Cal Neva Hotel Owners Secure $298 Million in Financing to Redevelop as Luxury Resort
April 8, 2026
Banc of California provided $75 million loan for Lake Tahoe resort redevelopment project
A long-dormant Lake Tahoe property is moving closer to reopening after its developers secured a $298 million financing package to redevelop the historic Cal Neva Hotel into the Lake Tahoe Proper Resort and Casino, according to the project partners.
Denver-based real estate firm Realberry, in partnership with Proper Hospitality, said in a news release that the financing closes a key gap in capital needed to fully restore and reposition the nearly century-old resort, which is slated to reopen in 2027.
The financing includes $223 million in Commercial Property Assessed Clean Energy (C-PACE) financing and a $75 million secured construction loan from Banc of California.
“What really stood out about this project was the combination of a strong sponsor, a unique and historic property, and a clear vision for how to reposition it,” Chris Erickson, president of Banc of California’s Colorado region, said in an interview. “This deal underscores that, despite a constrained financing environment, capital remains available for large-scale redevelopment projects that stand out.”
The reimagined resort is planned as a 197-room property, including guest rooms, suites and private villas. Plans call for multiple food and beverage outlets, two pools, a spa, meeting and event space, a restored 225-seat theater and a casino.
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Deb Vrana, Chief Communications Officer
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