PANAMA CITY BEACH, Florida—The St. Joe Company and InterMountain Management, LLC 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 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 is on the north side of U.S. Highway 98 near the intersection of Pier Park Drive. 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 is thriving, and this planned Residence Inn by Marriott will expand on our existing successful operations.”
The St. Joe Company and InterMountain already own the TownePlace Suites by Marriott, an adjacent 124-room suite hotel in Panama City Beach.
“We’re very proud of our 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,” says 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. This will be the 12th hotel owned or managed by St Joe, bringing the total operational hotel rooms and hotel rooms currently under construction to 1,298.
Sitework has already begun on the Residence Inn by Marriott, with an anticipated completion date in 2024.