The Tribune

By LEANDRA ROLLE

Tribune Staff Reporter

lrolle@tribunemedia.net

STERLING Global Financial officially opened its Hurricane Hole Superyacht Marina on Paradise Island on Friday, marking a significant milestone for the international company.

David Kosoy, Sterling Global’s founder and executive chairman, thanked his team and the government of The Bahamas for their support, saying: “None of this could really be done as I said without all of the people working there and the dignitaries, all of the politicians.”

He spoke at a grand ceremony to mark the marina’s opening.

Among those present at Friday’s event included Prime Minister Philip “Brave” Davis, Deputy Prime Minister Chester Cooper, National Security Minister Wayne Munroe, Labour and Immigration Minister Keith Bell and other dignitaries.

Giving keynote remarks, Prime Minister Davis hailed the Hurricane Hole Superyacht Marina, which is a part of a $250m redevelopment project of the Paradise Island location, as a welcome addition to the continued development of The Bahamas’ world-renowned tourism product.

He said: “This 250-million-dollar development is set to revitalise and diversify Paradise Island’s luxury vacation profile. The entire development has effectively created a downtown district on Paradise Island and includes restaurants, harbourfront residences, professional offices, a food store, a wines and spirits retailer, and other commercial and retail vendors.

“This boon is bringing excitement to Paradise Island, adding to the convenience for Paradise Island residents and the experience of visitors at hotels and short-term rentals. More dining, boating choices, entertainment, and convenient services will serve to augment the overall experience of residents and visitors alike.

“At the heart of this development is the Sterling Hurricane Hole Superyacht Marina capable of hosting the world’s most exclusive superyachts — boats up to 420 feet in length,” Mr Davis also said.

“I’ve been made to understand that this marina boasts a cutting-edge redesign with floating and fixed docks, and an impressive 6,100 linear square feet of berthing space.”

Continuing his praise of the high-end marina, the prime minister said it is poised to perhaps “be the best and most sought after” in the region and stands to become a standard bearer in the industry.

He also congratulated project developers for their vision and commitment in bringing this project to life, which he said will likely have a long-term positive impact on the nation’s recovering economy.

Mr Cooper, minister of tourism, investments and aviation, also delivered remarks at Friday’s event, saying this of the development: “These are exciting times for Nassau’s Paradise Island.”

He added, “These are exciting times for tourism, and we know that our bookings for the next three months are 16 percent ahead of where they were in 2019.

“That didn’t happen by chance. We have a great brand called the islands of The Bahamas and we have a great team called team tourism and we have a phenomenal strategy to take The Bahamas to the world.”

Ground was broken on Hurricane Hole’s redevelopment in January 2019.

The project encompasses residential, retail, professional office space and already features a 700 Wines and Spirits store, as well as the newly opened Hurricane Hole Superyacht Marina.

“(Bookings are) where we expected,” Mr Kosoy told reporters in a later interview Friday. “And so, as people come, they tell their friends. I mean you can see here today that it’s probably 80 percent or 90 percent full so the bookings and quite truthfully, nobody else has floating docks and big boats want floating docks. It’s that simple.”

The multimillion-dollar Hurricane Hole project will also include a restaurant, bars, a clinic and pharmacy and grocery store, which are set to be constructed in its second phase of development.

Sterling Global Financial is an international financial services company, headquartered in The Bahamas, with over $9b under its administration and management.

The firm has over the years undertaken several Bahamas-based projects, including Beach House Villas among others. It has financed the Courtyard Marriott resort in downtown Nassau, and Ocean Terraces on West Bay Street.

It is also working on several major developments throughout the Family Islands, including Abaco.