Realberry and Proper Secure $298M to Bring Cal Neva Back in 2027

Realberry, a US real estate investment and development firm, and Proper Hospitality, a luxury lifestyle hotel operator and brand,  have secured $298 million to redevelop the former Cal Neva Hotel into Lake Tahoe Proper Resort and Casino, with an opening planned for 2027.

The financing is a major step for a property that has been closed for more than a decade. The project will turn the historic site into a new luxury resort with upscale rooms, dining, wellness facilities, entertainment space, and a casino.

The project combines restoration with modern upgrades

The financing package includes $223 million in C-PACE financing from Nuveen Green Capital and a $75 million senior-secured construction loan from Banc of California.

This structure shows how large hotel redevelopments are being funded today. Projects like this often need multiple sources of capital, especially when they involve both restoration work and major infrastructure upgrades.

The developers said part of the funding will support energy and water efficiency improvements, along with upgrades to the building envelope.

Famous Tahoe property is being repositioned for today’s market

Cal Neva opened in 1926 and later became widely known through its connection to Frank Sinatra and Lake Tahoe’s mid-century celebrity era. But the property has been closed since 2013, making it one of the region’s most visible stalled hospitality assets.

Proper is bringing a luxury lifestyle approach to the resort

Proper Hospitality has built its brand around upscale hotels with strong design, food and beverage, and wellness elements. That helps explain why the Tahoe project is being positioned as more than a casino reopening.

The redevelopment is being co-led by Realberry and Kor Real Estate Partners, with interiors by Kelly Wearstler. The aim is to create a resort that combines history with a more modern luxury identity.

That fits Proper’s broader strategy of taking on distinctive destination properties, including Montauk Yacht Club, which it added to its portfolio in 2024.

What the resort will include

The redeveloped property is expected to include 197 guest rooms, suites, and villas, restaurants and bars, a spa, pools, a restored 225-seat theater, a casino, and meeting and event space.

Luxury hotel funding still favors standout destination projects

Developers are still willing to back distinctive luxury assets, especially when the property has a strong location, clear brand positioning, and multiple revenue streams.

That same pattern was visible in the recent financing secured for the Pendry Tampa project, another example of how capital is still flowing into high-end hospitality developments despite a tougher funding environment.

Photo by Annie Spratt on Unsplash