MONTAGE CAY, The Bahamas — Prime Minister and Minister of Finance the Hon. Philip Davis noted that the occasion of the Official Groundbreaking for Montage Cay and the Residences at Montage Cay, on February 27, 2023, was made “all the more special” because it came in the midst of the ongoing recovery efforts in Abaco, on the heels of Hurricane Dorian.
“Abaco took a hard hit, back in 2019, and Montage Cay’s opening is a strong representation of the economic ‘bounce back’ taking place here in Abaco,” Prime Minister Davis said, during the ceremony on the cay.
“We are optimistic, and we are grateful,” he added. “The Bahamas has long been the premier location and luxury destination in the Caribbean — and, I daresay, in the Western Hemisphere.”
Among those present at the ceremony were Deputy Prime Minister and Minister of Tourism, Investments and Aviation (MOTIA) the Hon. Chester Cooper; Minister of Social Services and Urban Development the Hon. Obadiah Wilchcombe; Minister of Environment and Natural Resources the Hon. Vaughn Miller; Member of Parliament for North Abaco and Office of the Prime Minister (Abaco) Parliamentary Secretary Kirk Cornish; Member of Parliament for Central and South Abaco and MOTIA Parliamentary Secretary John Pinder; Economic Affairs Parliamentary Secretary Wayde Watson; Ministry of Works and Utilities Parliamentary Secretary Bacchus Rolle; Director-General of Tourism Latia Duncombe; MOTIA Investments Director Phylicia Woods-Hanna; Founder and Executive Chairman of Sterling Global Financial David Kosoy; Founder and CEO of Montage International Alan J. Fuerstman; President of Sterling Global Advisory Services Khaalis Rolle; and other stakeholders.
Prime Minister Davis pointed out that, since the 1970s and 80s, The Bahamas had continued to seek “new and exciting” ways to attract the kinds of investments that stand to elevate its tourism product.
“It really is ‘Better in The Bahamas’, and we stand on a long legacy of commitment to making this statement ring true,” he said.
Prime Minister Davis pointed out that Montage Cay was the eighth project in the Montage collection of projects.
“Projects like these are important for diversifying our tourism portfolio, and ensuring that our tourism and luxury product remains vibrant and competitive,” he added.
Prime Minister Davis said that, in an ever-growing and developing global market, The Bahamas had always prided itself on its ability to attract, facilitate and encourage world-class resort development, as well as remaining on the “cutting edge” of innovation in the market.
“I believe that Montage Cay is a fitting addition to the market, and stands to make a big impact here in The Abacos,” he added.
Prime Minister Davis noted that Montage Hotels and Resorts has partnered with Sterling Global Financial to create “this stunning resort property”.
“This 53-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,” he said.
Prime Minister Davis noted that he was advised that $352.2 million was the investment fund for this project, which included six over-water bungalows, 18 villas, 29 residential lots, and other amenities
“This bodes well for The Bahamas. It opens up another income-generating avenue and will create long-term sustainable employment for many Bahamians,” he said.
Prime Minister Davis commended the developers who, from the very beginning of the project, he noted, had maintained a “staunch” commitment to building and working in the best interest of the people and the environment.
“For this project, they employed Stacy Lubin, an environmental officer, to ensure that the natural flora and fauna of the cay is preserved,” he said.
“We are grateful for this show of good faith, and are excited to see this project succeed,” he added.
“On behalf of my administration, I would like to congratulate the developers, and reiterate our commitment to facilitating the kinds of developments that are poised to have a long-term positive impact on the socio-economic conditions of The Bahamas,” Prime Minister Davis said.
“Our Government is keen to identify new and innovative ways to enhance the ease of doing business,” he added. “We will engage more closely with the private sector to ensure that we identify and mitigate challenges, with the view to encouraging more investments.
Prime Minister Davis said that it was incumbent upon all to do all that they could to “maintain, develop and diversify the industries that have long been our bread and butter”.
“Our tourism product ranks among the best in the world; and we must continue to work diligently to protect, maintain and develop it,” he added. “It is ‘Better in The Bahamas’; so let’s work together to keep it that way.
“May God bless us all and continue to favour the Commonwealth of The Bahamas.”