Tycoon's Daughter Negotiates Majority Stake in Hamat Gader Resort

Gal Naor, daughter of Israeli tycoon Yitzhak Teshuva, is in advanced negotiations to acquire a 50%-60% controlling stake in the Hamat Gader tourist site. The deal, valued between 100 and 150 million shekels, is expected to be finalized soon. Naor plans to significantly upgrade the site, currently known for its hot springs, spa, crocodile farm, and Spa Village Hotel, into a comprehensive health resort featuring expanded thermal baths, spa treatments, restaurants, and additional hospitality facilities.

This expansion aligns with global tourism trends favoring health, wellness, nature, and culinary experiences, particularly among travelers willing to pay for quality short breaks. Hamat Gader, situated on approximately 150 dunams in the southern Golan Heights and boasting four natural hot springs, attracts around half a million visitors annually. While historically popular, its visitor numbers have fluctuated, with a significant drop in recent years.

The investment aims to transform Hamat Gader from a day-trip destination into a lodging-based tourism complex. The current Spa Village Hotel has only 31 suites, and increasing accommodation capacity is seen as crucial for boosting revenue. This strategy mirrors developments around the Sea of Galilee, such as Isrotel's luxury resort project.

The COVID-19 pandemic and security concerns in northern Israel severely impacted Hamat Gader's operations, leading to a sharp decline in visitors and temporary closures in 2024. The proposed acquisition comes at a time when the site requires substantial investment to recover and grow. Naor's company, previously named GRN Properties, was renamed Hamat Gader Resort Holdings last July, indicating preparations for the deal.

Naor brings considerable experience in large-scale projects, including the Plaza Hotel renovation in New York and the Park Bavli project in Tel Aviv. She is also involved in hotel ventures in the Dead Sea and Netanya. The investment sum will cover both the acquisition and future development, making a precise valuation of Hamat Gader difficult at this stage. If the deal proceeds, the four kibbutzim currently owning the site will transition from full ownership to a partnership with Naor as the controlling stakeholder.