[1] The incomplete shell was acquired by Chicago-based investors in 1957, who planned to complete it, but that project collapsed.

It was extensively renovated in 2022[10] and was renamed the Sheraton Grand Tel Aviv in 2023.

A structure known as the Red House previously stood on the site of the current hotel.

It was constructed in 1926 and served as the seat of the city council, and later the headquarters of the Haganah and the Mossad LeAliyah Bet, which coordinated the smuggling of illegal Jewish immigrants into British Mandatory Palestine.

[11] During the 1948 Arab–Israeli War, the Red House served as the headquarters of David Ben-Gurion and the supreme command of the Israel Defense Forces.