Proper Hospitality, Realberry Close $298M Financing for Cal Neva Redevelopment

Why It Matters

The deal demonstrates how innovative C‑PACE financing can unlock large‑scale, sustainable hospitality restorations, boosting investor confidence in legacy‑asset projects. It will revitalize Lake Tahoe’s tourism economy and set a new sustainability benchmark for the mountain‑west hotel market.

Key Takeaways

• $298M financing enables Cal Neva’s $2027 resort launch.
• $223M C‑PACE marks Nevada’s largest, first in Washoe County.
• $75M senior loan provided by Banc of California.
• Project blends historic preservation with energy‑efficient design.
• Adds 197 rooms, casino, spa, and cultural venues.

Pulse Analysis

The iconic Cal Neva Hotel, perched on the California‑Nevada line since 1926, is being reborn as the Lake Tahoe Proper Resort and Casino. Proper Hospitality and Realberry, the Colorado‑based developer, plan a 197‑room, year‑round destination that marries the lodge’s Art Deco charm with modern wellness and entertainment amenities. Renowned designer Kelly Wearstler is steering interiors, while the restored 225‑seat theater and new casino aim to recapture the glamour that once attracted Hollywood royalty and political figures. The project targets a 2027 opening, positioning Lake Tahoe as a premium resort market.

The $298 million capital stack leans heavily on innovative financing. A $223 million C‑PACE loan from Nuveen Green Capital—Nevada’s largest ever and the first in Washoe County—covers energy‑efficient upgrades, water‑saving systems, and the building envelope. An additional $75 million senior secured construction loan from Banc of California rounds out the debt portion, while private investors and family offices, including entrepreneur Hayes Barnard, supply equity. By using C‑PACE, the sponsors secured flexible, non‑recourse funding that aligns long‑term sustainability goals with investor returns, setting a new benchmark for large‑scale hospitality restorations.

The redevelopment is poised to reshape North Lake Tahoe’s tourism ecosystem. With 197 rooms, multiple dining concepts, a spa, and a casino, the resort will attract both leisure travelers and high‑spending gamers, diversifying the region’s seasonal visitor base. Moreover, the project’s sustainability credentials—rooted in C‑PACE‑funded efficiency measures—align with growing consumer demand for eco‑friendly hospitality experiences. As the largest financing deal in Nevada’s history, it signals robust capital appetite for legacy‑asset transformations and may inspire similar adaptive‑reuse projects across the mountain West.