Sandals Resorts International has attracted interest from destinations far beyond the Caribbean, but Executive Chairman Adam Stewart says its immediate priority is executing an ambitious regional expansion programme.

Sandals Resorts International may eventually take its all-inclusive hospitality model beyond the Caribbean, but Executive Chairman Adam Stewart says the timing is not right.

Speaking on Money Media’s Taking Stock with Kalilah Reynolds, Stewart revealed that Sandals and Beaches had received invitations to develop resorts in destinations including Dubai, Saudi Arabia, Qatar, the Maldives, South Africa and the United States.

He said international expansion was possible, but the business was already managing the largest simultaneous development programme in its history.

Seven resorts under development

Stewart said the group was developing seven resorts at the same time, including projects associated with a US$1-billion expansion of its Beaches brand across the Caribbean. The development pipeline includes Jamaica, The Bahamas, Barbados and St Vincent and the Grenadines, with another Caribbean destination also under consideration.

The expansion comes alongside rebuilding and upgrading Jamaican properties following Hurricane Melissa. Sandals South Coast, Sandals Montego Bay and the former Sandals Royal Caribbean are part of a US$200-million redevelopment programme intended to restore operations while upgrading the guest experience.

Could investors eventually own shares in Sandals?

Although Sandals has remained family-owned, Stewart did not completely rule out a future public listing. He disclosed that the company had previously examined an initial public offering, but said an IPO was not currently being pursued.

According to Stewart, Sandals reinvests much of its earnings and carries debt equivalent to less than one year of earnings before interest, taxes, depreciation and amortisation. His remarks offer insight into the group’s financing strategy but do not amount to an IPO announcement.

Jamaica’s beach-access controversy

The interview also addressed public concerns about access to Jamaica’s coastline. Stewart acknowledged that planning had not kept pace with tourism development.

“We did not create enough beach access,” he said, arguing that access should be supported by properly maintained facilities.

He pointed to Sandals’ commitment of US$250,000 toward improvements to a public beach park near Beaches Negril, including bathrooms and lighting. Stewart also outlined proposals to improve beach access near the group’s AC Hotel development in Montego Bay.

The wider debate remains unresolved, particularly around permanent, legally protected public access.

ATL Automotive bets on regional growth

Beyond hospitality, Stewart discussed ATL Automotive’s expansion into additional Caribbean markets. The group represents established brands including Honda, Kia, Volkswagen, Audi, BMW and Porsche, alongside Chinese manufacturers such as BYD, MG, Foton, Omoda, Jaecoo and Jetour.

Stewart described Chinese manufacturers as a major force transforming the global automotive industry through price, technology, features and warranties. However, he cautioned that not every new entrant would necessarily survive, raising questions for customers about spare parts, warranty support and resale values.

ATL is expanding its role as a regional distributor and manager of automotive brands, building on a model established with BMW and MINI. From Jamaica, the company coordinates orders, training, marketing, parts and brand standards across multiple Caribbean territories.

Building Caribbean companies with global potential

Sandals and ATL illustrate different paths to regional and international growth. Sandals has built an internationally recognised hospitality brand rooted in the Caribbean, while ATL is expanding across the region through distribution and management partnerships with global manufacturers.

For now, Stewart indicated that executing Sandals’ substantial Caribbean development pipeline takes priority over entering markets further afield.

Based on Adam Stewart’s interview on Money Media’s Taking Stock, Episode 329.