Perini Building Co. Awarded Contract to Build Vacation Resort in South Lake Tahoe.

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SOUTH LAKE TAHOE, Calif.--(BUSINESS WIRE)--Sept. 19, 2001

Perini Building Co., a division of Perini Corp. (AMEX: PCR), Wednesday announced its multi-million dollar construction contract to build the Marriott Grand Residence Club, Lake Tahoe a quarter ownership property with the services of a fine resort.

The contract is with Marriott Vacation Club International, a division of Marriott International Inc. (NYSE: MAR). The 400,168 sq. ft. facility is targeted to open November 2002.

Designed to complement the high quality of Marriott standards, the 199-unit resort features restaurants, a fitness club, retail shops, a heated outdoor swimming pool, ski equipment checkroom, and an owner's library. The units range in size from 360 to 2,496 sq. ft. and feature studios, one, two and three bedroom accommodations and a penthouse. Each unit includes a kitchen and fireplace designed with custom millwork.

Marriott Grand Residence Club, Lake Tahoe is located in one of the most scenic parts of the country. It is adjacent to the world renowned Heavenly Ski Resort and is situated in the heart of the surrounding forest and Lake Tahoe. The vacation resort is part of the Park Avenue Redevelopment District at South Lake Tahoe. Perini recently built the Lower Gondola that is within walking distance of Marriott's property.

According to Bob Gaus, project manager for Perini Building Co., "The key to building in the Tahoe Basin is having a complete understanding of all the state and federal regulations before construction starts.

"The Tahoe Regional Planning Authority (TRPA) regulates the Tahoe Basin and enforces any activity that has the potential to negatively affect any aspect of this pristine area including construction. Because of our experience here, we are well versed with TRPA and its stringent mandates.

"The largest hurdle enforced by TRPA we have had to plan around is the fact that we can't move any dirt between October and May. The Tahoe Regional Planning Authority enforces this regulation to avoid silt from entering Lake Tahoe due to rain or snow melt."

To comply with TRPA, the excavation and foundation of Marriott Grand Residence Club, Lake Tahoe is on a compressed schedule. Crews will maintain this pace to enclose the facility in time for winter.

In keeping with architectural guidelines, architects Jung/Brannen Associates designed the resort as an alpine rustic lodge. According to architect Justin Weil, "The design harks back to the pioneering days of the region."

The one exception is the extensive use of glass in the suites and public spaces. "As an all-season resort, Marriott Grand Residence Club, Lake Tahoe is designed to embrace living in the outdoors.

"Our extensive use of high-performance glass as a major building material allows guests to really feel like they are part of the surrounding environment while knowing they are comfortably protected from the cold and the sun at the same time," said Joe Mamayek, director of architecture for Jung/Brannen Associates.

Perini Building Co. is the largest builder of hotels and casinos in the country. To date, the company has built over 41,000 hotel rooms. Other significant structures built by Perini in the Tahoe/Reno region are Atlantis Casino Resort, Silver Legacy Resort, Embassy Vacation Resort, Ski Run Marina Village and Cannon International airport.

About Perini Corp.

Perini Corp. and its companies (Perini Building Co., Perini Civil and Perini Management Services Inc.) provide general contracting, including building and civil construction, construction management and design/build services to private clients and public agencies in the United States and select overseas locations.

Perini Building Co. is known for its construction expertise in hospitality and gaming, corrections, health care, education, and sports and entertainment. For more information on Perini, visit: www.perini.com.

About Marriott International Inc.

Marriott International is a leading worldwide hospitality company with nearly 2,400 operating units in the United States and 59 other countries and territories.

Marriott International operates and franchises hotels under the Marriott, JW Marriott, The Ritz-Carlton, Renaissance, Residence Inn, Courtyard, TownePlace Suites, Fairfield Inn, SpringHill Suites and Ramada International brand names; develops and operates vacation ownership resorts under the Marriott, Ritz-Carlton and Horizons brands; operates Marriott Executive Apartments; provides furnished corporate housing through its ExecuStay by Marriott division; and operates conference centers.

Other Marriott businesses include senior living communities and services and wholesale food distribution. The company is headquartered in Washington, D.C., and has approximately 154,000 employees. In fiscal year 2000, Marriott International reported system wide sales of $19.8 billion. For more information or reservations, visit: www.marriott.com.

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