The nonprofit has secured $103 million for a Hyatt Regency conversion, using hospitality investment to broaden its revenue base and support its community-focused work.
National CORE has closed approximately $103 million in bond financing to transform the Ontario Airport Hotel & Conference Center into Hyatt Regency Ontario, an upscale hospitality destination near Ontario International Airport. The renovation is intended to reposition the property within the Inland Empire’s hospitality market while extending the nonprofit developer’s activities beyond affordable housing. The release, issued on June 16, 2026, reported that the hotel is expected to officially open in early 2027.
The project brings together Hyatt as franchisor, Manhattan Hospitality Advisors as hotel operator, M. Arthur Gensler Jr. & Associates, Inc. as architect, and National CORE as owner and developer. Renovation work was reported as ongoing, with the property planned to operate under the Hyatt Regency Ontario name once the conversion is complete. The hotel’s location near Ontario International Airport is central to the project’s positioning as a full-service hospitality destination.
The financing package includes approximately $27.3 million in Property Assessed Clean Energy bonds for eligible energy-efficiency improvements and approximately $74.5 million in hotel revenue bonds for renovation, construction and related project costs. JPMorgan served as sole underwriter, while the release said investor demand exceeded the amount offered and allowed the blended interest rate for the financing to be reduced to slightly more than 6%. The announcement also identified Jones Lang LaSalle, GreenRock Capital, FrostBrownTodd Gibbons, Chapman and Cutler, and Orrick among the professional firms involved.
For National CORE, the transaction is presented as part of a longer-term strategy to diversify revenue sources and strengthen organisational stability, helping fund affordable housing and resident services. The organisation also said it is considering the hotel within its workforce development strategy through CORE Academy, with potential hospitality career pathways and training opportunities. That combination gives the redevelopment a dual commercial and institutional role, although the release does not quantify the expected financial contribution or employment impact.
The financing therefore places a hospitality redevelopment alongside National CORE’s established housing work rather than treating the hotel as a separate property venture. Its structure ties energy-efficiency improvements to hotel revenue financing, while the planned operating partnership brings a recognised hospitality brand to the former conference-centre site. With the opening reported as expected in early 2027, the project’s next milestone will be the completion of the renovation and transition to Hyatt Regency Ontario.
