PANAMA CITY BEACH, Fla.--(BUSINESS WIRE)--
The St. Joe Company (NYSE: JOE) ("St. Joe") and InterMountain
Management, LLC ("InterMountain") announced today their intent to pursue
the formation of a joint venture to construct and manage a new hotel in
Panama City Beach, Florida.
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"InterMountain looks forward to working with St. Joe with the goal of
expanding branded hotels in the Panama City Beach market," stated Dewey
Weaver, Owner of InterMountain. Mr. Weaver added, "We believe there is a
strong demand for new hotels near Pier Park and in Panama City Beach as
a whole."
"We are excited about the opportunity to partner with a best in class
hotel operator like InterMountain and the goal of expanding St. Joe's
portfolio of income producing properties," said Jorge Gonzalez,
President and Chief Executive Officer of The St. Joe Company. Gonzalez
added, "We view the expansion of our lodging and hospitality operations
accretive to our overall business strategy and have chosen to work with
InterMountain on this opportunity based on its proven track record of
successful hotel development and extensive lodging experience. We see
strong potential in the growing family-oriented tourism market of Panama
City Beach, especially with activities like the regional amateur sports
tournaments hosted at Frank Brown Park and the Panama City Beach Aquatic
Center, the extensive shopping and entertainment in the Pier Park area,
and, of course, the beautiful white sandy beaches. Panama City Beach is
emerging as a year-round destination for the entire family."
The parties plan to jointly design, develop, construct and own a limited
service hotel to be located on land provided by St. Joe in the Pier Park
area. The current plan is for the hotel to be branded as a TownePlace
Suites hotel and be managed by InterMountain.
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 parties' future intent to enter into a joint venture and
the anticipated success of an InterMountain venture and prospective
hotel interest in Panama City Beach, 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. At
this point, St. Joe and InterMountain have not reached any sort of
agreement and the parties have not entered into any definitive
documentation with respect to the joint venture, meaning that neither
party is bound to move forward at this stage. This press release is a
disclosure of an intent of the parties to pursue a joint venture and
either party may decide not to pursue 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 Second Quarter Report on Form 10-Q filed with the SEC on
August 3, 2017 as updated by subsequent current report filings, as well
as the following: (1) the ability of St. Joe and InterMountain to
mutually agree to a joint venture structure and joint venture documents,
(2) the ability of St. Joe and InterMountain to successfully complete
the proposed hotel, and (3) the continued interest of prospective guests
of a hotel in Panama City Beach.
About St. Joe
The St. Joe Company together with its consolidated subsidiaries is a
real estate development, asset management and operating company
concentrated primarily between Tallahassee and Destin, Florida. More
information about St. Joe can be found on its website at www.joe.com.
About InterMountain
InterMountain is a Monroe, Louisiana based, family-owned company focused
on the development, third-party management, and renovation of select
service and extended stay hotels across the U.S. With more than 70
properties and almost 7,000 rooms across the U.S., hotel owners,
developers, and guests have come to recognize the "InterMountain
difference." Over 35 years of experience in the hospitality space have
made InterMountain a mainstay in the industry, whose portfolio is
constantly expanding. InterMountain develops, owns and operates premium
brand hotel properties nationwide, which include 20 different brands
within the industry's leading hotel franchise system. More information
about InterMountain can be found on its website at www.intermountainhotels.com.
About TownePlace Suites
TownePlace Suites by Marriott is an all-suite, extended-stay hotel brand
in the moderate price range. Ranked highest in the Extended Stay
category in the J.D. Power 2013 North America Hotel Guest Satisfaction
Index Study, TownePlace Suites has also been #1 for mid-price extended
stays in Business Travel News' Hotel Chain Survey in 2011, 2012 and
2013. Ideal for travelers who need accommodations for longer stays,
TownePlace Suites offers studio and one-bedroom suites with fully
equipped kitchens and separate living/working and sleeping areas.
Launched in 1997, the brand currently has more than 300 locations in the
United States and Canada. TownePlace Suites participates in the
award-winning Marriott Rewards® frequent travel program that allows
members to earn hotel points or airline miles for every dollar spent
during each stay. For more information or reservations, visit www.towneplacesuites.com.
"St. Joe®", "JOE®",
the "Taking Flight" Design®, "St. Joe (and
Taking Flight Design) ®" and "Pier Park®"
are registered service marks of The St. Joe Company.
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St. Joe
Investor/Media Contact:
Marek Bakun, 866-417-7132
Chief
Financial Officer
marek.bakun@joe.com
or
InterMountain
Media
Contact: info@intermountainhotels.com
Source: The St. Joe Company
News Provided by Acquire Media