Once a celebrity haunt, the storied resort and casino has seen multiple owners, including Frank Sinatra and Larry Ellison.
McWhinney, a Denver-based real estate investment company, announced its acquisition of the Cal Neva on Thursday. The previous owner was Oracle billionaire Larry Ellison, who purchased the site for $35.8 million in 2018. McWhinney did not disclose how much it paid for the property.
The real estate firm said in a news release that it intends to turn the site into a Proper Hotel, a luxury boutique chain with locations in San Francisco, Los Angeles and Austin, in partnership with the Kor Group, a Santa Monica-based real estate developer. The San Francisco Proper Hotel is located at Seventh and Market streets in the Civic Center area.
While the timeline for the project is still in the early stages, McWhinney and its partners “would like to open in 2026 to celebrate and honor Cal Neva’s 100th Anniversary with the community,” said Katie Shaffer, CEO of East River PR, in an email to SFGATE.The Cal Neva closed for renovations in 2013, but in the decade since, it has not reopened for business.
“We are thrilled for the opportunity to craft the next iteration of this one-of-a-kind resort. The acquisition of Cal Neva is a perfect complement to our existing award-winning hospitality lifestyle portfolio,” said McWhinney co-founder, chairman and CEO Chad McWhinney in a statement. “Our vision is to reimagine and revitalize this iconic resort with deep historic roots into an exceptional experience for guests and the local community to enjoy for years to come.
The Proper Hotel in San Francisco is located at Seventh and Market streets in the Civic Center area. The Cal Neva’s new owners plan to turn the property into a Proper Hotel.
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