Icaza Advises Sandals Resorts on Its Partnership with Royal Caribbean Group

Icaza, González-Ruiz & Alemán acted as Panamanian counsel to Sandals Resorts on the signing of its partnership agreement with Royal Caribbean Group (NYSE: RCL), under which Royal Caribbean Group will acquire a 50% equity interest in Sandals and Beaches Resorts for approximately US$3 billion. The transaction is expected to close in early 2027, subject to customary approvals.

The partnership brings together two leading names in Caribbean vacations: Sandals and Beaches’ all-inclusive resort expertise and Royal Caribbean Group’s cruise and destination platform.

The firm’s work was led by partner Estefanía Alemán, who over several months, from structuring through signing, worked alongside the client and its international advisors on the Panamanian corporate law aspects underpinning the partnership’s structure.

We thank Sandals for the trust placed in our firm and congratulate both companies on this landmark partnership for Caribbean hospitality.