The St. Joe Company Announces Hospitality, Golf And Marina Alliances
Jacksonville, FL - The St.Joe Company announced recently it has entered into four management agreements for key JOE-owned amenities in Northwest Florida, including The WaterColor Inn and Resort, JOE's portfolio of golf courses, two marinas, the SummerCamp Beach Club and the WaterSound Beach Club. JOE has established strategic alliances with the following industry leaders:
- Noble House Hotels & Resorts, a boutique hotel ownership and management company with 13 distinctive, independent hotels and full-service resorts located throughout the United States, will provide a full range of management and marketing services for JOE's award-winning WaterColor Inn and Resort in Walton County, Florida. (See www.noblehousehotels.com) Recently, the WaterColor Inn and Resort was named to Conde Nast Reader's Choice list of top 50 resorts.
- Troon Golf, the world's leading luxury-brand golf management, development and marketing company, will assume all management and operating responsibilities for JOE's three championship and resort golf courses in Northwest Florida: Camp Creek Golf Club, Origins Golf and the Shark's Tooth Golf Club. In addition, Troon will manage the WaterSound Beach Club. Troon's private club management provides an atmosphere of extraordinary luxury and unsurpassed personal service. (See www.troongolf.com)
- Billy Casper Golf, one of the nation's leading golf course management companies, will provide a full range of management, operational and marketing services for three other JOE-owned championship golf courses in Florida, including St. Johns Golf and Country Club near Jacksonville, SouthWood Golf Club in Tallahassee and Victoria Hills Golf Club in DeLand. In addition, Billy Casper Golf will manage JOE's SummerCamp Beach Club. (See www.billycaspergolf.com)
- Galati Yacht Sales, along with its affiliate Coastal Marine Management, will continue to manage and operate JOE's Bay Point and Port St. Joe marinas, and work with JOE to create a superior boating and waterfront experience at JOE properties in Northwest Florida. (See www.galatiyachts.com)
Approximately 500 JOE employees at JOE's hospitality, golf and beach club operations are being transferred to these best-in-class strategic alliance partners. For these employees, this change will provide significant new professional opportunities. JOE will continue to own the assets and ensure they continue to be managed in a way that increases the value of the surrounding JOE land.
"These strategic relationships represent an important step forward in the execution of our previously announced restructuring plan," said JOE chairman and CEO Peter S. Rummell. "Our alliance partners are bringing tremendous expertise, brand strength and marketing savvy to JOE's Florida communities. At the same time, it will allow JOE to focus on what we do best – planning and entitling our low-basis land."
Evaluation of Alliance Relationships
"We believe these strategic alliances will help JOE reduce corporate overhead, improve customer experiences and provide significant competitive advantages," said Rummell. "But, in every case, we will continue to evaluate the long-term shareholder returns of our alliance relationships. For example, JOE recently elected to terminate its relationship with Miraval to operate a spa and resort at WindMark Beach. We determined that in this real estate market, the Miraval concept at WindMark Beach would not provide JOE with acceptable long-term returns. Consequently, the proposed purchase by Exclusive Resorts of 30 WindMark Beach home sites, along with the JOE Southern Accents Home, has also been terminated since that transaction was contingent on resort services from the Miraval spa and resort. Exclusive Resorts and Miraval have a common parent corporation, Revolution."
SOURCE: The St.Joe Company