Realberry and Proper Hospitality's $298 Million Investment in Lake Tahoe Proper Resort and Casino

A New Era for Lake Tahoe: Realberry and Proper Hospitality's Grand Vision

The historic Cal Neva Hotel is on the brink of an exciting transformation, courtesy of a significant funding partnership between Realberry and Proper Hospitality. This $298 million financing package represents a crucial milestone in redeveloping one of the American West's most cherished resorts into a luxurious destination known as the Lake Tahoe Proper Resort and Casino, set to welcome guests in 2027.

Reviving a Classic

Co-developed by Realberry, a prominent real estate investment and development firm based in Colorado, in collaboration with Kor Real Estate Partners, this ambitious project aims to preserve the architectural charm and cultural heritage of Cal Neva while reinventing it for contemporary tastes. With interiors being designed by renowned designer Kelly Wearstler, the new resort will blend elements of hospitality, wellness, and gaming right along the breathtaking shores of Lake Tahoe.

Brad Korzen, Co-Founder and CEO of Proper Hospitality, expressed enthusiasm about this venture: "Lake Tahoe Proper is everything that defines our brand, brought together in one singular, iconic place. We aim to create innovative wellness spaces that reflect the culture and energy unique to this location."

The financing deal is noteworthy not only for its scale but also for its innovative approach to sustainability. Among the funds, $223 million stems from C-PACE financing, provided by Nuveen Green Capital, dedicated to implementing energy and water efficiency measures along with other modernizations. This transaction has set a record for the largest C-PACE financing in Nevada's history.

A Rich Legacy

Originally opened in 1926, the Cal Neva straddles the California-Nevada border and has been a magnet for Hollywood's elite, featuring stars such as Marilyn Monroe and political icons like John F. Kennedy during its illustrious peak in the 1960s. With a unique showroom crafted to ensure performers could engage directly with their audience and a network of hidden tunnels for discreet movement, the resort cultivated an ambiance of glamour that drew visitors from all walks of life.

This redevelopment, dubbed Lake Tahoe Proper, aims to reclaim that illustrious past while paving the way for future generations to enjoy the property. The renovated resort will feature 197 guest rooms and suites, private villas, numerous dining options, and a variety of amenities including dual pool experiences, a wellness spa, and versatile event spaces, notably a restored 225-seat theater and an invigorating casino.

Commitment to Community

Partnered with investors, including notable entrepreneur Hayes Barnard, Realberry's focus is on a thoughtful restoration that balances preservation with modern hospitality demands. Chad McWhinney, CEO of Realberry, acknowledged the significance of the project: "We take our responsibility to restore this legacy asset seriously. Through this funding, we can continue our work to enhance this site as a premier destination while honoring its past."

Jonathan Kloos, Senior Director of Lender Partnerships and New Products at Nuveen Green Capital, shared excitement about the investment potential that C-PACE financing brings to the project. This method allows flexibility during the funding and equity-raise phases while ensuring the historical value of the lodge meets today's efficiency standards.

As the Lake Tahoe Proper Resort and Casino gears up to usher in a new chapter for Cal Neva, it promises not only to reinvigorate the local economy but also to provide an extraordinary leisure experience. The community can look forward to a venue that honors its historical significance while delivering a stunning contemporary hospitality experience that is sure to entice both locals and visitors alike.

The Future Awaits

This investment signifies more than just financial support; it's an embodiment of a vision to fuse the historic elements of Cal Neva with modern design and luxury. With leading industry experts at the helm and a commitment to sustainability and community enrichment, Lake Tahoe Proper is poised to become an iconic destination, marking a thrilling new chapter in the storied history of one of America’s most beloved resort properties.