The St. Joe Company (NYSE: JOE) and InterMountain Management, LLC today announced the groundbreaking for a new TownePlace Suites hotel in Panama City Beach, Florida, will take place this week.
This 124-room TownePlace Suites by Marriott will be located adjacent to Frank Brown Park and will include amenities such as a fitness center, pool, business center and more. TownePlace Suites’ model offers an extended stay hotel with suites designed to provide everything travelers need to live life uninterrupted. St. Joe and InterMountain believe this hotel brand is perfectly suited for the growing family-oriented tourism market of Panama City Beach, conveniently located close to the activities associated with the area’s beautiful beaches, Frank Brown Park and the Panama City Beach Aquatic Center, as well as, the shopping and entertainment center of Pier Park.
“News of this groundbreaking is a welcome event as this beautiful region recovers from the effects of Hurricane Michael,” said Panama City Beach Mayor Mike Thomas. Mr. Thomas added, “We already saw a need for additional lodging options as economic activity continues to increase and are pleased to have St. Joe involved in this development as our area sees continued growth.”
“We are excited to break ground on the new TownePlace Suites at this crucial time as Bay County recovers from the effects of the storm,” said Jorge Gonzalez, President and Chief Executive Officer of The St. Joe Company. Mr. Gonzalez added, “The area of Panama City Beach continues to expand into a year-round destination for families and this new TownePlace Suites hotel gives travelers another great lodging option as they come to enjoy everything the region has to offer.”
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