St. Joe Co. and fellow property developer Key International Inc. plan to form a joint venture to design, develop, construct and operate a resort hotel on land owned by St. Joe within Pier Park in Panama City Beach, Fla.

The plan calls for the development of a nationally branded, full-service hotel that would offer up to 250 guest suites, a pool and meeting space, among other amenities.

The hotel will be within walking distance to Russell-Fields Pier and the Pier Park shopping center, according to a release.