals' 20 Caribbean resorts and enabling cross-selling.

The talks follow years of failed attempts to sell Sandals, complicated by the 2021 death of founder Gordon "Butch" Stewart, which sparked family infighting and legal battles over his estate. Under the deal, some Stewart family members would retain equity while Royal Caribbean becomes controlling shareholder, with potential for full ownership later. An agreement could come in days, though talks may still collapse. Neither company commented.

Sandals, the Caribbean's largest private employer, operates resorts in St Vincent, St Lucia and Barbados, plus family-focused Beaches Resorts. Royal Caribbean, led by CEO Jason Liberty, has a market cap of $66bn, far exceeding rivals Carnival and Norwegian. Its shares fell nearly 6 per cent on Tuesday after the FT report, and are down 16.7 per cent this year.