Perini Building Company Reaches Construction Milestone on Sheraton Phoenix Downtown Hotel
August 14 2007 - 1:12PM
Business Wire
Perini Building Company, a wholly owned subsidiary of Perini
Corporation (NYSE: PCR), reached a significant construction
milestone today at the Sheraton Phoenix Downtown Hotel topping out
ceremony. Perini placed the final steel beam on the hotel tower,
signifying the completion of major construction on the building�s
exterior. Guests and the construction crew gathered to sign the
steel beam and watch as it was hoisted to the top of the hotel.
Operated by Starwood Hotels & Resorts Worldwide, Inc. (NYSE:
HOT), Sheraton Phoenix Downtown Hotel will offer an ideal location
at the heart of the bustling Civic Plaza area, just one block from
the Phoenix Convention Center. The 1,000-room hotel will offer
guests an inviting ambience, enhanced by warm, welcoming service,
upscale amenities and sleek, contemporary d�cor. An ideal choice
for meetings of all sizes, Sheraton Phoenix Downtown Hotel will
boast more than 80,000 square feet of flexible, state-of-the-art
meeting space including a nearly 30,000-square-foot ballroom and a
15,000-square-foot junior ballroom. Additional amenities will
include a fitness center, outdoor pool and sundeck, as well as a
lobby bar, restaurant and lounge with outdoor seating. �Topping out
is a huge measure of success for all involved parties. The
contractors have realized an achievement in their timeline, the
city sees its vision coming to light and Phoenix residents can
celebrate the project�s tremendous progress,� said Steve Spivak,
director of sales and marketing, Sheraton Hotels & Resorts.
�We�re on time and on budget and can�t wait to unveil this
magnificent property, which will undoubtedly become a first choice
for visitors to Phoenix for its fabulous views, extraordinary
comfort and convenience, and full range of Sheraton signature
services.� In December 2004, the Phoenix City Council established a
roadmap for the next 10 years of downtown development. The Sheraton
Phoenix Downtown Hotel is a major component of the downtown vision,
and is financed with $350 million in revenue bonds, which cover
costs for design, construction, debt issuance, legal fees,
pre-opening and debt reserves. It is the first hotel to be built in
downtown Phoenix since 1976, and will offer more rooms than any
other hotel in Arizona. At the peak of construction, approximately
650 craftspeople were on site, while 400 craftspeople have been
working on the project on a daily basis. Using more than 5,000 tons
of steel weighing nearly 13 million pounds and 695 miles of wire,
Perini built the interior and exterior of the tower simultaneously.
As floors were added, crews sealed for water protection and started
on the tower�s interior. The hotel was designed by Arquitectonica
and RSP and managed by Tynan Group/3D/I. About Perini Corporation
Perini Corporation is a leading construction services company
offering diversified general contracting, construction management
and design-build services to private clients and public agencies
throughout the world. We have provided construction services since
1894 and have established a strong reputation within our markets by
executing large complex projects on time and within budget while
adhering to strict quality control measures. We offer general
contracting, preconstruction planning and comprehensive project
management services, including the planning and scheduling of the
manpower, equipment, materials and subcontractors required for a
project. We also offer self-performed construction services,
including site work, concrete forming and placement and steel
erection.
Perini (NYSE:PCR)
Historical Stock Chart
From May 2024 to Jun 2024
Perini (NYSE:PCR)
Historical Stock Chart
From Jun 2023 to Jun 2024