Saudi Prince Alwaleed bin Talal is in negotiations to build a hotel on Tel Aviv's coastline.
Two architects have already started working on the project. The one is Bin Talal's private architect, who had worked with him on oriental hotels across the world, Basel al-Beiti. The other is former Tel Aviv Chief City Engineer, Yisrael Gudovich.
The planned project is a joint venture with the Abulafya family, which owns a structure on a 1-acre plot on Herbert Samuel Street.
According to the blueprints submitted to the Tel Aviv Municipality, an eight-story, 150-room hotel is planned to be built on the site.
Bin Talal is the nephew of the late Saudi King Faisal, and is believed to be worth $26.4 billion.
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