PHILADELPHIA and NICOSIA, Cyprus(GLOBE NEWSWIRE) — Hill International (NYSE:HIL), the global leader in managing construction risk, announced today it was awarded a contract by the Cyprus Tourism and Development Company Ltd. (CTDC), a company owned by Invel Real Estate and Prodea Investments, to provide project management services in connection with the redevelopment of the iconic Landmark Nicosia hotel into a distinct mixed-use hospitality and lifestyle destination.
The historic 294-keys hotel, formerly known as the Hilton Cyprus, is the landmark hospitality asset for the city of Nicosia and has become part of the country’s modern history since it first opened in 1967. The hotel has been built over three phases and it continues to cater to international business travelers and local clientele alike. Following its acquisition in 2019, the owners envisaged a holistic master-planned approach for the redevelopment of this unique asset into a distinctive new offering in the city, embracing its legacy and elevating its standards for a new era of success.
“The Landmark Nicosia is a symbolic asset for the city of Nicosia and for Cyprus’ hospitality sector as a whole,” says Hill Vice President and Managing Director for Southern Europe Manolis Sigalas. “We are extremely excited to provide Hill’s services in Cyprus for such a flagship project. We share the owner’s vision and are committed to working with all project stakeholders for successfully delivering it and carrying on its legacy.”
Specifically, the development plan involves upgrading and modernizing the historic hotel and building a new mixed-use development of approximately 23,000 SM of gross floor area on an adjacent plot. The plan will involve the reprogramming of internal and external areas of the hotel to include new offerings such as state-of-the-art conference facilities, new restaurants and bars, a new spa and fitness center, and more. The reprogramming also entails the reconfiguration of the landscaping, circulation, and infrastructure strategies for the integrated site. The new design will adopt sustainability principles and LEED certification will be targeted for a component of the project.
Working closely with CTDC, Hill will provide project management services from pre-construction through to the project’s completion, including design management, carrying out the construction tender(s) and supervising the execution of works during construction.
“We are particularly delighted to enter into the Cypriot market with this significant project,” says Hill Chief Executive Officer Raouf Ghali. “We plan to bring in our global expertise, develop local talent, and expand our operational presence in the country for the years to come. This award is reflective of our distinctive operational capabilities in Southern Europe and a great addition to our hospitality and mixed-use development portfolios.”
About Hill International
Hill International, with approximately 2,700 professionals in more than 60 offices worldwide, provides program management, project management, construction management, and other consulting services to clients in a variety of market sectors. Engineering News-Record magazine recently ranked Hill as the eighth-largest construction management firm in the United States. For more information on Hill, please visit our website at www.hillintl.com.
Forward Looking Statements
Certain statements contained herein may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and it is our intent that any such statements be protected by the safe harbor created thereby. Except for historical information, the matters set forth herein including, but not limited to, any statements of belief ‘or intent, any statements concerning our plans, strategies, and objectives for future operations are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties. Although we believe that the expectations, estimates, and assumptions reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results to differ materially from estimates or projections contained in our forward-looking statements are set forth in the Risk Factors section and elsewhere in the reports we have filed with the Securities and Exchange Commission, including that unfavorable global economic conditions may adversely impact our business, our backlog may not be fully realized as revenue, and our expenses may be higher than anticipated. We do not intend, and undertake no obligation, to update any forward-looking statement.