The St. Joe Company Highlights Record-Breaking Results for Its Hospitality Segment for the Second Quarter 2024 and Releases Video Tour of Diverse Hospitality Offerings
26 July 2024 - 6:05AM
Business Wire
The St. Joe Company (NYSE: JOE) (“St. Joe” or “The Company”)
recently released its second quarter 2024 results, which showed
record-breaking performance for its hospitality segment.
Hospitality revenue increased by 38% to $62.3 million in the second
quarter of 2024 as compared to $45.1 million in the second quarter
of 2023. Similarly, gross margin for the hospitality segment
increased to 39.2% for the second quarter of 2024 as compared to
26.2% for the same period in 2023. St. Joe attributes these results
to several factors including new property openings in 2023,
enhanced operational efficiencies at existing properties and
continued increased visitation to Northwest Florida.
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the full release here:
https://www.businesswire.com/news/home/20240725744672/en/
Camp Creek Inn and Watersound Club
amenities in Walton County, Florida. (Photo: Business Wire)
The Company has opened six hotels since the start of 2023 and
now owns, either individually or through joint ventures, 12 hotels
with 1,298 rooms. These new openings included the Embassy Suites by
Hilton Panama City Beach Resort, Camp CreekSM Inn, The Lodge 30A,
Home2 Suites by Hilton Santa Rosa Beach, Hotel Indigo Panama City
Marina and Residence Inn Panama City Beach Pier Park. These
properties add to and complement St. Joe’s existing portfolio of
hotels which includes WaterColor® Inn, Watersound Inn® and The
Pearl Hotel along the Scenic Highway 30A corridor as well as
Homewood Suites by Hilton Panama City Beach, Hilton Garden Inn
Panama City Airport and TownePlace Suites by Marriott Panama City
Beach Pier Park. Collectively, these hotels offer a wide range of
accommodations, experiences and amenities for every individual,
family and budget.
The growth of the Watersound Club® membership program also
contributed to the record-breaking quarterly results. As of June
30, 2024, the Company had 3,571 club members as compared to 2,853
club members as of the same date in 2023. In addition to Shark’s
Tooth and Camp Creek® golf courses, a new 18-hole golf course,
named The Third, is currently under construction with other club
amenities in the planning stages to service the growing membership.
A collection of marinas, restaurants, recreational activities and
retail locations complete the Company’s hospitality portfolio.
“Seeing this level of success from our hospitality operations,
particularly with so many new property openings, is incredible,”
said Patrick Murphy, Senior Vice President of Hospitality for St.
Joe. “I believe this success is a result of our ability to now
service a variety of travelers with a range of products from
high-end boutique inns and expansive resorts to select service
hotels. With our vast land holdings, we are positioned to continue
to seek new opportunities to expand and further diversify our
portfolio of assets to capture more travelers, club members and
customers in the future.”
In addition to celebrating the success of its hospitality
segment, St. Joe today releases a video tour of its diverse
hospitality assets in Walton, Bay and Gulf Counties. Click here to
view the video.
To view all of St. Joe’s videos, visit
www.joe.com/video-gallery.
Important Notice Regarding
Forward-Looking Statements
The video included in this press release contains
“forward-looking statements,” within the meaning of Section 21E of
the Exchange Act. 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, 2023, and subsequent
filings as well as the interests of club members and prospective
guests in St. Joe’s portfolio of hospitality assets.
About The St. Joe
Company
The St. Joe Company is a real estate development, asset
management and operating company with real estate assets and
operations in Northwest Florida. The Company intends to use
existing assets for residential, hospitality and commercial
ventures. St. Joe has significant residential and commercial
land-use entitlements. The Company actively seeks higher and better
uses for its real estate assets through a range of development
activities. More information about the Company can be found on its
website at www.joe.com.
©2024 The St Joe Company. “St. Joe®,” “JOE®,” the “Taking
Flight” Design®”, “St. Joe (and Taking Flight Design)®,” “Camp
Creek®,” “Camp CreekSM,” WaterColor®,” “Watersound Inn®,” and
“Watersound Club®,” are registered service marks of The St. Joe
Company or its affiliates.
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version on businesswire.com: https://www.businesswire.com/news/home/20240725744672/en/
St. Joe Investor Relations Contact: Marek Bakun Chief
Financial Officer 1-866-417-7132 marek.bakun@joe.com
St. Joe Media Relations Contact: Mary Beth Lovingood
Corporate Director of Marketing 850-231-6583
marybeth.lovingood@joe.com
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