LAKE TAHOE, NEV. — A partnership between Colorado-based development and investment firm Realberry, operator Proper Hospitality and international real estate firm The KOR Group has received $298 million in financing for the redevelopment of a hotel resort property in Lake Tahoe, a tourist destination located along the California-Nevada border.
The project involves the reimagining and conversion of the historic Cal Neva Hotel, which first opened in 1926, into a hospitality and entertainment destination that will be known as Lake Tahoe Proper Resort and Casino. Completion of the redevelopment and the opening of the new hotel are scheduled for 2027.
“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,” says Chad McWhinney, CEO of Realberry. “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.”
Plans for Lake Tahoe Proper Resort and Casino currently call for 197 guestrooms, suites and private villas, as well as multiple restaurants and bars. In addition to the casino, the property will also feature two pools, a spa and recreational facilities and various meeting and event spaces and a 225-seat theater.
The financing includes $223 million in C-PACE financing from Nuveen Green Capital and a $75 million senior construction loan from Banc of California. The development team plans to implement various energy- and water-efficiency measures, as well as to preserve the building’s original architectural character. According to the team, the C-PACE financing represents the largest such deal in Nevada history and the first ever in Washoe County.
— Taylor Williams