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St. Joe divests short-term vacation rental management business

St. Joe Co. and its St. Joe Club & Resorts Vacation Rentals LLC unit signed and consummated the sale of the company's short-term vacation rental management business to 360 Blue LLC unit PCR Rentals LLC for about $9.9 million in proceeds.

The proceeds comprised about $4.9 million in cash and $5 million in the form of a promissory note that matures Dec. 31, 2020, and bears a 10% annual interest rate. The note is secured by certain assets of the buyer.

St. Joe also has a limited right of first refusal on any third-party offer to buy the vacation rental management business that will end on the earlier of 18 months after the transaction, or the later of the payoff date of the note or nine months after the transaction date.