MARLTON, N.J. and ATHENS, Greece, March 17, 2014 (GLOBE NEWSWIRE) -- Hill International (NYSE:HIL), the global leader in managing construction risk, announced today that it has received a contract from Jermyn Real Estate Fund IV L.P. ("Jermyn Street"), a fund advised by London-based AGC Equity Partners Limited to provide project management services for the redevelopment of the Astir Palace resort in Athens, Greece.
Astir is widely regarded as the "crown jewel" resort of the Athenian coastline and, arguably, the site is one of the most attractive parcels of land along the Eastern Mediterranean coast. Indeed, it is a unique natural peninsula, providing an exceptional island feel in the heart of the elite area of the Athenian Riviera, Vouliagmeni. Spread over about 300,000 square meters (75 acres), the asset comprises two owned and currently operating five-star hotels, one non-operating hotel, 58 owned bungalows as well as leases to the prominent Vouliagmeni luxury yacht marina and the nearby prestigious Astir beach. Jermyn Street's vision is to redevelop Astir into a genuinely world-class, ultra-high-end, Mediterranean hospitality and lifestyle experience.
"We look forward to assisting our client with the redevelopment of this unique and idyllic property into a truly world-class destination. This assignment underscores our confidence in Greece's development potential in general and the hospitality and leisure sectors in particular," said Raouf S. Ghali, President of Hill's Project Management Group (International).
Hill International, with 4,100 professionals in 100 offices worldwide, provides program management, project management, construction management, construction claims and other consulting services primarily to the buildings, transportation, environmental, energy and industrial markets. Engineering News-Record magazine recently ranked Hill as the 9th largest construction management firm in the United States. For more information on Hill, please visit our website at www.hillintl.com.
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