NASSAU, BAHAMAS — The $352.2 million luxury Montage Cay development is poised to become a “major attraction” and boost this nation’s luxury resort profile, according to Prime Minister Philip Davis.
“Montage Cay is a strong representation of the economic bounce-back taking place in the Abacos,” said Davis. “We are optimistic and grateful. The Bahamas has long been the premier luxury destination in the Caribbean and dare I say the western hemisphere.”
Davis gave remarks yesterday at the official groundbreaking of the luxury development in the Abaco’s, although work is well underway with millions having already been invested into the project.
The development is a partnership between prominent financier David Kosoy’s Sterling Global Financial and American entrepreneur Alan Fuerstman’s Montage Hotels & Resorts. The development on the 53-acre cay is scheduled to open in 2024.
Davis noted that the development features a “world-class” deep-water marina, a 50-suite hotel and exclusive residences. Investment in the project has been pegged at $352.2 million, which includes 36 room keys, six over-the-water bungalows, 18 villas and 29 residential lots.
Kosoy noted that he has invested just over $1 billion invested in projects in The Bahamas to-date. Last November, his firm launched the Hurricane Hole super yacht marina on Paradise Island. Sterling Global Financial has also been involved in the financing of several other developments in the country.
“We live here. The money is repurposed here. This is home,” said Kosoy.
Deputy Prime Minister Chester Cooper who has ministerial responsibility for tourism, aviation and investments said that the Montage Cay development is a positive sign for investment and tourism in the Abacos.
“We have several significant investments in Abaco,” said Cooper. “Recently we announced Kakona in South Abaco where we held a town meeting to talk about it. We have other projects in the south totaling about $1 billion roughly and we have the Montage development,” said Cooper.