Hagag Group has announced that the Tel Aviv District Planning and Building Committee has approved construction of its luxury hotel in the Herzliya Marina, which it is developing in partnership with Leonardo DiCaprio.
Like many before him, Hollywood actor Leonardo DiCaprio has learned the hard way that the world of Israeli planning requires patience. The Hagag Group (TASE: HGG) recently announced that the Tel Aviv District Planning and Building Committee has approved the construction of its luxury hotel in the Herzliya Marina. This is a project in which the famous actor has a 10% stake, and the rest is owned by the Hagag Group and the brothers Ahikam and Lior Cohen.
The announcement of the partnership was published back in 2018. In April 2024, the plan was approved for deposit, and has now been finally approved. One of the reasons why the project has taken so long to gain approval has been the Hagag Group’s request to significantly increase the building rights for the hotel. However, even taking this into account, this is an unusually long period. The increase is from 10,000 square meters initially, to 51,000 square meters on final approval, which will allow for the construction of a 14-floor hotel with 365 rooms. Construction of 8,000 square meters of underground parking space has also been approved.
Published by Globes, Israel business news – en.globes.co.il – on July 27, 2025.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2025.
Planned Herzliya Marina hotel credit: Hagag Group
