A legendary Rat Pack-era hot spot in Lake Tahoe once owned by Frank Sinatra and frequented by Marilyn Monroe, Dean Martin and even John F. Kennedy could soon reopen after securing a nearly $300 million investment.
Realberry and Proper Hospitality announced they have closed a $298 million financing package to redevelop the historic Cal Neva Hotel into the Lake Tahoe Proper Resort and Casino, with plans to reopen the storied property in 2027.
First opened in 1926, Cal Neva sits directly on the California-Nevada border along the northeast shore of Lake Tahoe.
It became a magnet for Hollywood royalty during its midcentury heyday, drawing icons like Monroe, Martin and Sammy Davis Jr., as well as political figures such as JFK, according to developers.
The reimagined year-round resort is expected to include 197 guest rooms, suites and private villas, multiple restaurants and bars anchored by the property’s iconic Circle Bar, a casino and spa, recreational facilities, and meeting and event spaces, including a restored 225-seat theater.
The interiors will be designed by Kelly Wearstler, whose work has helped “shape the look of modern luxury hospitality,” the developers said.
“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,” Realberry CEO Chad McWhinney said in the statement.
The historic property’s circular showroom — engineered so performers could see every face in the audience — once hosted Ol’ Blue Eyes and his fellow Rat Pack members, while a network of underground tunnels allowed celebrity guests to move discreetly throughout the resort, according to the developers.
Marilyn Monroe was known to frequent the hotel and spent what would become her final weekend getaway there in July 1962, about a week before her death, FOX2 reported.
The resort has remained closed since 2013 after a prior renovation effort stalled and ownership filed for bankruptcy, FOX2 reported. Oracle co-founder Larry Ellison later purchased the property out of bankruptcy in 2018 for $35.8 million.
Developers say the project aims to preserve Cal Neva’s architectural legacy while creating a modern destination blending hospitality, wellness and gaming along the shores of Lake Tahoe.
“This project revives a property that has captivated the American imagination for a century,” the developers said.
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