The St. Joe Company Highlights Record-Breaking Results for Its Hospitality Segment for the Second Quarter 2024 and Releases Video Tour of Diverse Hospitality Offerings
The St. Joe Company (NYSE: JOE) reported record-breaking results for its hospitality segment in Q2 2024. Highlights include:
- Hospitality revenue increased 38% to $62.3 million (vs $45.1 million in Q2 2023)
- Gross margin improved to 39.2% (vs 26.2% in Q2 2023)
- Opened 6 new hotels since 2023, now owning 12 hotels with 1,298 rooms
- Watersound Club membership grew to 3,571 (vs 2,853 in June 2023)
The company attributes success to new property openings, operational efficiencies, and increased visitation to Northwest Florida. St. Joe's diverse portfolio now includes high-end boutique inns, resorts, select-service hotels, golf courses, marinas, and restaurants.
La St. Joe Company (NYSE: JOE) ha riportato risultati da record per il suo segmento dell'ospitalità nel Q2 2024. I punti salienti includono:
- I ricavi dell'ospitalità sono aumentati del 38% a 62,3 milioni di dollari (rispetto a 45,1 milioni di dollari nel Q2 2023)
- Il margine lordo è migliorato al 39,2% (rispetto al 26,2% nel Q2 2023)
- Sono stati aperti 6 nuovi hotel dal 2023, portando al possesso totale di 12 hotel con 1.298 camere
- I membri del Watersound Club sono cresciuti a 3.571 (rispetto a 2.853 a giugno 2023)
L'azienda attribuisce il successo all'apertura di nuove proprietà, all'efficienza operativa e all'aumento delle visite in Florida del Nord. Il portafoglio diversificato della St. Joe comprende ora boutique di lusso, resort, hotel a servizio selezionato, campi da golf, porti turistici e ristoranti.
La St. Joe Company (NYSE: JOE) reportó resultados récord para su segmento de hospitalidad en el segundo trimestre de 2024. Los puntos destacados incluyen:
- Los ingresos de hospitalidad aumentaron un 38% a $62,3 millones (frente a $45,1 millones en el Q2 2023)
- El margen bruto mejoró al 39,2% (frente al 26,2% en el Q2 2023)
- Se abrieron 6 nuevos hoteles desde 2023, ahora poseen 12 hoteles con 1,298 habitaciones
- La membresía del Watersound Club creció a 3,571 (frente a 2,853 en junio de 2023)
La empresa atribuye su éxito a la apertura de nuevas propiedades, a las eficiencias operativas y al aumento de las visitas al noroeste de Florida. El diverso portafolio de St. Joe ahora incluye posadas boutique de lujo, resorts, hoteles de servicio selectivo, campos de golf, marinas y restaurantes.
세인트 조 컴퍼니(St. Joe Company, NYSE: JOE)는 2024년 2분기 환대 부문에서 기록적인 실적을 보고했습니다. 주요 내용은 다음과 같습니다:
- 환대 수익이 38% 증가하여 6230만 달러에 달했습니다(2023년 2분기 4510만 달러 대비)
- 총 마진이 39.2%로 개선되었습니다(2023년 2분기 26.2% 대비)
- 2023년 이후 6개의 새로운 호텔을 개장하여, 현재 12개의 호텔과 1,298개의 객실을 소유하고 있습니다
- 워터사운드 클럽의 회원 수가 3,571명으로 증가했습니다(2023년 6월 2,853명 대비)
회사는 새로운 부동산 개장, 운영 효율성 및 플로리다 북서부 방문객 증가에 따른 성공을 설명합니다. 세인트 조의 다양한 포트폴리오에는 고급 부티크 인, 리조트, 선택 서비스 호텔, 골프장, 마리나 및 레스토랑이 포함되어 있습니다.
La St. Joe Company (NYSE: JOE) a rapporté des résultats record pour son segment d'hospitalité au deuxième trimestre 2024. Les points forts comprennent :
- Les revenus d'hospitalité ont augmenté de 38 % pour atteindre 62,3 millions de dollars (contre 45,1 millions de dollars au Q2 2023)
- La marge brute a été améliorée à 39,2 % (contre 26,2 % au Q2 2023)
- 6 nouveaux hôtels ont été ouverts depuis 2023, portant le total à 12 hôtels avec 1 298 chambres
- Le nombre de membres du Watersound Club a atteint 3 571 (contre 2 853 en juin 2023)
L'entreprise attribue son succès à l'ouverture de nouvelles propriétés, à l'efficacité opérationnelle et à l'augmentation des visites dans le nord-ouest de la Floride. Le portefeuille diversifié de St. Joe comprend désormais des auberges de luxe, des complexes touristiques, des hôtels à service sélectif, des terrains de golf, des marinas et des restaurants.
Die St. Joe Company (NYSE: JOE) hat rekordverdächtige Ergebnisse für ihr Gastgewerbesegment im Q2 2024 berichtet. Zu den Highlights gehören:
- Die Einnahmen im Gastgewerbe stiegen um 38 % auf 62,3 Millionen US-Dollar (gegenüber 45,1 Millionen US-Dollar im Q2 2023)
- Die Bruttomarge verbesserte sich auf 39,2 % (im Vergleich zu 26,2 % im Q2 2023)
- Seit 2023 wurden 6 neue Hotels eröffnet, jetzt besitzt das Unternehmen 12 Hotels mit 1.298 Zimmern
- Die Mitgliedschaft im Watersound Club wuchs auf 3.571 Mitglieder (gegenüber 2.853 im Juni 2023)
Das Unternehmen führt seinen Erfolg auf die Eröffnung neuer Objekte, betriebliche Effizienz und das gestiegene Besucheraufkommen in Nordwest-Florida zurück. Das vielfältige Portfolio von St. Joe umfasst jetzt hochwertige Boutique-Hotels, Resorts, Hotelangebote mit begrenztem Service, Golfplätze, Marinas und Restaurants.
- Record-breaking hospitality revenue growth of 38% year-over-year
- Significant gross margin improvement from 26.2% to 39.2% in hospitality segment
- Expansion of hotel portfolio with 6 new openings since 2023
- 25% growth in Watersound Club membership year-over-year
- None.
Insights
The St. Joe Company's Q2 2024 results for its hospitality segment are indeed impressive. The 38% increase in hospitality revenue to
- Expansion of hotel portfolio: The addition of six new hotels since 2023, bringing the total to 12 hotels with 1,298 rooms, has significantly increased the company's capacity to generate revenue.
- Diversification of offerings: The range of accommodations now caters to various market segments, from high-end boutique inns to select service hotels, allowing St. Joe to capture a broader customer base.
- Operational efficiencies: The improved gross margin suggests better cost management and operational streamlining across properties.
- Growing Watersound Club membership: With a
25% increase in club members year-over-year, this segment is contributing to recurring revenue streams.
The company's strategic focus on the Northwest Florida market appears to be paying off, capitalizing on increased visitation to the region. However, investors should consider the cyclical nature of the hospitality industry and potential risks such as economic downturns or natural disasters that could impact tourism in the area.
Looking ahead, St. Joe's vast land holdings provide significant potential for further expansion and diversification of its hospitality assets. This could lead to continued growth in the segment, but also requires careful capital allocation and market timing to ensure optimal returns on investment.
St. Joe's record-breaking Q2 2024 results in its hospitality segment reflect broader trends in the travel and tourism industry post-pandemic. The company's success can be contextualized within several key market dynamics:
- Pent-up travel demand: As restrictions have eased, there's been a surge in domestic leisure travel, benefiting destinations like Northwest Florida.
- Shift towards diverse accommodations: Travelers are seeking varied experiences, from luxury resorts to more budget-friendly options, which aligns with St. Joe's diverse portfolio.
- Rise of 'bleisure' travel: The blending of business and leisure travel is driving demand for properties that can accommodate both needs.
- Preference for drive-to destinations: Northwest Florida's accessibility for regional travelers has likely contributed to increased visitation.
The growth in Watersound Club membership (3,571 members as of June 30, 2024) aligns with the trend of consumers seeking exclusive, high-end experiences and community belonging. The planned expansion of club amenities, including a new golf course, suggests St. Joe is positioning itself to capitalize on the luxury lifestyle market.
However, it's important to monitor potential headwinds such as inflationary pressures on consumer discretionary spending and any signs of economic slowdown that could impact travel patterns. Additionally, the company's concentration in a single geographic region, while currently advantageous, could pose risks if regional tourism trends shift.
Overall, St. Joe's strategic alignment with current market trends and its ability to diversify within its core region position it well for continued growth in the hospitality sector, barring any significant macroeconomic disruptions.
Camp Creek Inn and Watersound Club amenities in
The Company has opened six hotels since the start of 2023 and now owns, either individually or through joint ventures, 12 hotels with 1,298 rooms. These new openings included the Embassy Suites by Hilton Panama City Beach Resort, Camp CreekSM Inn, The Lodge 30A, Home2 Suites by Hilton Santa Rosa Beach, Hotel Indigo Panama City Marina and Residence Inn Panama City Beach Pier Park. These properties add to and complement St. Joe’s existing portfolio of hotels which includes WaterColor® Inn, Watersound Inn® and The Pearl Hotel along the Scenic Highway 30A corridor as well as Homewood Suites by Hilton Panama City Beach, Hilton Garden Inn Panama City Airport and TownePlace Suites by Marriott Panama City Beach Pier Park. Collectively, these hotels offer a wide range of accommodations, experiences and amenities for every individual, family and budget.
The growth of the Watersound Club® membership program also contributed to the record-breaking quarterly results. As of June 30, 2024, the Company had 3,571 club members as compared to 2,853 club members as of the same date in 2023. In addition to Shark’s Tooth and Camp Creek® golf courses, a new 18-hole golf course, named The Third, is currently under construction with other club amenities in the planning stages to service the growing membership. A collection of marinas, restaurants, recreational activities and retail locations complete the Company’s hospitality portfolio.
“Seeing this level of success from our hospitality operations, particularly with so many new property openings, is incredible,” said Patrick Murphy, Senior Vice President of Hospitality for St. Joe. “I believe this success is a result of our ability to now service a variety of travelers 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 travelers, club members and customers in the future.”
In addition to celebrating the success of its hospitality segment, St. Joe today releases a video tour of its diverse hospitality assets in
To view all of St. Joe’s videos, visit www.joe.com/video-gallery.
Important Notice Regarding Forward-Looking Statements
The video included in this press release contains “forward-looking statements,” within the meaning of Section 21E of the Exchange Act. 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, 2023, and subsequent filings as well as the interests of club members and prospective guests in St. Joe’s portfolio of hospitality assets.
About The St. Joe Company
The St. Joe Company is a real estate development, asset management and operating company with real estate assets and operations in
©2024 The St Joe Company. “St. Joe®,” “JOE®,” the “Taking Flight” Design®”, “St. Joe (and Taking Flight Design)®,” “Camp Creek®,” “Camp CreekSM,” WaterColor®,” “Watersound Inn®,” and “Watersound Club®,” are registered service marks of The St. Joe Company or its affiliates.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240725744672/en/
St. Joe Investor Relations Contact:
Marek Bakun
Chief Financial Officer
1-866-417-7132
marek.bakun@joe.com
St. Joe Media Relations Contact:
Mary Beth Lovingood
Corporate Director of Marketing
850-231-6583
marybeth.lovingood@joe.com
Source: The St. Joe Company
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