Sheraton Phoenix Hotel Topped Off
AUGUST 15, 2007. 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'ecor. 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.
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