PANAMA CITY BEACH — The St. Joe Company has announced its partnership with InterMountain Management LLC to open a new hotel in Panama City Beach.
The two companies formed a joint venture to design, develop, construct and own the Residence Inn by Marriott to be located on the north side of U.S. 98 near the intersection of Pier Park Drive.
Sitework has already begun on the new hotel, with an anticipated completion date in 2024.
“We are thrilled to continue our relationship with InterMountain,” said Dan Velazquez, senior vice president of commercial real estate for St. Joe, in a news release. “The Pier Park area is thriving, and this planned Residence Inn by Marriott will expand on our existing successful operations.”
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Plans call for the new 121-suite hotel to have full kitchens equipped with a full-sized refrigerator, stovetop, microwave, dishwasher and coffee maker. Hotel amenities will include a conference room, pool, fitness center and outdoor patio with grills.
The hotel will sit in the heart of the Pier Park shopping and entertainment district, making it convenient for families traveling on vacation as well as for business travelers. Also, guests will be within walking distance of nearby shopping, dining and white sand beaches, as well as the Frank Brown Park sports complex and event site.
The St. Joe Company and InterMountain already own the TownePlace Suites by Marriott, an adjacent 124-room suite hotel in Panama City Beach. The current plan is for the Residence Inn by Marriott to be managed by InterMountain.
“We’re very proud of the success of our TownePlace Suites by Marriott near Pier Park — in fact, it is so successful that we’re answering excess demand with this new hotel,” said Dewey Weaver, owner of InterMountain. “We believe this hotel is coming to the right place at the right time to enhance the Panama City Beach experience both for visitors and residents. It will help support local events and local businesses by bringing additional accommodations to areas that are within walking distance of attractions.”
This Residence Inn by Marriott will add to St. Joe’s growing hotel portfolio and will be the 12th hotel owned or managed by St Joe. Other area properties include Homewood Suites, Hotel Indigo, WaterColor Inn, The Pearl Hotel, Watersound Inn, and the Hilton Garden Inn.
