Tutor Perini Building Corp. Awarded $239 Million Contract for W/Element Hotel
June 22, 2015
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.”