The St. Joe Company Announces Recent Hospitality and Commercial Transactions
PANAMA CITY BEACH in Fla., December 21, 2022–(BUSINESS WIRE)–The St. Joe Company (NYSE: JOE) (“St. Joe”) announces that it recently closed on three strategic real estate transactions and provides an update on projects that are scheduled to open in 2023.
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The Pearl Hotel. (Photo by Business Wire).
The purchase of The Pearl Hotel, Rosemary Beach by The St. Joe Company was completed in December.®, a luxury 55-room hotel in Northwest Florida’s highly sought-after Scenic Highway 30A corridor. Since 2014, The St. Joe Company has managed the hotel’s day-to-day operations. The Pearl Hotel, which has been named one of Travel + Leisure’s World’s Best Hotels, features an on-site restaurant and spa as well as a stretch of private beach along the Gulf of Mexico. St. Joe now holds three hotels along Scenic Highway 30A and two more hotels that are under construction. They plan to open these hotels in 2023.
In November, St. Joe purchased an additional 30% share of Pier Park North, an approximately 320,000 square foot shopping center in Panama City Beach’s Pier Park shopping and entertainment district, from joint venture partner Casto. Pier Park North has major anchor tenants including Dick’s Sporting Goods and The Fresh Market. It is 97% leased at the moment. This transaction increased St. Joe’s ownership stake to 90%.
St. Joe and Flournoy Development Company, a joint venture partner, closed the sale in November of Sea Sound Apartments. It is a 300-unit apartment complex. The 18.97-acre parcel was sold by St. Joe to the joint venture in January 2020, for $5.1 Million. In November 2022, the joint venture purchased the apartment community for $92,000,000.
Jorge Gonzalez, President & CEO of The St. Joe Company said that the transactions “further position the company in delivering on our strategies to create higher values for real property owned and increase recurring revenue with best in-class assets at locations that create synergistic value and speak to the growth of the region.” “The Pearl Hotel stands out from all other hotels in the area and is able to take advantage of the high demand for Scenic Highway 30A. St. Joe, along with the existing hotels and the ones we are building, is the dominant hotelier in the corridor. Similarly, the tenant mix and ideal location of Pier Park North position it for years of continued shopper traffic that will be bolstered by its proximity to St. Joe’s existing and planned hotels, apartments, residential communities, and the FSU Health Medical Campus both in the Pier Park shopping and entertainment district and along the nearby State Road 79 corridor.”
A busy end to 2022 makes way for a very active 2023 when St. Joe expects to open five new hotels, including the 85-room The Lodge 30A in Seagrove Beach, the 255-room Embassy Suites in Panama City Beach, the 75-room Camp Creek Inn and adjacent Watersound Club amenity expansion, the 107-room Home2 Suites in Santa Rosa Beach, and the 124-room Hotel Indigo in downtown Panama City’s historic marina district. Once these projects are complete, St. Joe’s hotel portfolio will more than double to 1,117 rooms.
Mexico Beach Crossings Apartments is another project that will open in 2023. This 216-unit apartment complex in Mexico Beach, Florida, will address the housing needs of Tyndall Air Force Base’s $5 billion redevelopment. North Bay Landing Apartments in Panama City, which houses 240 apartments, is also expected to open in 2023.
You can find a photo gallery of The Pearl Hotel North and Pier Park North, as well as images of construction of the projects that are scheduled to open in 2023, here: https://joe.canto.com/s/LN5FV?viewIndex=0
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 the anticipated benefits of St. Joe’s recent strategic acquisitions and plans regarding current development projects, including expected timelines for completion and the expected benefits up completion. 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, 2021 and subsequent current filings, as well as the following: (1) the ability for St. Joe to realize the expected benefits of its recent strategic acquisitions, (2) the ability of St. Joe, its affiliates or its joint ventures to successfully complete the projects and (3) the demand for such projects by prospective users, buyers and tenants.
About St. Joe Company
The St. Joe Company, a real-estate development, asset management, and operating company with real property assets and operations in Northwest Florida is called the St. Joe Company. The Company plans to make use of existing assets for commercial, residential and hospitality ventures. St. Joe holds significant land-use rights for residential and commercial purposes. Through a variety of development activities, the Company seeks out better and higher uses for its real property assets. You can find more information on the Company at its website. www.joe.com. The Company posts videos on a regular basis showing progress on projects currently in development or under construction. See https://www.joe.com/video-gallery For more information, please visit
©2022 The St Joe Company. “St. Joe”®“, “JOE®“, The “Taking Flight” Design®“St. Joe” (and Taking Flight Design).®“, “Watersound®“, “Pier Park®“, and “Pier Park North®” All registered service marks are owned by The St. Joe Company, or affiliates. *Rosemary Beach® Rosemary Beach Holdings LLC registered this service mark.
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Contacts
Contact St. Joe Investor Relations
Marek Bakun
Chief Financial Officer
1-866-417-7132
[email protected]
Contact St. Joe Media Relations:
David Demarest
Director of PR & Communications
1-850-213-5137
[email protected]