The St. Joe Company and InterMountain Management Announce the Commencement of Construction of a 121-Suite Residence Inn by Marriott® Hotel in the Heart of the Pier Park® Shopping and Entertainment District in Panama City Beach, Florida
08 Setembro 2022 - 5:32PM
Business Wire
The St. Joe Company (NYSE: JOE) (“St. Joe”) and InterMountain
Management, LLC (“InterMountain”) announced the commencement of
construction on a new hotel in Panama City Beach, Florida.
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the full release here:
https://www.businesswire.com/news/home/20220908006089/en/
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:
Business Wire)
The parties have formed a joint venture to design, develop,
construct and own a limited-service hotel to be located in the
popular Pier Park shopping and entertainment district. The current
plan calls for a 121-suite Residence Inn by Marriott to be managed
by InterMountain. Residence Inn by Marriott suites have full
kitchens, equipped with a full-sized refrigerator, stovetop,
microwave, dishwasher and coffee maker. Plans call for amenities to
include a conference room, pool, fitness center, and outdoor patio
with grills.
The hotel’s location on the north side of U.S. Highway 98 near
the intersection of Pier Park Drive is convenient for families
traveling on vacation as well as for business travelers. Guests
will be within walking distance of nearby shopping, dining, and the
white sand beaches, as well as the Frank Brown Park sports complex
and event site.
“We are thrilled to continue our relationship with
InterMountain,” said Dan Velazquez, Senior Vice President of
Commercial Real Estate for St. Joe. “The Pier Park area is
thriving, and this planned Residence Inn by Marriott will expand on
our existing successful operations.”
The St. Joe Company and InterMountain already own the TownePlace
Suites by Marriott®, an adjacent 124-room suite hotel in
Panama City Beach.
“We’re very proud of our success of our TownePlace Suites by
Marriott near Pier Park – in fact, it is so successful that we’re
answering excess demand with this new hotel,” says Dewey Weaver,
owner of InterMountain. “We believe this hotel is coming to the
right place at the right time to enhance the Panama City Beach
experience both for visitors and residents. It will help support
local events and local businesses by bringing additional
accommodations to areas that are 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 operational hotel rooms and hotel rooms
currently under construction to 1,298.
Sitework has already begun on the Residence Inn by Marriott,
with an anticipated completion date in 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 proposed Residence Inn by Marriot hotel.
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 year ended December 31, 2021 and subsequent filings, as well as
the following: (1) the ability of St. Joe and InterMountain to
complete the proposed hotel on the expected timeline, or at all,
and (2) the interest of prospective guests in a Residence Inn by
Marriot 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
existing assets for residential, hospitality and commercial
ventures. St. Joe has significant residential and commercial
land-use entitlements. 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. On a regular basis, the Company releases a
video showing progress on projects in development or under
construction. See https://www.joe.com/video-gallery for more
information.
About InterMountain
InterMountain Hotels, a leading hospitality company, is
family-owned and operated with a nationwide portfolio of 92 hotels
comprised primarily of extended-stay and select-service. Dewey
Weaver founded InterMountain approximately 40 years ago, and since
then has pursued a strategy of steady, consistent growth through
development and ownership of high-quality, premium-branded hotels.
With Dewey actively involved in all aspects of a business of a
thousand details, InterMountain continues to focus on what has
contributed to its success: taking great care of their employees
and guests, and building strong, long-term relationships with
owners and hotel brands.
Since inception, InterMountain has expanded 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 20+ hotels in various stages of
development or repositioning. For more on InterMountain Hotels,
third-party services, or to view hotel locations, visit
www.immhotels.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 affiliates.
“Residence Inn by Marriott®” and “TownePlace Suites by Marriott®”
are registered service marks of Marriott International, Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20220908006089/en/
St. Joe Investor Relations Contact: Marek Bakun Chief Financial
Officer 1-866-417-7132 marek.bakun@joe.com
St. Joe Media Relations Contact: David Demarest Director of
Communications and PR 1-850-213-5137 david.demarest@stjoe.com
InterMountain Media Contact: info@intermountainhotels.com
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