Legendary Tahoe resort, once owned by Sinatra, slated to reopen next year

NORTH LAKE TAHOE, Calif. - A legendary Lake Tahoe hotel once owned by Frank Sinatra and graced by iconic figures including those from Hollywood’s Golden Age and members of America’s storied Kennedy family, has secured funding for a redevelopment project, with plans to open next year.

In 2023, Denver-based real estate investment firm McWhinney, now known as Realberry, acquired the historic Cal Neva Hotel, which sits on the border of California and Nevada on the northeast shore of Lake Tahoe.

For years, there has been talk about the site undergoing renovation for reopening. And now developers have announced plans are moving forward. 

What we know:

This month, Realberry and Santa Monica-based luxury brand Proper Hospitality announced the closing of a $298 million financing package for the redevelopment of the resort. 

"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," said Realberry CEO Chad McWhinney. 

Redesign of a landmark 

The plans call for 197 guest rooms, suites and private villas, as well as a casino and a restored theater that seats 225.

Project leaders said the site would also include multiple restaurants and bars anchored by the site’s iconic Circle Bar, pools, a spa, recreational facilities, and meeting and event spaces.

"The financing marks a major milestone in repositioning one of the American West's most iconic resort properties, enabling a full-scale restoration that will transform the landmark into a design-driven destination blending hospitality, wellness and gaming along the shores of Lake Tahoe," Realberry and Proper Hospitality said in a news release. 

What we don't know:

While the developers have announced a 2027 reopening timeline, no specific date has been announced. 

Storied resort 

The backstory:

Cal Neva first opened in 1926. The legendary resort is said to have enjoyed its golden era in the 1960s, when it "became a magnet for Hollywood stars, drawing icons including Marilyn Monroe, Dean Martin and Sammy Davis Jr. to its shores, along with political figures such as John F. Kennedy." 

The storied property was also known for its intimate and circular theater showroom that provided performers a 360-degree view of the crowd. Its stage was graced by the owner and his other Rat Pack members as well as stars like Tony Bennett and Judy Garland. 

Marilyn Monroe was known to frequent the hotel, and it was where she spent her final weekend getaway in 1962 on July 27–29, before her death about a week later. 

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The site was described as holding an "aura of glamour and mystique," enhanced by its network of secret underground tunnels which allowed its famous guests to move discreetly through the resort, the developers noted. 

"The project revives a property that has captivated the American imagination for a century," they said. 

Closed since 2013 

The resort shut down for business in 2013 for a major renovation project, but never reopened with the then owners eventually filing for bankruptcy.    

Oracle co-founder Larry Ellison acquired the resort in 2018, with his firm, Lawrence Investments LLC, purchasing the property out of bankruptcy for $35.8 million. 

The developers said a century after the historic site went up, the project aims to reclaim the resort's legacy and at the same time set the stage for its next chapter.

"The restoration preserves Cal Neva's architectural character and cultural significance," project leaders said, "while building something genuinely new: a resort unlike anything else in the mountain west."