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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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 US 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 …