St. Thomas to build first new resort in over 20 years

St. Thomas is planning to build its first hotel in more than 20 years.

The $487-million Port of Mandahl development will be built on the north end of the island and have a 300-room Hyatt Regency Hotel. Mandahl Bay Holdings will invest $209 million for the development's first phase that will include the hotel, a 50-slip marina, private estates and 48,000 square feet of retail and commercial space.

Construction will begin in 2016. More than 700 people will be employed at the resort and marina community once they open.

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