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Poolside at the Cal Neva Resort & Casino. The hotel straddles the border between Nevada and California and the line on the bottom of the pool marks the state boundary. Photo credit: Slim Aarons / Hulton Archive / Getty Images
aged and fell into disrepair. In 2010, it ceased operations.
Three years later, an affiliate of California development company Criswell Radovan acquired Cal Neva from its lender who had foreclosed on the resort. Criswell Radovan
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intended to restore the property back to its former glory, but by pivoting away from gaming, with a focus more on the outdoor and recreational experience.“ We want to change to a lifestyle destination,” Robert Radovan told the Tahoe Quarterly at the time.“ You can’ t have a successful casino without having a successful resort.”
Criswell Radovan raised some $ 20 million in equity and lined up $ 29.5 million in additional financing, ultimately drawing down $ 19 million of it. Guestrooms were renovated and around 95 % of the project was completed. The remaining 5 % was where the trouble started. A close to 100-year-old structure has its deficiencies and, in the case of Cal Neva, the city determined late in the project that the entire building foundation and fire life safety system would need a complete overhaul. This resulted in a massive increase in the construction cost that made the project infeasible.
In June 2016, the entity
The Cal Neva Resort & Casino was built in 1926 and was once owned by Frank Sinatra. Photo credit: Sierra News Company
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Brian De Lowe, cofounder and president, Proper Hospitality
that owned the property filed for Chapter 11 bankruptcy. Initial reports that the company reneged on its financial obligations were untrue. According to court records, the loan was not only repaid in full, but the lender received approximately $ 9.5 million more than what it loaned on the project. In addition, the contractor and the subcontractors were compensated in full for their work. Meanwhile, the Criswell Radovan affiliate won a judgment against a group of its minority investors.
A NEW LIFE That plot twist in the story of Cal Neva is over, and the current owner is hopeful that the curse of the property has been lifted. McWhinney partnered with Proper Hospitality to convert the Cal Neva as a Proper-branded resort. Proper currently operates hotels in downtown Los Angeles, Santa Monica, Austin and San Francisco. Proper’ s website states that the new Lake Tahoe Proper Resort & Casino will open in 2027 with 198 guestrooms, suites and private villas, two lakefront
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pools, multiple restaurants and bars, a casino and, of course, the historic Frank Sinatra Theater.
“ The Cal Neva is one of those rare places that transcends hospitality. It’ s an icon of American culture with a deep history and a lasting connection to Tahoe and to many of us who grew up spending time there and still see it as one of the most special places on earth. Reviving a property with this kind of legacy is both a privilege and a responsibility we take seriously,” said Brian De Lowe, co-founder and president of Proper Hospitality.
Redesign of the property is being led by celebrity designer Kelly Wearstler, well known in the hospitality space for her past work on the Viceroy Hotels brand. She has also done work for clients such as Gwen Stefani and Cameron Diaz. Wearstler is married to Brad Korzen, who, along with De Lowe, cofounded Proper Hospitality in 2014.
Cal Neva is Proper’ s third collaboration with McWhinney.“ The Cal Neva deserves a revival that honors its past while making it relevant and inspiring for the next generation,” De Lowe said.
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Jan / Feb 2026 hotelsmag. com 71 |