Realberry, a US-based real estate investment and development firm, together with Proper Hospitality, has secured $298m in financing to transform the Cal Neva Hotel into Lake Tahoe Proper Resort and Casino.
The financing will fund a comprehensive restoration, resulting in a destination resort that combines wellness, gaming, and hospitality on Lake Tahoe’s shore, with an opening planned for 2027.
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The redevelopment is being co-led by Realberry in partnership with Kor Real Estate Partners, with interiors designed by Kelly Wearstler.
The package features $223m in C-PACE financing from Nuveen Green Capital, aimed at supporting energy and water efficiency measures and the building envelope.
Additionally, Banc of California has provided a $75m senior secured construction loan. The project also includes investment from various private investors and family offices, including entrepreneur Hayes Barnard.
Proper Hospitality co-founder and CEO Brad Korzen said: “Lake Tahoe Proper is everything that defines this brand, brought together in one singular, iconic place. 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.”
Realberry CEO Chad McWhinney said: “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. 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.”
The redeveloped resort will include 197 guest rooms, restaurants and bars, suites and villas, a spa, pools, a restored 225-seat theatre, a casino, and meeting and event spaces.
In 2024, Proper Hospitality took over the management and operations of Montauk Yacht Club, a 107-key luxury seaside resort and marina in The Hamptons, New York, US.
