The St. Joe Company says it has started building a new 255-room Embassy Suites hotel in Panama City Beach, one of 30 projects the developer has in the pipeline for 2019.
The developer is working with Key International, Inc., on the project in the Pier Park area, adjacent to the area’s lifestyle center at Front Beach Road.
Key International is a Miami-based real estate investment and development company. The land is currently owned by St. Joe.
Once complete, St. Joe will manage the day-to-day operations of the hotel. Plans call for the hotel to feature 255 guest suites, a pool, meeting space, a fitness center, an on-site restaurant and an upper-level, gulf-view social, catering and event space.
“This development comes at a time when demand for hotel space in the Pier Park area is high. Visitation to Panama City Beach has been rising for the past several years with Northwest Florida Beaches International Airport surpassing the one million passenger mark for the first time last year,” said Jorge Gonzalez, president and CEO of St. Joe.
“With this location’s proximity to the Pier Park lifestyle shopping center, which offers approximately 900,000 square feet of shopping, dining and entertainment, the Russell-Fields Pier and the Gulf of Mexico we are thrilled to work with Key International and to see construction begin,” Gonzalez said in a statement.
“We are excited to be working with St. Joe on the development of this new Embassy Suites in Panama City Beach,” said Key International co-president Diego Ardid. “We believe this property will complement the area’s thriving tourism sector and family-friendly nature in an unparalleled location.”.
This hotel joins the TownePlace Suites adjoining Frank Brown Park in Panama City Beach as hotel projects that St. Joe currently has under construction. St. Joe also intends to construct, own and operate a new branded hotel immediately adjacent to Northwest Florida Beaches International Airport.
The parties anticipate the hotel to be completed in 2021.
St. Joe says in the statement that the new hotel is one of at least 30 new residential, commercial or hospitality projects that it has or intends to initiate in 2019.
For more information on the company’s current project pipeline, see the company’s Business Strategy section of the 2018 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings with the Securities Exchange Commission (SEC).