Colorado-based real estate investment and development firm Realberry and Proper Hospitality have closed a $298 million financing package for the conversion of the Cal Neva Hotel into Lake Tahoe Proper Resort and Casino, slated to open in 2027.
Co-developed by Realberry in partnership with Kor Real Estate Partners, the project aims to preserve Cal Neva's architectural character while building something new. Interiors will be designed by Kelly Wearstler.
"Lake Tahoe Proper is everything that defines this brand, brought together in one singular, iconic place," Brad Korzen, co-founder and CEO of Proper Hospitality, said in a statement. "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 recently closed financing includes $223 million in C-PACE financing from Nuveen Green Capital to capitalize key energy and water-efficiency measures, as well as the building envelope. The transaction represents the largest C-PACE financing in Nevada's history and the first ever in Washoe County. Additional financing includes a $75 million senior secured construction loan from Banc of California. The project has attracted investment from private investors and family offices, including 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 is on the California-Nevada border on the northeast shore of Lake Tahoe. The reimagined year-round property will include 197 guestrooms, suites and private villas; multiple restaurants and bars anchored by the Circle Bar; two pools, a spa and recreational facilities; and meeting and event spaces, including a restored 225-seat theater and a casino.