Realberry and Proper Hospitality announced the closing of a $298 million financing package for the redevelopment of the historic Cal Neva Hotel into Lake Tahoe Proper Resort and Casino, slated to open in 2027.
The financing marks a major milestone in repositioning one of the American West’s most iconic resort properties, enabling a full-scale restoration that will transform the landmark into a design-driven destination blending hospitality, wellness and gaming along the shores of Lake Tahoe.
Co-developed by Realberry, a Colorado-based real estate investment and development firm, in partnership with Kor Real Estate Partners, the project revives a property that has captivated the American imagination for a century. The restoration preserves Cal Neva’s architectural character and cultural significance while building something genuinely new: a resort unlike anything else in the mountain west. Interiors are designed by Kelly Wearstler, whose work defines the visual language of contemporary luxury hospitality.
“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 recently closed financing includes $223 million in C-PACE financing, from Nuveen Green Capital (NGC), 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 notable 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 straddles the California-Nevada border on the northeast shore of Lake Tahoe. During its golden era in the 1960s, the resort became a magnet for Hollywood stars, drawing icons including Marilyn Monroe, Dean Martin and Sammy Davis Jr. to its shores, along with political figures such as John F. Kennedy. Its showroom—engineered so performers could see every face in the audience—was among the largest non-amplified theaters of its time, while a network of private tunnels allowed guests to move discreetly through the resort, cementing its aura of glamour and mystique.
Nearly a century later, Lake Tahoe Proper reclaims that legacy, marking the end of a transitional chapter that preserved the site and sets the stage for its next era. The reimagined year-round property will include 197 guest rooms, suites and private villas; multiple restaurants and bars anchored by the iconic Circle Bar; two pool experiences, a spa and recreational facilities and meeting and event spaces, including a restored 225-seat theater and a casino.
Additional Partner Quotes
“We are thrilled to partner with Realberry to capitalize this landmark project—the largest in the state of Nevada—which will transform this iconic property into a state-of-the-art resort and casino destination in North Lake Tahoe,” said Jonathan Kloos, senior director of lender partnerships and new products at NGC. “By using C-PACE, the Sponsor was able to restore the historic lodge to today’s modern efficiency standards while delivering new energy-efficient villas and cabins. C-PACE gave the Sponsor flexibility during the capitalization and equity-raise process, with a financing structure that supported the needs of all parties. This deal is a great example of how C-PACE can be leveraged to optimize a capital stack and why it has steadily moved from a creative solution to a market staple.”
“Banc of California is proud to support Realberry on this landmark redevelopment, which will help drive tourism, investment and long-term economic growth in the Lake Tahoe region,” said Chris Erickson, president, Colorado region, Banc of California. “Projects like this play an important role in strengthening the region’s economy, bringing new energy, creating jobs and preserving an iconic piece of its history. We’re pleased to work alongside a team committed to delivering a world-class destination that will serve the community and visitors for years to come.”
“It’s exciting to see the Lake Tahoe Proper team take advantage of C-PACE financing to improve the resort’s energy efficiency,” said Brian Beffort, Washoe county sustainability manager. “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. We appreciate the project team’s leadership in protecting our region’s public health and quality of life.”
