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.
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.
