Royal Caribbean has inked a long-term agreement with the Port of Galveston for a third cruise terminal.
The cruise line will spend about $100 million to fund construction of the 150,000-square-feet Terminal 3, which will be able to handle Royal Caribbean’s largest cruise liners.
Under the terms of the agreement it will lease the terminal land for 20 years with options to extend the lease for several 10-year periods.
Construction of the new terminal will begin in April 2020 and is slated to open in late 2021.
"It is probably one of the largest transactions that Galveston has ever entered into, certainly the port," said Port of Galveston CEO Rodger Rees.
Royal Caribbean currently sails two ships out of Galveston.
The port recently announced it had surpassed one million cruise passengers for the year to date, setting a new record.
