PANAMA CITY BEACH, Fla.—October 24, 2018—The St. Joe Company (NYSE: JOE) (“St. Joe”) and InterMountain Management, LLC (“InterMountain”) today announce the groundbreaking for a new TownePlace Suites hotel in Panama City Beach, Florida, will take place this week.
This 124-room TownePlace Suites by Marriott will be located adjacent to Frank Brown Park and will include amenities such as a fitness center, pool, business center and more. TownePlace Suites’ model offers an extended stay hotel with suites designed to provide everything travelers need to live life uninterrupted. St. Joe and InterMountain believe this hotel brand is perfectly suited for the growing family-oriented tourism market of Panama City Beach, conveniently located close to the activities associated with the area’s beautiful beaches, Frank Brown Park and the Panama City Beach Aquatic Center, as well as, the shopping and entertainment center of Pier Park.
“News of this groundbreaking is a welcome event as this beautiful region recovers from the effects of Hurricane Michael,” said Panama City Beach Mayor Mike Thomas. Mr. Thomas added, “We already saw a need for additional lodging options as economic activity continues to increase and are pleased to have St. Joe involved in this development as our area sees continued growth.”
“We are excited to break ground on the new TownePlace Suites at this crucial time as Bay County recovers from the effects of the storm,” said Jorge Gonzalez, President and Chief Executive Officer of The St. Joe Company. Mr. Gonzalez added, “The area of Panama City Beach continues to expand into a year-round destination for families and this new TownePlace Suites hotel gives travelers another great lodging option as they come to enjoy everything the region has to offer.”
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 groundbreaking of a prospective TownePlace Suites hotel in Panama City Beach, the expected suitability of this hotel brand for the market, as well as the growth potential of Panama City Beach as a year-round family-oriented destination and the branding of any hotel constructed and managed by the joint venture. 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, 2017 filed with the SEC on March 1, 2018 as updated by subsequent current report filings, as well as the following: (1) the ability of St. Joe and InterMountain to successfully complete the proposed hotel, and (2) the continued interest of prospective guests of a hotel in Panama City Beach.