Miami-based Key International Inc. and The St. Joe Company plan to form a joint venture to develop a resort hotel in Panama City.
The joint venture would develop a nationally branded, full-service hotel on land owned by St. Joe. The hotel would have as many as 250 suites, plus a swimming pool, meeting space and other amenities.
St. Joe’s land in Panama City is within walking distance of the Russell-Fields Pier and the Pier Park shopping center, which spans nearly 900,000 square feet.
St. Joe also is in another joint venture to build a limited-service hotel next to Frank Brown Park in Panama City.
Key International currently is pursuing several developments including a 175-room Embassy Suites hotel on an oceanfront site in St. Augustine. – Mike Seemuth