The St. Joe Company Announces Plans for a New Hotel at Northwest Florida Beaches International Airport (ECP)
November 08 2018 - 4:38PM
Business Wire
The St. Joe Company (NYSE: JOE) (“St. Joe”) today announces
plans to construct, own and operate a new branded hotel,
immediately adjacent and convenient to the Northwest Florida
Beaches International Airport (ECP).
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The St. Joe Company Announces Plans for a
New Hotel at Northwest Florida Beaches International Airport (ECP)
(Photo: Business Wire)
Following St. Joe’s business strategy of expanding its portfolio
of income producing properties, as well as growing its resorts and
leisure segment, the Company plans the development of a 110-125
room hotel with a full service restaurant and bar, as well as
meeting space. This new hotel will be located adjacent to the
airport which is located within St. Joe’s 110,500 acres known as
the Bay-Walton Sector Plan.
The Northwest Florida Beaches International Airport has
experienced a significant increase in passenger traffic since its
relocation. In 2009, the airport had one airline carrier with one
direct destination. Today, after re-opening in its current
location, it has four carriers with ten non-stop direct
destinations. In that same period of time, annual passenger traffic
increased from approximately 300,000 passengers at the end of 2009
to over 900,000 passengers at the end of 2017. “We are pleased that
St. Joe has chosen their property adjacent to the Northwest Florida
Beaches International Airport for this much needed hotel,” said
Parker W. McClellan Jr., AAE, Airport Executive Director. Mr.
McClellan added, “Additional lodging options with a trusted company
like St. Joe will be a great enhancement for our region servicing
travelers visiting our area whether on business or leisure.”
Located adjacent to the proposed hotel site and the airport, St.
Joe continues to develop VentureCrossings Commerce Park, with
anchor tenants Harris Corporation and GKN Aerospace. In addition to
its commercial activities, St. Joe recently announced plans for the
Latitude Margaritaville Watersound active adult community, to be
located in close proximity to the airport and within the Bay-Walton
Sector Plan property, which is entitled for up to 170,000 homes.
The new community will be developed by a joint venture between St.
Joe and Minto Communities USA and is planned for 3,000 homes in its
first phase. Model homes are scheduled to open in 2020.
“We are pleased to announce the addition of a new hotel property
adjacent to the growing airport and our neighboring commercial and
residential projects,” said Jorge Gonzalez, President and Chief
Executive Officer of The St. Joe Company. Mr. Gonzalez added, “With
the growth of the region as a whole and St. Joe’s upcoming
projects, along with the increase in airport passenger traffic, we
believe now is the right time to add this new hotel for the
increasing number of travelers. This location is an ideal fit for a
new hotel offering travelers another great lodging option. This
hotel announcement constitutes the third new hotel for the Company,
including the 250-room Embassy Suites at Pier Park, which is
expected to break ground in 2019 and the 124-room TownePlace Suites
in Panama City Beach, which broke ground in October 2018.”
Additional information regarding the hotel, including the brand
of the hotel, will be released in the future. For more information
about St. Joe, please visit: www.joe.com.
Important Notice Regarding
Forward-Looking Statements
This press release contains “forward-looking statements,” within
the meaning of Section 21E of the Securities Exchange Act of 1934,
including statements regarding plans to develop a new branded hotel
adjacent to the Northwest Florida Beaches International Airport,
the development of VentureCrossings Commerce Park, plans to develop
the Latitude Margaritaville Watersound, and the development of
Embassy Suites at Pier Park and TownePlace Suites. 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 Annual Report on Form 10-K for
the year ended December 31, 2017, its Quarterly Report on Form 10-Q
for the quarter ended September 30, 2018 filed with the SEC on
October 31, 2018 as updated by subsequent current report filings,
as well as the following: (1) the ability of St. Joe to enter into
an attractive agreement for branded hotel property, (2) the
continuation of growth in travel volume through the Northwest
Florida Beaches International Airport, (3) the continued interest
of prospective guests of a hotel adjacent to the Northwest Florida
Beaches International Airport, and (4) the ability of St. Joe to
successfully complete the proposed hotel and obtain necessary
approvals for the project.
About St. Joe
The St. Joe Company, together with its consolidated
subsidiaries, is a real estate developer and manager. The Company
owns land concentrated primarily in Northwest Florida and has
significant residential and commercial land-use entitlements in
hand or in process. The Company also owns various commercial,
resort, and club properties. More information about the Company can
be found on its website at www.joe.com.
©The St Joe Company 2018. “St. Joe®”, “JOE®”, the “Taking
Flight” Design®, “St. Joe (and Taking Flight Design) ®”, are
service marks of The St. Joe Company, its affiliates or third
parties.
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version on businesswire.com: https://www.businesswire.com/news/home/20181108006054/en/
St. Joe Investor Relations Contact:Marek Bakun,
1-866-417-7132Chief Financial Officermarek.bakun@joe.com
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