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

WATERSOUND, Fla.–(BUSINESS WIRE)–$JOE #JOE–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).


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 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.

Contacts

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