The St. Joe Company and InterMountain Management Announce Plans for a New Hotel
October 26 2017 - 5:23PM
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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the full release here:
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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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version on businesswire.com: http://www.businesswire.com/news/home/20171026006661/en/
St. JoeInvestor/Media Contact:Marek Bakun, 866-417-7132Chief
Financial Officermarek.bakun@joe.comorInterMountainMedia Contact:
info@intermountainhotels.com
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