The Sovereign-class ship will be transferred to the Pullmantur Cruises brand, which Royal Caribbean jointly own.
Majesty of the Seas will join fellow sisters Sovereign and Monarch, who already operate for Pullmantur. Another ex-Royal Caribbean vessel, Empress also operates for the Spanish cruise line.
The ship will then enter drydock, where she will be given her new livery and a small refurbishment to match the Pullmantur brand.
Pullmantur's president and chief executive Jorge Vilches, said:
The transfer of Majesty of the Seas will play an important role in Pullmantur's Latin American growth strategy, and helps us become one of the most widely recognised brands in that market.
The additional capacity will help us meet the rising demand for Pullmantur's distinctive Latin-style cruise holidays.
Majesty of the Seas has created wonderful memories for millions of guests, and we expect this record of success to continue as she transitions to Pullmantur.
The vessel's transfer is an excellent business opportunity for both Royal Caribbean and Pullmantur. We are fortunate that our mix of brands allows us the flexibility and opportunity to expand in key strategic markets.
Royal Caribbean's chairman and chief executive, Richard Fain, commented on the transfer saying: