PANAMA CITY BEACH, FL—Two Miami-based development firms announced today their intent to form a joint venture to build a new resort hotel here.
The St. Joe Company and Key International Inc. say they plan to plan to jointly design, develop, construct, and operate a new resort hotel located on land currently owned by St. Joe within Pier Park. The proposed hotel would total up to 250 guest suites and would also feature a pool, meeting space, and other amenities. No development cost for the project was released by the two firms.
In its joint announcement, the companies state the current plan is for the hotel to be a nationally branded, full service hotel. The project site is within walking distance to Russell-Fields Pier and the nearly 900,000-square-foot Pier Park lifestyle shopping center.
The pending deal with Key International is the second hotel joint venture currently being pursued by the St. Joe Co. in Panama City. Last October, St. Joe announced it would co-develop with Monroe, LA-based InterMountain 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 will be managed by InterMountain.
“St. Joe's strategy is to partner with best in class companies to expand our portfolio of income producing properties,” says Jorge Gonzalez, president and CEO of The St. Joe Co. “We view the hospitality industry as a logical extension of this strategy, especially in the growing family-oriented lodging market of Panama City Beach, which is emerging as a year-round destination for the entire family with 17 million visitor day/nights in 2017.”
“Key International welcomes the opportunity to work with a well-established and reputable partner like St. Joe, with the goal of expanding full service hotels in the Panama City Beach market,” says Inigo and Diego Ardid, co-presidents of Key International.
Key International is currently developing a number of projects, including the 175-room Embassy Suites Oceanfront Resort in St. Augustine, FL.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
