The 76-year-old's heart attack followed a bout of pneumonia, the club said.
A statement from the club read: "Peter was taken ill at home on Friday and is currently being treated in hospital. He is making a good recovery.
"The club wishes Peter a full and speedy return to health and our thoughts are with him and his family at this time."
Hill-Wood has been chairman of the club since 1982, and is a former vice-chairman of the Hambros Bank.
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