St. Joe Company and InterMountain Management have begun construction of a new hotel in Panama City Beach, Florida, US.

The companies established a JV for designing, developing, building and owning a limited-service hotel at the Pier Park shopping and entertainment district.

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The 121-suite hotel, called Residence Inn by Marriott, will be managed by InterMountain.

Residence Inn by Marriott suites will feature full kitchens equipped with refrigerator, stovetop, microwave, dishwasher and coffee maker.

It will also feature amenities, such as a conference room, pool, fitness centre, and outdoor patio with grills.

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The hotel, which will be situated on the northern part of the US Highway 98 near the intersection of Pier Park Drive, is targeted at families on vacation as well as for business tourists.

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St. Joe senior vice president of commercial real estate Dan Velazquez said: “We are thrilled to continue our relationship with InterMountain. The Pier Park area is thriving, and this planned Residence Inn by Marriott will expand on our existing successful operations.”

The two firms currently own the TownePlace Suites by Marriott, a 124-room suite hotel in Panama City Beach.

InterMountain owner Dewey Weaver said: “We’re very proud of our success of our TownePlace Suites by Marriott near Pier Park – in fact, it is so successful that we’re answering excess demand with this new hotel.”

Currently, sitework has begun on The Residence Inn by Marriott project, which is expected to be finished by 2024.
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Image: Rendering of the Residence Inn by Marriott to be built in the heart of the Pier Park Shopping and Entertainment District in Panama City Beach, Florida. Credit: Business Wire/The St. Joe Company/ InterMountain Management.