Realberry and Proper Hospitality Advance $298 Million Redevelopment of Historic Cal Neva Hotel at Lake Tahoe
Realberry is redeveloping the historic Cal Neva Hotel at Lake Tahoe in partnership with Proper Hospitality, backed by a $298 million financing package. The project will transform the property into Lake Tahoe Proper, a luxury resort that blends the hotel's history with contemporary amenities and wellness-focused experiences, according to an announcement published Oct. 9, 2026.
The proposed name for the property is Lake Tahoe Proper Resort and Casino. It is planned to open in 2027.
Realberry and Proper Hospitality Partner on Lake Tahoe Proper
Realberry is the project's sponsor and owner, with Proper Hospitality serving as co-sponsor. Proper Hospitality is the operating and branding partner. Realberry is co-developing the project with Kor Real Estate Partners, and Kelly Wearstler is designing the interiors.
The firm said the redevelopment reflects its commitment to revitalizing landmark destinations while preserving their unique character. The property, also known as Cal Neva Lodge and Cal Neva Resort & Casino, sits on the California-Nevada border along Lake Tahoe's northeast shore. It first opened in 1926 and has been closed while it undergoes a full-scale restoration and rebranding.
The Cal Neva was associated with Frank Sinatra, Marilyn Monroe, John F. Kennedy and the Rat Pack.
Capital Stack Includes Largest C-PACE Financing in Nevada History
The $298 million financing package consists of two components:
- $223 million in commercial property assessed clean energy (C-PACE) financing from Nuveen Green Capital, supporting energy and water-efficiency upgrades and the building envelope.
- A $75 million senior secured construction loan from Banc of California.
According to Realberry, the C-PACE component is the largest C-PACE financing in Nevada history and the first in Washoe County. Private investors and family offices, including entrepreneur Hayes Barnard, are also participants in the project.
Dividing the $298 million financing by the planned 197 keys equates to roughly $1.51 million per key. That figure reflects the financing package relative to room count and is not a purchase price or a development cost per key.
Planned Amenities at Lake Tahoe Proper Resort and Casino
The redevelopment calls for 197 guest rooms, suites and private villas. Planned amenities include:
- Multiple restaurants and bars, including the Circle Bar
- Two pool experiences
- A spa and recreational facilities
- Casino operations
- Meeting and event space
- A restored 225-seat theater
The program combines lodging, food and beverage, wellness, events, recreation and gaming. Preserving legacy elements such as the Circle Bar and the theater is part of the plan to pair the property's history with updated facilities.
Market Context: Repositioning Lake Tahoe's Older Lodging
The project is part of a broader effort to renovate older lodging stock at Lake Tahoe and capture demand for premium, experience-oriented travel. Lake Tahoe resorts can face pronounced seasonal demand tied to winter recreation and summer lake activity; the project's mix of wellness, casino, events, dining and meeting uses is aimed at year-round visitation.
Proper Hospitality operates in markets including Austin and Santa Monica, and its involvement points to a design-led, lifestyle-oriented repositioning rather than a conventional casino-hotel renovation. As a historic adaptive-reuse project, the redevelopment carries risks typical of such work, including building conditions, permitting, cost escalation and construction complexity.
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