National CORE Secures $103 Million Financing for Hyatt Regency Ontario Transformation Following Strong Investor Interest

RANCHO CUCAMONGA, Calif., June 16, 2026 /PRNewswire/ -- National CORE, one of the nation's largest nonprofit developers and property managers of affordable housing, has closed approximately $103 million in bond financing to support the transformation of the Ontario Airport Hotel & Conference Center into Hyatt Regency Ontario, an upscale hospitality destination near Ontario International Airport.

The bond offerings pave the way to a rapid renovation project that will redefine hospitality in the Inland Empire and drive economic growth in neighboring communities. 

"This project represents the rebirth of an iconic property that has long stood at the gateway to our community," said Jeff Burum, chairman of the board of directors for National CORE. "This is an investment in Ontario and in economic growth that elevates the region for residents, businesses, travelers and the organizations serving this community."

The project brings together the experienced team of Hyatt as franchisor, Manhattan Hospitality Advisors as hotel operator, M. Arthur Gensler Jr. & Associates, Inc. as architect and National CORE as owner and developer.

Investor demand was well in excess of the paramount offered, allowing JP Morgan, the sole underwriter, to reduce interest rates to a blended rate for the entire financing of slightly more than 6%.

"Investors responded to the strength of National CORE's balance sheet, our longstanding presence in the Inland Empire and our ability to execute complex development projects," said Robert Diaz, National CORE executive vice president. "This financing structure allowed us to align long-term community investment with a transformational hospitality project that will benefit the region for decades."

The financing package included approximately $27.3 million in Property Assessed Clean Energy (PACE) bonds supporting eligible energy-efficiency improvements and approximately $74.5 million in hotel revenue bonds supporting renovation, construction and project-related costs.

"The highly innovative financing structure we were able to arrange for National CORE was the result of strong collaboration between a team dedicated to making a success out of this effort and was driven by strong partnership from Jones Lang LaSalle (JLL), GreenRock Capital, FrostBrownTodd Gibbons, Chapman and Cutler, Orrick and JP Morgan," said Fred Schuster of FGS Realty Advisors.

"The complexity of structuring the first hospitality tax-exempt bond financing for JLL required creativity and a dedicated team of the best professionals in the business. National CORE's A+ credit rating, continued track record of improving the community through development and National CORE's vision and dedication to transform this asset were key factors in getting this transaction closed together," said Marc Schillinger of JLL Capital Markets.

"It is great to work with the team at National CORE, which is a leader in building cost-contained, high-performance developments that minimize impact on natural resources and aligns perfectly with the purposes of PACE financing," said Joe Euphrat, co-founder & Managing Principal of GreenRock.

"Hyatt Regency Ontario near a major airport will bring a unique value proposition centered on connectivity, convenience and elevated full-service hospitality," said Patrick Schumm, senior vice president of franchise operations and owner relations for Hyatt. "We are excited by National CORE's vision and the opportunity to create a destination that delivers long-term value for travelers, local businesses and the broader community." 

For National CORE, the investment is part of a long-term strategy to diversify revenue sources and strengthen organizational stability to fuel efforts to provide affordable housing and resident services.

National CORE is also looking at the hotel as part of a workforce development strategy through its "CORE Academy," including hospitality career pathways and training opportunities.

"Our mission has always been about investing in communities in ways that create lasting impact," Burum added. "This project reflects that same philosophy. We are building something that serves the region today while creating opportunities for the future."

Renovation work is ongoing, with the property expected to officially open as Hyatt Regency Ontario in early 2027.

The term "Hyatt" is used in this release for convenience to refer to Hyatt Hotels Corporation and/or one or more of its affiliates.

About National CORE

National CORE is one of the largest housing developers in the nation, with a 30-year history of being an innovator in the field. In 2021 National CORE became one of only two affordable housing developers to earn an A+ credit rating from Standard & Poor's Global Ratings. In 2022, National CORE issued $100 million in Series 2022 Social Bonds to accelerate the development of critically needed housing. Serving 30,000 residents, National CORE strives to be a launching pad, not a landing pad, for families struggling financially. In 1998, National CORE created the Hope through Housing Foundation, a philanthropic nonprofit whose mission is to end the cycle of generational poverty through resident services that promote educational attainment, economic mobility and overall well-being.

Media Contact: William Diepenbrock [email protected] (909) 294-7883

SOURCE National CORE