Established in 1929 as Natanya, the coastal city was founded on beach cliffs 20 to 40 meters above sea level, as the first Jewish town between Herzliya and Hadera. At first it was named after the Zionist philanthropist, Natan Strauss (1848-1931). Founders' hopes to gain his financial support faded and the city's name was slightly changed, to Netanya, meaning "God's gift." By the 1930s the city had grown rapidly with its first hotel, the Tel Aviv Hotel, established in 1933 and the first factory, Primazon, the following year. The 1930s also saw the growth of the city's future hallmark, the diamond industry, giving the city its nickname 'the diamond city.' First Jewish town to be given city-status in 1948, right after the establishment of the State of Israel. A decade later the city had quadrupled its population also becoming one of Israel's most successful tourism cities. The city still boasts some of the best sun-soaked mediterrenian beaches and is a favorite among tourists.