Overview

• The Tel Aviv District Planning and Building Committee granted final approval on July 27 to the 14-story, 365-room hotel after expanding its footprint to 51,000 square meters.
• Leonardo DiCaprio holds a 10% equity stake in the project with the remainder funded by the Hagag Group and brothers Ahikam and Lior Cohen.
• Designed to meet U.S. Green Building Council standards, the development is slated for LEED certification and includes underground parking, a pool, conference center, retail spaces and yacht access.
• Estimates of the project’s cost diverge, with some outlets reporting a $100 million investment and others citing a $270 million valuation based on the larger acreage.
• Social media users have branded the timing tone-deaf given regional sensitivities and questioned DiCaprio’s environmental credibility, with some pledging to boycott his films.