Sandals Resorts International is reportedly exploring a sale of the company, with potential valuations between $6 billion and $7 billion, according to the Wall Street Journal.
The company is working with bankers on the sale process, which could attract interest from major hotel owners and private equity firms.
This development comes amid ongoing internal family conflicts following the death of founder Gordon “Butch” Stewart in 2021. In September 2023, a rift became public when three of Stewart’s children—Adam Stewart, Jaime Stewart-McConnell, and Brian Jardim—requested the Jamaican Supreme Court to seal their father’s will, citing security concerns due to the estate’s substantial value. This move was opposed by Stewart’s widow, Cheryl Hammersmith-Stewart, and their three children, who argued against special treatment and advocated for transparency in the probate process.
The legal battles extend beyond Jamaica. In The Bahamas, disputes have arisen over trusts established by the late entrepreneur. Cromwell Trust Company, the trustee managing these assets, sought to keep court proceedings private, but this was contested by Hammersmith-Stewart, leading to public hearings.
Founded in 1981 by Gordon “Butch” Stewart, Sandals operates 17 adults-only all-inclusive resorts under its flagship brand and three family-oriented properties under the Beaches brand. The company has a significant presence in the Caribbean, with resorts in Jamaica, the Bahamas, St. Lucia, Grenada, Barbados, Antigua, Curaçao, and Turks and Caicos.
Following Stewart’s passing, his son, Adam Stewart, assumed the role of executive chairman, leading the company through an ambitious expansion phase. Sandals recently launched a multimillion-dollar advertising campaign and announced a nearly $1 billion investment in its Beaches portfolio.
The all-inclusive sector has seen increasing demand, drawing interest from major hospitality companies. Hyatt, for instance, recently agreed to acquire Playa Hotels & Resorts, a significant player in the all-inclusive market, for approximately $2.6 billion, including debt.
A potential sale of Sandals would mark a significant shift in the luxury Caribbean hospitality landscape.
