PHILADELPHIA--(BUSINESS WIRE)--
Tutor Perini Corporation (NYSE: TPC), a leading civil and building
construction company, today announced that the Philadelphia office of
its subsidiary, Tutor Perini Building Corp., has been awarded a contract
to build the new W and Element hotel development in Center City
Philadelphia, for Chestlen Development. Vine Street Matthews, a joint
venture between Matthews Southwest and Vine Street Ventures, is the
developer of this project. The contract is valued at approximately $239
million.
The W and Element hotel development will consist of a 51-story, 769,704
gross square-foot, 755-room dual-branded hotel complex operated by
Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT). Element
Philadelphia will feature 460 rooms and a 6,392 square-foot sky lobby,
and W Philadelphia will feature 295 rooms, a 2,900 square-foot spa, a
3,505 square-foot outdoor pool and deck, a 1,590 square-foot pool bar,
and a 2,974 square-foot garden area. The project will also include
approximately 1,731 square feet of street-level retail and three levels
of below-grade structured parking, for a total of 179 spaces. Cope
Linder Architects is the project designer.
First introduced in 1998, W Hotels is an innovative luxury lifestyle
brand and a global design powerhouse with more than 46 hotels and
retreats in the world’s most vibrant cities and exotic destinations. On
track to triple its portfolio by 2017, Element is recognized as an
industry leader in the eco-space and offers travelers a fresh,
reimagined interpretation of the extended stay hotel experience.
Construction began in April 2015 and substantial completion is
anticipated to occur in the first quarter of 2018. The project is
expected to achieve LEED® certification. The contract value was included
as part of the Company’s reported first-quarter backlog.
Tutor Perini’s top local executive, Peter Sukalo, said, “After years in
the making, Tutor Perini Building Corp. is proud to be building this
long-awaited addition to Center City and continue our track record of
building high-profile projects in Philadelphia.”
About Tutor Perini Corporation
Tutor Perini Corporation is a leading civil and building construction
company offering diversified general contracting 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.
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Source: Tutor Perini Corporation