The St. Joe Com­pa­ny Announces Plans for a New Hotel at North­west Flori­da Beach­es Inter­na­tion­al Air­port (ECP)

Novem­ber 8, 2018

WATER­SOUND, Fla. – (BUSI­NESS WIRE) – Nov. 8, 2018– The St. Joe Com­pa­ny (NYSE: JOE) (“St. Joe”) today announces plans to con­struct, own and oper­ate a new brand­ed hotel, imme­di­ate­ly adja­cent and con­ve­nient to the North­west Flori­da Beach­es Inter­na­tion­al Air­port (ECP).

This press release fea­tures mul­ti­me­dia. View the full release here: https://​www​.busi​ness​wire​.com/​n​e​w​s​/​h​o​m​e​/​2​0​1​8​1​1​0​8​0​0​6​0​5​4/en/

Fol­low­ing St. Joe’s busi­ness strat­e­gy of expand­ing its port­fo­lio of income pro­duc­ing prop­er­ties, as well as grow­ing its resorts and leisure seg­ment, the Com­pa­ny plans the devel­op­ment of a 110 – 125 room hotel with a full ser­vice restau­rant and bar, as well as meet­ing space. This new hotel will be locat­ed adja­cent to the air­port which is locat­ed with­in St. Joe’s 110,500 acres known as the Bay-Wal­ton Sec­tor Plan.

The North­west Flori­da Beach­es Inter­na­tion­al Air­port has expe­ri­enced a sig­nif­i­cant increase in pas­sen­ger traf­fic since its relo­ca­tion. In 2009, the air­port had one air­line car­ri­er with one direct des­ti­na­tion. Today, after re-open­ing in its cur­rent loca­tion, it has four car­ri­ers with ten non-stop direct des­ti­na­tions. In that same peri­od of time, annu­al pas­sen­ger traf­fic increased from approx­i­mate­ly 300,000

The St. Joe Com­pa­ny Announces Plans for a New Hotel at North­west Flori­da Beach­es Inter­na­tion­al Air­port (ECP) (Pho­to: Busi­ness Wire) pas­sen­gers at the end of 2009 to over 900,000 pas­sen­gers at the end of 2017. ​“We are pleased that St. Joe has cho­sen their prop­er­ty adja­cent to the North­west Flori­da Beach­es Inter­na­tion­al Air­port for this much need­ed hotel,” said Park­er W. McClel­lan Jr., AAE, Air­port Exec­u­tive Direc­tor. Mr. McClel­lan added, ​“Addi­tion­al lodg­ing options with a trust­ed com­pa­ny like St. Joe will be a great enhance­ment for our region ser­vic­ing trav­el­ers vis­it­ing our area whether on busi­ness or leisure.”

Locat­ed adja­cent to the pro­posed hotel site and the air­port, St. Joe con­tin­ues to devel­op Ven­ture­Cross­ings Com­merce Park, with anchor ten­ants Har­ris Cor­po­ra­tion and GKN Aero­space. In addi­tion to its com­mer­cial activ­i­ties, St. Joe recent­ly announced plans for the Lat­i­tude Mar­gar­i­taville Water­sound active adult com­mu­ni­ty, to be locat­ed in close prox­im­i­ty to the air­port and with­in the Bay-Wal­ton Sec­tor Plan prop­er­ty, which is enti­tled for up to 170,000 homes. The new com­mu­ni­ty will be devel­oped by a joint ven­ture between St. Joe and Minto Com­mu­ni­ties USA and is planned for 3,000 homes in its first phase. Mod­el homes are sched­uled to open in 2020.

“We are pleased to announce the addi­tion of a new hotel prop­er­ty adja­cent to the grow­ing air­port and our neigh­bor­ing com­mer­cial and res­i­den­tial projects,” said Jorge Gon­za­lez, Pres­i­dent and Chief Exec­u­tive Offi­cer of The St. Joe Com­pa­ny. Mr. Gon­za­lez added, ​“With the growth of the region as a whole and St. Joe’s upcom­ing projects, along with the increase in air­port pas­sen­ger traf­fic, we believe now is the right time to add this new hotel for the increas­ing num­ber of trav­el­ers. This loca­tion is an ide­al fit for a new hotel offer­ing trav­el­ers anoth­er great lodg­ing option. This hotel announce­ment con­sti­tutes the third new hotel for the Com­pa­ny, includ­ing the 250-room Embassy Suites at Pier Park, which is expect­ed to break ground in 2019 and the 124-room Towne­Place Suites in Pana­ma City Beach, which broke ground in Octo­ber 2018.”

Addi­tion­al infor­ma­tion regard­ing the hotel, includ­ing the brand of the hotel, will be released in the future. For more infor­ma­tion about St. Joe, please vis­it: www​.joe​.com.

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 plans to devel­op a new brand­ed hotel adja­cent to the North­west Flori­da Beach­es Inter­na­tion­al Air­port, the devel­op­ment of Ven­ture­Cross­ings Com­merce Park, plans to devel­op the Lat­i­tude Mar­gar­i­taville Water­sound, and the devel­op­ment of Embassy Suites at Pier Park and Towne­Place Suites. 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, 2017, its Quar­ter­ly Report on Form 10‑Q for the quar­ter end­ed Sep­tem­ber 30, 2018 filed with the SEC on Octo­ber 31, 2018 as updat­ed by sub­se­quent cur­rent report fil­ings, as well as the following:

(1) the abil­i­ty of St. Joe to enter into an attrac­tive agree­ment for brand­ed hotel prop­er­ty, (2) the con­tin­u­a­tion of growth in trav­el vol­ume through the North­west Flori­da Beach­es Inter­na­tion­al Air­port, (3) the con­tin­ued inter­est of prospec­tive guests of a hotel adja­cent to the North­west Flori­da Beach­es Inter­na­tion­al Air­port, and (4) the abil­i­ty of St. Joe to suc­cess­ful­ly com­plete the pro­posed hotel and obtain nec­es­sary approvals for the project.

About St. Joe

The St. Joe Com­pa­ny, togeth­er with its con­sol­i­dat­ed sub­sidiaries, is a real estate devel­op­er and man­ag­er. The Com­pa­ny owns land con­cen­trat­ed pri­mar­i­ly in North­west Flori­da and has sig­nif­i­cant res­i­den­tial and com­mer­cial land-use enti­tle­ments in hand or in process. The Com­pa­ny also owns var­i­ous com­mer­cial, resort, and club prop­er­ties. More infor­ma­tion about the Com­pa­ny can be found on its web­site at www​.joe​.com.

©The St Joe Com­pa­ny 2018. ​“St. Joe ®”, ​“JOE ®”, the ​“Tak­ing Flight” Design ®, ​“St. Joe (and Tak­ing Flight Design) ®”, are ser­vice marks of The St. Joe Com­pa­ny, its affil­i­ates or third parties.

View source ver­sion on busi​ness​wire​.com: https://​www​.busi​ness​wire​.com/​n​e​w​s​/​h​o​m​e​/​2​0​1​8​1​1​0​8​0​0​6​0​5​4/en/ Source: The St. Joe Company

St. Joe Investor Rela­tions Con­tact: Marek Bakun, 1−866−417−7132 Chief Finan­cial Offi­cer marek.​bakun@​joe.​com