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Kurt

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Oct 15, 2004
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SoWal
mooncreek.com
The St. Joe Company (NYSE: JOE) ("St. Joe") and InterMountain Management, LLC ("InterMountain") announced today their intent to pursue the formation of a joint venture to construct and manage a new hotel in Panama City Beach, Florida.

"InterMountain looks forward to working with St. Joe with the goal of expanding branded hotels in the Panama City Beach market," stated Dewey Weaver, Owner of InterMountain. Mr. Weaver added, "We believe there is a strong demand for new hotels near Pier Park and in Panama City Beach as a whole."

"We are excited about the opportunity to partner with a best in class hotel operator like InterMountain and the goal of expanding St. Joe's portfolio of income producing properties," said Jorge Gonzalez, President and Chief Executive Officer of The St. Joe Company. Gonzalez added, "We view the expansion of our lodging and hospitality operations accretive to our overall business strategy and have chosen to work with InterMountain on this opportunity based on its proven track record of successful hotel development and extensive lodging experience. We see strong potential in the growing family-oriented tourism market of Panama City Beach, especially with activities like the regional amateur sports tournaments hosted at Frank Brown Park and the Panama City Beach Aquatic Center, the extensive shopping and entertainment in the Pier Park area, and, of course, the beautiful white sandy beaches. Panama City Beach is emerging as a year-round destination for the entire family."

The parties plan to jointly design, develop, construct and own a limited service hotel to be located on land provided by St. Joe in the Pier Park area. The current plan is for the hotel to be branded as a TownePlace Suites hotel and be managed by InterMountain.
 
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