Storm-ravaged hotel in St. Thomas sold again

CHARLOTTE AMALIE, St. Thomas -- The Yacht Haven Hotel & Marina, an eyesore on the St. Thomas waterfront ever since Hurricane Marilyn slammed through the island in 1995, has been sold again, according to papers filed with the Coastal Zone Management Commission.

Malaysian businessman Tan Kay Hock, who purchased the property in 1998, had plans for a $200 million complex but scaled back his plan after he failed to win enough local support to continue the project.

He put the property on the market last summer with an asking price of $8.5 million.

Although the sale price was not disclosed by the CZM, island officials said they felt that it was much less than the asking price.

New ownership is divided among several related local firms. They have not announced their plans for the property.

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