The West Lagoon Hotel will offer 273 rooms and suites, and the cost of its construction is estimated at NIS 250 million (about $70 million).
The hotel was planned by architect Ranni Ziss and the interior design is being created by Gal Naor, the daughter of Israeli business magnate Yitzhak Tshuva.
The hotel will include a lobby-bar, a spa, a Turkish bath, a gym, swimming pools, conference rooms, banquet halls and commercial spaces.
According to the Tamares Group's owner, Poju Zabludowicz, "Netanya, which has become one of Israel's biggest tourist centers, is in need of a hotel at an international level."
Tamares is a privately owned group founded about 50 years ago by the Zabludowicz family. The group is active in the fields of tourism, finance, real estate and technology and has offices around the world.
The Tamares chain currently runs the West hotels in Tel Aviv and Ashdod, the Daniel and Shizen hotels in Herzliya, and the Daniel Hotel at the Dead Sea.
The Dizengoff Group, headed by Menashe Zelicha and Aaron Shashua, has built hundreds of luxury apartments as well as offices and commercial spaces. In recent years it has launched operations in Europe and the United States, mainly in Florida.