National CORE’s latest venture showcases the organization’s expertise in innovative financing: a first-of-its-kind, $103 million bond deal to renovate the Ontario Airport Hotel & Conference Center into Hyatt Regency Ontario.

The organization partnered on the deal with Jones Lang LaSalle (JLL), JP Morgan, GreenRock Capital, FrostBrownTodd Gibbons, Chapman and Cutler, and Orrick .

“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,” said Marc Schillinger of JLL Capital Markets.

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%.

“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,” Schillinger said.

Robert Diaz, Executive Vice President and project lead with National CORE, noted that “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. This financing structure allowed us to align long-term community investment with a transformational hospitality project that will benefit the region for decades.”

Financing for the project includes money from Assessed Clean Energy (PACE) to support energy-efficiency improvements and hotel revenue bonds to support renovation, construction and project-related costs.

The hotel is part of a suite of enterprises launched by National CORE to broaden and diversify income streams for its mission to strengthen 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.”

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

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