A major redevelopment project at Lake Tahoe has secured significant financial backing, paving the way for the revival of one of the region’s most recognizable historic properties. Colorado-based real estate investment and development firm Realberry and hospitality management company Proper Hospitality have finalized a $298 million financing package to transform the Cal Neva resort into the Lake Tahoe Proper Resort and Casino, with a reopening scheduled for 2027.

The property, located on the northeastern shore of Lake Tahoe and positioned across the California-Nevada border, has remained closed since September 2013. Its redevelopment marks a new phase for a site that once played a central role in the area’s tourism and entertainment landscape.

Financing Structure and Project Scope

The funding package, which closed on April 2, 2026, combines multiple financing sources. A $223 million portion comes through Commercial Property Assessed Clean Energy (C-PACE) financing provided by Nuveen Green Capital. This component focuses on upgrades tied to energy efficiency, water conservation, and improvements to the building structure.

The remaining $75 million is structured as a senior secured construction loan from Banc of California. Additional backing comes from private investors and family offices, including entrepreneur Hayes Barnard.

This transaction represents the largest C-PACE financing in Nevada and the first of its kind in Washoe County. Officials highlighted the environmental focus of the investment. Brian Beffort, Washoe County Sustainability Manager, said: “It’s exciting to see the Lake Tahoe Proper team take advantage of C-PACE financing to improve the resort’s energy efficiency.”

He added: “These investments will help reduce energy use and lower their energy bills. More importantly, these investments will reduce dangerous emissions, which in turn will keep air quality healthier and views more beautiful in the Tahoe basin.”

The redevelopment is being led by Colorado-based real estate investment and development firm Realberry in partnership with Kor Real Estate Partners, while Proper Hospitality will oversee brand and management operations.

Design Plans and Resort Features

Plans for the reimagined resort include a mix of preservation and modernization. Developers intend to retain the building’s historic character while introducing updated design elements.

Interior design is being handled by Kelly Wearstler, who has worked on several Proper-branded hotels and other high-end hospitality projects. The aim is to maintain the cultural identity of Cal Neva while adapting it to current hospitality standards.

The completed resort will reportedly feature just shy of 200 guest accommodations, including rooms, suites, and private villas. Amenities will include multiple restaurants and bars, two pool areas, a spa, and dedicated spaces for meetings and events.

According to Hotel News Resource, a restored theater with 225 seats will also return as part of the redevelopment, preserving one of the property’s signature entertainment venues. The Circle Bar, a recognizable element of the original hotel, will remain a focal point within the new layout.

Wellness facilities will form a significant part of the offering, with a large area dedicated to spa services, fitness, and recreational activities. Plans also include outdoor experiences connected to Lake Tahoe’s seasonal tourism, such as skiing, hiking, and water-based activities.

A private membership component, known as the Proper Club, will provide exclusive access to certain areas of the resort. Features include a clubhouse overlooking the lake, a listening room, and private wine storage within the property’s historic tunnel system.

Historic Legacy and Future Direction

The Cal Neva Hotel originally opened in 1926 and became a well-known destination in the mid-20th century. The legendary Frank Sinatra owned the casino during the 60’s before he leased it out to a number of investment groups. The business attracted high-profile visitors from the entertainment and political spheres, including Marilyn Monroe, Dean Martin, Sammy Davis Jr., and John F. Kennedy.

Its design included unique features such as private tunnels, which contributed to its reputation and ongoing public interest. The property’s showroom was also notable for its layout, allowing performers to engage closely with audiences.

After closing in 2013, the site went through a series of ownership changes and redevelopment attempts, including transactions through bankruptcy proceedings. It entered its current ownership structure in 2023.

Realberry CEO Chad McWhinney emphasized the significance of the project, stating: “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.”

Developers plan to position the property as a design-focused destination while maintaining links to its past identity. The project also aims to address the lack of active hospitality venues in the immediate area, where several properties have remained closed in recent years.

Once completed, the Lake Tahoe Proper Resort and Casino will reintroduce a large-scale resort offering to the region, combining historical preservation with updated facilities and amenities.