Realberry and Proper Hospitality announced the closing of a $298-million financing package for the transformation of the historic Cal Neva Hotel into Lake Tahoe Proper Resort and Casino, scheduled to open in 2027.
The project will redevelop the property into a resort and casino positioned along Lake Tahoe’s northeast shore. The redevelopment is led by Realberry, a Colorado-based real estate investment and development firm, in partnership with Kor Real Estate Partners. The restoration will preserve the architectural character and cultural significance of Cal Neva while introducing updated hospitality, wellness and gaming components. Interiors are designed by Kelly Wearstler.
“Lake Tahoe Proper is everything that defines this brand, brought together in one singular, iconic place,” said Brad Korzen, Co-Founder and CEO of Proper Hospitality. “Innovative wellness, culture, energy and spaces that are genuinely unlike anything else. Through our partnership with Realberry, we have pushed wellness and culture to the forefront at our existing properties in Santa Monica and Austin. Lake Tahoe Proper is the opportunity to take all of that to an entirely new level.”
The financing package includes $223 million in C-PACE financing from Nuveen Green Capital to support energy and water efficiency measures and improvements to the building envelope. The transaction represents the largest C-PACE financing in Nevada history and the first in Washoe County. Additional funding includes a $75 million senior secured construction loan from Bank of California. Private investors and family offices participating in the project include entrepreneur Hayes Barnard.
“Cal Neva is one of the most storied hospitality properties in the West and we feel a deep responsibility to get the execution right with Lake Tahoe Proper,” said Chad McWhinney, CEO of Realberry. “This is exactly the kind of legacy asset Realberry believes in. Our focus has been on rigorous restoration and this financing milestone allows us to continue to thoughtfully reestablish this asset as a premier hospitality destination in Lake Tahoe, balancing preservation and long-term stewardship.”
First opened in 1926, Cal Neva sits on the Californiaā€“Nevada border on the northeast shore of Lake Tahoe. During the 1960s, the resort drew Hollywood figures including Marilyn Monroe, Dean Martin and Sammy Davis Jr., along with political figures such as John F. Kennedy.
The redeveloped, year-round property will include 197 guest rooms, suites and private villas; multiple restaurants and bars anchored by the Circle Bar; two pool experiences; a spa and recreational facilities; and meeting and event spaces, including a restored 225-seat theater and a casino.