The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

Abaco's $352m Montage Cay development will be a "beacon of hospitality", its developer and resort operating partner pledged yesterday.

The Prime Minister, speaking at the project's ground breaking, said the high-end resort being developed by Sterling Global Financial is poised to create a “big stir” around the Caribbean while becoming another “revenue generating avenue” for “sustainable employment” for Bahamians.

Philip Davis KC said: “This 33-acre luxury Island is poised to become a major attraction and elevate The Bahamas' luxury resort profile. Featuring a world class deep water marina, a 50-suite hotel and exclusive residences, Montage Cay is set to make a big stir in the Caribbean market.

"I’m advised $352.2m is the investment for this project, which includes 50 room keys that will be added to the tourism industry, sic overwater bungalows, 18 villas and 29 residential lots. This bodes well for The Bahamas. It opens up another income-generating avenue and will create long-term sustainable employment for many Bahamians.”

Sterling Global, which is also redeveloping Paradise Island's Hurricane Hole site into Paradise Landing, has partnered with resort brand, Montage International, for the project on the former Matt Lowe's Cay. The development has a projected opening date of late 2024.

David Kosoy, Sterling Global Financial's chairman, said the project will have 200 rooms and the capacity for 500 guests to stay at the resort at any given time. “We have over 50 hotel keys and suites, and about 1,000 square feet for one room…. We will have seven beaches, and the beaches are amazing," he added.

Alan Feurstman, Montage International's founder and chief executive, said: “Our commitment is to training, and to working closely to develop and mentor an incredible staff and team that will make this a beacon of hospitality for not just the region, but for the entire world. This is one of those destinations when you visit, it's unmatchable.”

This is the first Montage International development to hit the Caribbean. Chester Cooper, deputy prime minister, and minister for tourism, investments and aviation, described airlift as the “oxygen” for tourism and disclosed that there is a “new airline” that will be providing “business class seats” to supplement existing supply from Delta and American Airlines.

Airlift into Abaco and the rest of the Family Islands is expected to “grow”, based on 2022 arrivals that were on par with a record-breaking 2019. “We are expecting that it will match the growth in tourism as we are forecasting a 16 percent increase over 2019 levels up to the end of June," Mr Cooper said. "I can tell you that we’ve had a phenomenal January to the tune of 150 percent greater than we saw in 2022.”

Mr Cooper said that along with the Kakona project in South Abaco and Montage Cay, there is another development set to come on stream worth $1bn, but he did not disclose the name or particulars of the investment. “There are several smaller investments to rebuild jobs in Hope Town and the rest of the cays since Hurricane Dorian," he added.

"Abaco has really been a very interesting island for investors. Much of it is restoration as a result of the damage caused by Hurricane Dorian.” With regard to the Grand Lucayan's potential sale, Mr Cooper said the Government is still working diligently on securing a buyer and an announcement on the matter will be made soon.