The St. Joe Company and Key International Announce Plans for a Joint Venture
10 May 2018 - 6:54AM
Business Wire
The St. Joe Company (NYSE: JOE) (“St. Joe”) and Key
International, Inc. (“Key International”) today announced their
intent to pursue the formation of a joint venture to develop a new
resort hotel in Panama City Beach, Florida.
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“Key International welcomes the opportunity to work with a
well-established and reputable partner like St. Joe, with the goal
of expanding full service hotels in the Panama City Beach market,”
stated Inigo and Diego Ardid, Co-Presidents of Key International.
Since the 1970’s, Key International has been investing in and
developing high end properties in Spain and the United States. Key
International is currently developing a number of projects,
including a 175-room Embassy Suites Oceanfront Resort in St.
Augustine, Florida.
“St. Joe’s strategy is to partner with best in class companies
to expand our portfolio of income producing properties,” said Jorge
Gonzalez, President and Chief Executive Officer of The St. Joe
Company. Gonzalez added, “We view the hospitality industry as a
logical extension of this strategy, especially in the growing
family-oriented lodging market of Panama City Beach, which is
emerging as a year-round destination for the entire family with 17
million visitor day/nights in 2017. This announcement constitutes
the second hotel joint venture that we are currently pursuing in
the Panama City Beach market, including the announcement we made
last October for a new limited service hotel adjoining Frank Brown
Park. St. Joe is excited to join forces with Key International
based on its proven track record of successful hotel development
throughout the United States and abroad.”
The parties plan to jointly design, develop, construct, and
operate a resort hotel located on land currently owned by St. Joe
within Pier Park, having unobstructed views of the Gulf of Mexico.
The current plan is for the hotel to be a nationally branded, full
service hotel that is within walking distance to Russell-Fields
Pier and the Pier Park lifestyle shopping center, which offers
nearly 900,000 square feet of shopping, entertainment, and dining
options. The proposed hotel would offer up to 250 guest suites, a
pool, meeting space, and other amenities.
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 parties’ future intent to enter
into a joint venture, the anticipated success of that joint venture
and prospective hotel interest in Panama City Beach, as well as the
growth potential of Panama City Beach as a year-round
family-oriented destination and the branding of any hotel
constructed and managed by the joint venture. At this point, St.
Joe and Key International have not reached any sort of agreement,
and the parties have not entered into any definitive documentation
with respect to the joint venture, meaning that neither party is
bound to move forward at this stage. This press release is a
disclosure of an intent of the parties to pursue a joint venture
and either party may decide not to pursue the joint venture. 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 First Quarter Report on Form
10-Q filed with the SEC on May 2, 2018 as updated by subsequent
current report filings, as well as the following: (1) the ability
of St. Joe and Key International to mutually agree to a
joint venture structure and joint venture documents, (2) the
ability of St. Joe and Key International to successfully complete
the proposed hotel, and (3) the continued interest of prospective
guests in a hotel in Panama City Beach.
About St. Joe
The St. Joe Company together with its consolidated subsidiaries
is a real estate development, asset management and operating
company concentrated primarily between Tallahassee and Destin,
Florida. More information about St. Joe can be found on its website
at www.joe.com.
About Key International
Key International is a real estate investment and development
company headquartered out of Miami, Florida. The company focuses on
high-end commercial and luxury residential properties including
hotels, condominiums, office, and retail. Key Intl. is operated by
the Ardid family and has been acquiring and developing properties
since the 1970’s in Spain and in the United States. More
information about Key Intl. can be found on its website
www.key-international.com.
“St. Joe®”, “JOE®”, the “Taking Flight” Design®, “St. Joe (and
Taking Flight Design) ®” and “Pier Park®” are registered service
marks of The St. Joe Company.
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version on businesswire.com: https://www.businesswire.com/news/home/20180509006505/en/
St. JoeInvestor/Media Contact:Marek Bakun, 866-417-7132Chief
Financial
Officermarek.bakun@joe.comorhttp://www.key-international.com
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