Proper Hospitality is taking over the historic Cal Neva Hotel on the northeastern shore of Lake Tahoe, announcing plans to transform the property into a 197-room resort and casino slated to open in 2027.
The year-round resort will be called the Lake Tahoe Proper Resort and Casino.
Proper is partnering with developers Realberry and Kor Real Estate Partners on the project, which has secured $298 million in financing.
The trio said they plan to preserve the property's architectural character while incorporating numerous updates. The redeveloped property will feature revamped guestrooms, suites and private villas as well as multiple restaurants and bars, two pools, a spa, recreational facilities, meeting and event spaces, the restored 225-seat Frank Sinatra Theater, and a casino.
The Cal Neva's Circle Bar concept will be retained as part of the resort's food and beverage program.
Debuting in 1926, the Cal Neva sits on the California-Nevada border and became a celebrity hot spot in the 1960s when Frank Sinatra owned the resort, drawing famous guests like Marilyn Monroe, Dean Martin, Sammy Davis Jr. and John F. Kennedy. The property has been closed since 2013.
The resort will mark Proper's foray into the Mountain West. Proper has hotels in Santa Monica, Los Angeles, San Francisco and Austin as well as The Shelborne By Proper in Miami.