PANAMA CITY BEACH, Fla.–(BUSINESS WIRE)–Sept. 8, 2022–
The St. Joe Company (NYSE: JOE) (“St. Joe”) and InterMountain Management, LLC (“InterMountain”) announced the start of construction of a new hotel in Panama City Beach, Florida.
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Rendering of the Residence Inn by Marriott to be built in the heart of the Pier Park shopping and entertainment district in Panama City Beach, Florida. (Photo: BusinessWire)
The parties have formed a joint venture to design, develop, build and own a limited service hotel to be located in the popular shopping and entertainment district of Pier Park. The current plan calls for a 121-suite Residence Inn by Marriott to be managed by InterMountain. Suites at the Residence Inn by Marriott have full kitchens, equipped with full-size refrigerators, stovetops, microwaves, dishwashers, and coffeemakers. Plans call for amenities to include a conference room, swimming pool, fitness center, and outdoor patio with grills.
The hotel’s location on the north side of US Highway 98, near the Pier Park Drive intersection, is convenient for vacationing families as well as business travelers. Guests will be within walking distance of nearby shops, restaurants, and white-sand beaches, as well as the Frank Brown Park sports complex and event site.
“We are excited to continue our relationship with InterMountain,” said Dan Velazquez, senior vice president of commercial real estate for St. Joe. “The Pier Park area is booming, and this Residence Inn by Marriott project will expand into our existing successful operations.”
The St. Joe Company and InterMountain already own TownePlace Suites by Marriott ®an adjacent 124-room hotel in Panama City Beach.
“We are very proud of the success of our TownePlace Suites by Marriott near Pier Park. In fact, it’s been so successful that we’re meeting excess demand with this new hotel,” says Dewey Weaver, owner of InterMountain. “We believe this hotel comes to the right place at the right time to enhance the Panama City Beach experience for both visitors and residents. This will help support local events and local businesses by bringing additional accommodations to areas located within walking distance of attractions.
This Residence Inn by Marriott will add to St. Joe’s growing hotel portfolio. This will be the 12th hotel owned or managed by St Joe, bringing the total number of operational hotel rooms and hotel rooms currently under construction to 1,298.
Construction work has already begun at the Residence Inn by Marriott, with an expected completion date of 2024.
Important notice regarding forward-looking statements
This press release contains “forward-looking statements” within the meaning of Section 21E of the Exchange Act, including statements regarding the Residence Inn by Marriot hotel project. These forward-looking statements are qualified in their entirety by cautionary statements and risk factors set forth in St. Joe’s filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31. 2021 and subsequent filings, and as follows: (1) St. Joe’s and InterMountain’s ability to complete the proposed hotel on schedule, or at all, and (2) potential customer interest in a Residence Inn by Marriott hotel in Panama City Beach, Florida.
About the St. Joe Company
The St. Joe Company is a real estate development, asset management and operating company with real estate assets and operations in Northwest Florida. The Company intends to use the existing assets for residential, hotel and commercial projects. St. Joe has extensive residential and commercial land use rights. The Company actively seeks higher and better uses for its real estate assets through a range of development activities. More information about the Company can be found on its website at www.joe.com. The Company regularly broadcasts a video showing the progress of projects under development or under construction. See https://www.joe.com/video-gallery for more information.
InterMountain Hotels, a leading hospitality company, is family owned and operates a national portfolio of 92 hotels comprised primarily of extended stays and select services. Dewey Weaver founded InterMountain approximately 40 years ago and has since pursued a strategy of steady and consistent growth through the development and ownership of high quality, premium branded hotels. With Dewey actively involved in all aspects of a detailed business, InterMountain continues to focus on what has contributed to its success: taking great care of its employees and customers, and building strong, long-term relationships. with owners and hotel brands.
Since its inception, InterMountain has grown to offer a wide range of third party services by experienced in-house teams. These services include hotel management, development services, revenue strategy, sales, digital strategy, and renovation/design/procurement.
InterMountain has built and/or renovated over 200 properties nationwide, with a pipeline of over 20 hotels in various stages of development or repositioning. To learn more about InterMountain hotels, third-party services, or to view hotel locations, visit www.immihotels.com.
© The St. Joe Company 2022. All rights reserved. “St. Joe®”, “Joe®”, “St. Joe (and Taking Flight Design®” and “Pier Park®” are registered service marks of The St. Joe Company or its subsidiaries. “Residence Inn by Marriott®” and “TownePlace Suites by Marriott®” are registered service marks of Marriott International, Inc.
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CONTACT: St. Joe Investor Relations Contact:
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KEYWORD: FLORIDA UNITED STATES NORTH AMERICA
SECTOR KEYWORD: RESIDENTIAL BUILDING & REAL ESTATE COMMERCIAL BUILDING & REAL ESTATE HOLIDAYS ACCOMMODATION CONSTRUCTION & PROPERTY TRAVEL REIT
SOURCE: St. Joe’s Society
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PUBLISHED: 08/09/2022 16:32 / DISK: 08/09/2022 16:32