The St Joe Company, a US-based real estate development and asset management company, has announced a 38% increase in hospitality segment revenue, reaching $62.3m in the second quarter of 2024 compared to $45.1m in the same period of last year.
This growth is attributed to the opening of new properties, improved operational efficiencies, and a rise in Northwest Florida visitation.
The company's gross margin in the hospitality sector also saw a 39.2% rise in Q2 2024, up from 26.2% in the previous year.
St Joe's expansion strategy has been a key driver, with six hotels launched since the start of 2023, bringing its total to 12 hotels with 1,298 rooms. The new properties include Camp Creek Inn in Florida, the Embassy Suites by Hilton Panama City Beach Resort and The Lodge 30A, among others.
These hotels join St Joe's existing portfolio, which features a variety of accommodations such as the WaterColor Inn and The Pearl Hotel.
The diverse hotel range caters to different preferences and budgets. The Watersound Club membership programme has also seen growth, with memberships increasing from 2,853 to 3,571 in one year.
The company is further enhancing its offerings with the construction of a new 18-hole golf course and planning additional club amenities. St Joe's hospitality portfolio is rounded out with marinas, restaurants, and retail locations, providing a comprehensive guest experience.
The St Joe Company senior vice president of hospitality Patrick Murphy said: "Seeing this level of success from our hospitality operations, particularly with so many new property openings, is incredible.
“I believe this success is a result of our ability to now service a variety of travellers with a range of products from high-end boutique inns and expansive resorts to select service hotels. With our vast land holdings, we are positioned to continue to seek new opportunities to expand and further diversify our portfolio of assets to capture more travellers, club members and customers in the future.”
