PANAMA CITY BEACH, Fla. (WMBB) — A new 121-suite Residence Inn by Marriott is coming to Panama City Beach.

The announcement was made last week by the St. Joe Company.

St. Joe will partner with Intermountain Management LLC on the project.

The two companies will design, develop, construct and own the limited service hotel located in Pier Park.

The hotel will be located on the north side of Highway 98 near the intersection of Pier Park drive.

Site work has already begun with an anticipated completion date in 2024.